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Australian Gamblers will wager A$26 billion this year

Tuesday October 29,2014 : AUSSIES REMAIN BIG BETTERS
 
Newspaper claims Australian punters will wager A$26 billion this year, driven by mobile and online wagering.
 
Quoting an unidentified recent study, Australia's Sunday Telegraph newspaper claimed over the weekend that Australians will spend a record A$26 billion ($22.8 billion) this year on race and sports betting.
 
"On a per-head basis, they are likely to spend A$1,200 on events such as the Melbourne Cup, 90,000 races, the NRL premiership, AFL, soccer, basketball and other major sporting occasions," the newspaper reports, adding that the boom is being fuelled by mobile and online gambling, with the TAB taking about 45 percent of wagers through these more contemporary channels.
 
The newspaper claims that betting turnover in Australia has shown annual increases of 3 percent over the past five years, motivating major overseas gambling groups to move into the local market.
 
Betting companies will profit handsomely from the A$26 billion wagered, retaining around A$2 billion by the end of 2014, the study found.
 
“Fixed Odds betting has just taken off in Australia,” TAB betting boss Craig Nugent told the Sunday Telegraph.
 
“We’ve grown from a $42 million business in our first year to $4.2 billion in 16 years.”
 
TAB’s average wager on a sporting event is A$43 and 90 percent of bets accepted are less than A$50.
 
Horse racing continues to be the favourite form of betting, with A$300 million being wagered on the Melbourne Cup alone this year, but sports betting companies are reporting growth at remarkable rates, the newspaper reports.
 
The TAB dominates 42 percent of the local market with the rest shared among corporate bookmakers, mostly owned by European giants Ladbrokes, Paddy Power and William Hill.
 
Those overseas giants have acquired leading Australian companies in the betting industry, making it difficult for smaller Aussie operators to survive due to the extensive marketing that the majors can afford to deploy, attracting punters to their offers.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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