The Australian Transaction Reports and Analysis Centre (AUSTRAC) told the ABC it has "reasonable grounds to suspect that Sportsbet and Bet365 may have contravened or are contravening the anti-money laundering and counter-terrorism financing law and rules".
The ABC has approached both companies for comment.
AUSTRAC has appointed external auditors to assess Sportsbet's and Bet365's compliance with the anti-money laundering and counter-terrorism financing laws.
https://www.abc.net.au/news/2022-11-03/austrac-probes-sportsbet-bet365-money-laundering-concerns/101610456Aus has always been a nation of gamblers. In the 19thC, particularly in the Gold Rush years, it was a land of high risk high reward and people from all over the planet came to risk all for the odds of winning a fortune. the same applied to managing farming which follows through to the present with big money to be made in good years, or massive losses due to floods or drought.
2-up became the national game while the gee gees became the national gamble.... the managers of horses and racing venues made the most while gamblers lost at the odds.
Today gambling apps have replaced poker machines with app managers adopting an excellent psychological strategy of targeting young men, teenagers mostly, to bring in their mates and form a group for backing multiple risk bets at enormous odds, obviously dangling the carrot of large wins while increasing the probability of losses.
https://theconversation.com/au/topics/gambling-harm-19608yes, I understand that "its just a bit of fun"! but this is the line adopted by people addicted to gambling. and just like an alcoholic who says (s)he has only a few glasses at the end of the day when consumption goes way beyond a "few glasses" and into a damaging spiral.
The Lab Gov has announced mandatory changes in line with tobacco packaging.
Will this help with the issue of problem gambling? or is it merely a Gov interfering in private business?
and should this apply to crypto trading and other trading such as binary options?
