Over the last couple of years, there has a noticeable outbreak of sports gambling issues throughout Australia. These so-called sports gambling problems range from citizens getting into debt well-above their means to popular sports figures becoming involved in controversy related to their involvement with gambling on sports.
Recently, the Financial Counseling Australia (FCA) group has issued a report that claims online sports betting books are taking advantage of inexperienced gamblers, causing these individuals a series of personal financial issues. As the report phrased it, these sports books are acting in an “uncontrolled” manner.
At the heart of the matter is claims that some online sports books are soliciting new betters by offering a relatively large line of credit, up to $1,000 in some cases. One of the primary culprits mentioned in the report was William Hill Casino and Sports Book, one of the largest online gaming operations in the world. Given the size and financial resources of the company, taking a risk on new gamblers would seem to be a worthwhile investment.
As the online gaming industry continues growing, the FCA is concerned about the prospects of uncontrolled gambling negatively impacting the economy and society in general. As the desire to gamble increases, it causes gamblers to seek out funds from places like payday loan companies. When they lose and can’t repay lenders, the problem quickly escalate, creating even more issues.
In order to combat the current problems, the FCA is recommending legislation that would require gamblers to establish their own prescribed betting limits prior to setting up an active account with an online sports book. By setting limits, the FCA hopes gamblers will be able to better control their gambling habits.