A Guide to the Australian Gambling Games Industry
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The online gaming and gambling sector has seen enormous expansion. Mobile gaming generates more than half of the industry's income. Cybercriminals exploit platforms to profit financially. by the end of 2023, the worldwide gaming sector will have produced more $200 billion in revenue.
The Australian gaming and gambling market is booming. The industry made $3.2 billion in 2019, but it will reach $4 billion by 2021. There are no uniform online betting or gaming rules in Australia. Interactive Gaming Act forbids online gambling. It is illegal for internet gambling companies to provide real money gaming services to Australian residents. It's not illegal to promote interactive gambling services for locals outside of Australia, however.
AUSTRAC regulates the gaming and gambling industry under the Anti-Money Laundering and Counter-Terrorist Financing Act of 2006. Businesses that violate the law risk substantial penalties. In 2017, AUSTrAC penalized one of the largest gaming companies $45 million as a civil penalty for AML/CTF violations.
