News / New report provides insight into the dark side of sports betting /
New report provides insight into the dark side of sports betting
3 September 2015
A report released by Financial Counselling Australia entitled "Duds, Mugs and the A-List" (the Report) highlights the negative social impact of uncontrolled online sports betting and the legislative loopholes that allow online sports betting companies to extend credit to vulnerable individuals who are least likely to be able to repay their debts.
The Report explores the potential for greater regulation in the industry. As the legislation currently stands, sports betting companies are not governed by credit laws, as they do not levy charges for the provision of credit. This has allowed a culture of unsolicited credit and monetary inducements to consumers to flourish within the sports betting industry.
The authors of the Report also cite the ever-present nature of online betting as facilitated by mobile devices and gambling advertising at major sports events as key factors in normalising the practice for the general public, compounding the problem.
John Mullins | Partner
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