The CEO of Betfair told a panel in the Autralian government that online casinos needed to establish high standards to guard against problem gambling.
Betfair's CEO told Australian lawmakers that allowing online casinos to operate may increase the numbers of problem gamblers. Andrew Twaits told a hearing by the Productivity Commission that the online gaming industry should work with regulators to provide a safe consumer environment.
Australia currently permits online sports betting and wagering on horse races, but forbids operators to offer casino gambling, including poker, roulette, and blackjack. But an estimated $790 million is spent by Australians at overseas Internet casinos.
Further, the masasive spending by Australians at slots and poker indicate that gambling is not slowed by Internet restrictions, just channeled to a different source, said Twaits.
''I think what we as an industry need to do is to provide the safest platform that we possibly can," testified the Betfair head. ''Having the right sort of safeguards in terms of loss limits and deposit limits is the best way of preventing problem gambling.''
The commission found the attempted online casino ban was not working effectively, saying in a written report, "''Whilst it is probable that this ban reduced the growth of online gaming, it is clear that international sites are being increasingly accessed and the Australian ban has limited utility."
Issued by online casino advisory 6th December 2009
http://www.onlinecasinoadvisory.com/casino-news/online/betfair-says-industry-standards-for-online-casino-needed-43475.htm
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