How does the Australian Congress affect the legality of casinos?

How does the Australian Congress affect the legality of casinos?

The fact that Australia’s most popular and iconic tourist attractions (like the Sydney Opera House, Uluru, and the Great Barrier Reef) are not even close if compared to the number of tourists that Australia’s top casinos attract - says a lot about the popularity of gambling and casinos in that country. While thinking about casinos, it is natural to picture them as a sole, one of a kind business where the winner pays the taxes from their winning (as it is in the US). But in Australia, casinos are massive entertainment complexes in their own right while offering resorts, bars, fancy restaurants, and some of the most luxurious accommodations in the country. In addition to that, all the casino taxes are paid by the casino itself! Australian casinos are not there only to provide the mere enjoyment of games of luck, but it is a lot more than that.

There are 20 legal gambling facilities available in Australia in the 8 states and territories. However, if one cannot afford to visit such luxurious casinos or the year is 2020 and going out in such public places is not a wise decision, there is always a solution online. In this case, the solution is online casinos, which is popular here in Australia. One can find all the information about the best online casino on the website. The people who like to be anonymous, secure, and also prefer easier and cheaper transaction options, can use bitcoin online casinos too.

Here are even more reasons to use bitcoin:

  • Capitalization on an Anonymous Virtual Identity
  • Quick and Cheap Transactions
  • Acquisition Integrity and Usage Mechanisms
  • Globalization and Tax Exemptions
  • Irreversible Transactions
  • No Paperwork
Trait Fiat Bitcoin
Inflation Yes No
Sovereign Yes No
Decentralized No Yes
Smart No Yes
Secure No Yes

As measured by social surplus, Australia’s casino industry makes a significant contribution to Australia’s welfare, where the benefits to both consumers and producers are taken into account. In the year 2007-08, a social surplus of $3 billion was accumulated by these casinos and gambling facilities. However, this is an upper-bound estimate, not considering the account costs associated with problem gambling. Since the 1999 inquiry, there was no solid Australian research to estimate the costs of problem gambling. Hence, estimates of the costs of problem gambling in casinos are excluded in that social surplus report.

Australian casinos have similarities with American and New Zealand casinos regarding many of the general features and problems. But what makes the Australian casinos stand out is the Australian approach to the selection and control of casinos and the types of corporate organizations licensed to operate casinos. Depending on the different moral climates, political-economic calculations, and market competition, different State governments also vary in their distinctive regional responses. Besides, governments have paved the way for the involvement of large corporations in Australian gambling that helps them to secure a share of the casino market. These powerful economic forces and ever-changing environmental conditions have always been a challenge to the capacity of governments to solve and outline the gambling trends in the country.

Online casino gaming that includes slots and casino table games such as Roulette, Blackjack, etc., are digitally regulated by The Australian Communication & Media Authority (ACMA). Online casino gaming is banned in Australia under the Interactive Gambling Act 2001 (cth). However, there is an option to apply for an Internet Gaming Licence in the Northern Territory. Plus, they offer their gaming products outside Australia too, but under certain circumstances. Online poker is prohibited in Australia and usually played in the Casinos as like other table games.

In the case of land-based regulation, there is no single overarching authority or statute in Australia that controls the whole gambling and casino activities. Instead, all these gambling activities are regulated by both the State/Territory and Federal level of authorities. Within their respective jurisdictions, all the 8 States/ Territories have their separate regulation system. Additionally, there are also some Federal Authorities that covers some special aspects of gambling activities throughout Australia.

However, revenue in the casino industry has declined over the past five years in Australia. This decline is due to a drop-off in the VIP program play at the largest operator of the industry, Crown Resorts, in the year 2016-17. Another crucial reason will be the temporary closure of the casinos due to the COVID-19 outbreak. According to the IBIS reports, In the current year, social distancing measures, restrictions on non-essential businesses, and travel restrictions on overseas visitors are expected to result in a 27.4% revenue decline. Though there is a silver lining that the casino industry is forecast to rebound from the COVID-XX downturn over the next five years. It is expected to return to growth with the addition of Crown's new Barangaroo casino and the redevelopment of Queen's Wharf and the Treasury Casino.

Leave a Reply