It has been revealed that Australia’s betting markets are soaring, and recently, the nation’s betting turnover has exceeded $50 billion AUSD. That’s around $33 billion USD, and it’s an epic milestone for the country, reportedly driven primarily by the rapid adoption of online sports betting. However, concerns are now surfacing that past legislation isn’t necessarily ‘keeping up’, and fines for malicious activity and breaches aren’t equal to the market’s growth.
This was a concept initially reported by Australia’s ABC, and it comes days after several breaches were reported in-country. For instance, most recently, Betr (not Jake Paul’s Betr) was fined $75,000 AUSD for breaches that saw the firm advertise its services to potential users on self-exclusion lists. This means that they’re actively promoting gambling services to those that may have excluded themselves from them for reasons of rehabilitation.
Down Under Moving Upwards
Last year, statistics were recorded that revealed a whopping $40 billion AUSD was secured by betting companies licensed in Australia’s Northern Territory. By comparison, in 2019, this figure hadn’t even exceeded $30 billion, giving a clear indicator of the growth of the market in Australia.
It was just a few days ago that Casino.org discussed the ongoing battle for dominance within Australia’s online sports betting market. It has been suggested that the digital-focused approach to betting is the driving reason behind the growth of Australia’s betting markets in general. Since the COVID-19 pandemic occurred, many more bettors have taken to mobile or browser-based platforms to place their bets, and it’s a trend that has continued even past the pandemic.
Sportsbet is one of the most prominent players in the space, and this year, the firm took part in a revolutionary marketing campaign. Making use of the popular social media platform, TikTok, Sportsbet targeted specific users with gambling promotions, reportedly in an attempt to attract ‘young women in Australia’ to the ‘male-dominated’ client base.
There are now estimations that the Australian online betting market has pushed to a CAGR of 7.09% as analysts look ahead to 2028. It was suggested that the top betting markets in Australia are football, horse racing, esports betting, and by extension, casino-based gambling.
While it’s not a patch on the overwhelming growth seen by the US sports betting markets in recent months, Australia’s figures are still becoming increasingly impressive.