Simple new strategy to stop problem gamblers betting away all their cash as Australians lose more on the punt than anywhere else
- Account statements will be sent to Australians who wager online from next week
- The document will show the exact amount spent, won, and lost on gambling
- It’s one of several initiatives under new online betting consumer protection rules
Every holder of an online betting account in Australia will now receive a monthly statement detailing how much money they have won and lost.
The emails begin on July 31 and are part of measures to combat problem gambling introduced in the 2018 Consumer Protection Framework for Online Wagering in Australia.
Australians lose an average of $1,276 a year on online betting, more than any other country.
The massive industry is the fastest growing platform of gambling, expanding at three times the rate of other avenues, as Australians pour about $1.4 billion a year into online wagering sites.
Online punters will now get a monthly statement detailing how much they’ve spent, won and lost under new rules (stock image)
Research by the Australian Communications and Media Authority found about 11 per cent of Australians placed a bet online in the first six months of 2021 – about 2.6 million people.
The statements will clearly show the total amount a customer wagered that month, how much they won, how much they lost, the number of bets placed, and a graph tracking their gambling activity over six months.
Customers whose account has not been used in a year will not be sent the statements.
The email will also provide a link to an exact transaction list and responsible gambling resources.
The government consulted with the country’s 52 gambling corporations and 102 on-site bookmakers before the framework was established.
Other measures introduced in the framework include a national self-exclusion register, responsible gambling training for staff, and the requirement to have deposit limit options as part of the account sign-up process.
The government consulted with Australia’s 52 online betting corporations and 102 on-track bookmakers over the new policies (file image of Randwick racecourse)
Financial Counselling Australia director of policy and campaigns Lauren Levin welcomed the changes.
‘I hardly ever talk to someone who knows how much they have lost, as the gambling companies like to keep punters in the dark about their losses,’ she told The Daily Telegraph.
‘So, it is fantastic that the companies won’t be able to withhold this information any more.
Government research showed gamblers who were provided with activity statements, particularly those with ‘loss-chasing tendencies and lower financial literacy’ spent significantly less.
The national framework was introduced by the previous Morrison Government but has been taken up as a priority by the newly elected Albanese Government.
Read more at DailyMail.co.uk