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Financial Counsellors Australia Warns on Online Sports Betting

Tuesday August 18,2015 :  AUSTRALIAN FINANCIAL BODY WARNS ON ONLINE SPORTS BETTING
 
Halting lines of credit and the introduction of national player exclusion facility suggested.
 
The Australian media are highlighting a report from Financial Counsellors Australia which is concerned about growing incidents of problem gambling due to the proliferation of online sports betting, and suggests federal government measures that should be implemented to combat the issue.
 
The full report can be accessed here:
 
http://www.financialcounsellingaustralia.org.au/getattachment/5cf44306-d643-4e60-8f33-2922659c4de5/FINAL-PDF-Duds,-Mugs-and-the-A-List-The-Impact-of-Uncontrolled-Sports-Betting-low-res.pdf
 
FCA spokesperson Lauren Levin claims that gambling addiction is leading to suicides and financial ruin for some problem gamblers, and gives examples of a man who lost the proceeds of a house sale and another who lost A$90,000 in a week. Another problem gambler, who accrued debts of A$860,000 made 127 bets in one day.
 
Levin has suggested that measures to address the situation should include an end to lines of credit for sports gambling, more efficient mechanisms for limiting losses, and the introduction of a self-exclusion register.
 
“Sports betting companies should not be able to give gamblers credit, then take them to court six weeks later when they can’t pay. It also means a ban on gambling by transferring funds from a credit card, payday loan or similar source,” Levin said.
 
“Online sports betting magnifies the difficult issues already associated with gambling.
 
“Compared to poker machines for example, people can lose much larger amounts of money, they lose it far more quickly and they lose it hidden in the privacy of their homes.
 
“Sports betting is portrayed as a bit of fun, but what financial counsellors are seeing is lives being destroyed. Many clients have huge debts and are groomed to get even further into debt. The end game is debt collection, bankruptcies, broken families, court orders to seize assets, forced home sales, and even sadly, suicide.”
 
The FCA report, titled ‘Duds, Mugs and the A-List: The Impact of Uncontrolled Sports Betting’ is being pushed by anti-gambling politician Sen. Nick Xenophon and is apparently based on the experiences of financial counsellors and their clients.
 
“[Gamblers] are often encouraged to bet by the offer of ‘free bets’ or ‘bonus bets’. Unsolicited credit may also be provided, often getting people into debt they cannot afford,” the report claims.
 
Senator Xenophon says he will introduce legislation in the spring sitting of Parliament to cut off the provision of credit to gamblers by sports betting firms in the wake of the new report.
 
“Increasing numbers of Australians, mostly young men, are falling prey to the predatory approaches and easy credit of sports betting firms. It is deeply troubling that these firms, many of them owned in the UK and Ireland, can use unregulated credit to hook young gamblers on betting. It has to stop,” Xenophon said in a statement.
 
Compared to more traditional forms of gambling, internet sports betting 'turbo charges the risks of problem gambling', the Senator claimed.
 
“Internet sports betting firms are using aggressive, high-tech strategies to target young men, increasingly to the point of ruin,” he alleged.
 
“Chief among the tactics employed is providing credit to entice new gamblers and then more and more credit to keep them engaged in betting, often at higher and higher stakes or in order to chase mounting losses," he said, adding that sports betting firms also use ‘matey’ one-on-one email and phone contacts, free tickets to corporate boxes and the like, to make clients feel important and special so as to keep them betting.
 
The media focus on problem sports betting comes on the heels of a recent study by the Australian National University’s Centre for Gambling Research, which found that at least 1110 Canberrans are losing more than A$10,000 a year on gambling, most of it on poker machines, and
another 21,000 adults are losing between A$1000 and A$10,000, representing about 8 percent of the ACT adult population.
 
The report noted that the figures were self-reported and could significantly under-estimate the amount actually spent.

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Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

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17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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