Traders Tips
by Gerard on June 3, 2019

Australian online business legislation and the possible danger to Forex

The Australian casino scene has always been one of the more famous in the world. Whether it is because the Australians don’t make it secret that they are some of the most gambling loving people on the world or because the casinos in Australia are quite nice as it is, doesn’t matter. The fact is that Australians have some of the largest gambling populations in the world. There are starts that say most of the adults gamble at one point in the year or another. This is reflected in the industry too – the casino industry in Australia is one of the liveliest and biggest. They have some of the largest slot machine manufacturers and some of the most revenue come in from physical casinos. This has not even changed after the introduction of , which was expected to take away some of the customers into the online space. But the ban that Australia introduced recently on Australian online casinos, which only allows international online casinos in Australia might have had an effect on driving people to play in physical locations. And they have been playing in all kinds of places in all kinds of ways: pokies pubs, casinos, even slots in public places. And yet, there seems to be pushback, pushback which certain parties are afraid might translate into a push against Forex trading, simply because some might see Forex as an alternative to gambling. The truth of the subject might be questionable, but when it is hard to be reasonable when momentum for purposes like this picks up.

A part of the people

With the ubiquitous presence of slots and general gambling throughout the Australian culture, it is not surprising that more and more concerned people have been appearing. These concerned people are coming to say that there is a problem, and the problem has the shape of gambling in Australia. While the industry might be contributing to the economy, it is also causing a lot of damage to people, according to them. The damage is reflected in the fact that while these people spend money on gambling, they miss out on chances to spend this money on other things, preventing them from effectively participating in the economy. Which is why there have been more and more people addressing the government, local or of the entire country, about the issues associated with gambling. They believe that steps need to be taken against the problem Steps, such as closing down venues that offer slots as the main source of entertainment and of profit, while advertising themselves as something else. This is addressed specifically at pokie pubs, which offers users the chance to play sots while they drink. According to the citizens, such areas produce much more revenue through the slots, rather than through offering a service as a bar and thus should be reclassified as casinos. This might cause these pubs to have to pay higher fees and higher licensing costs which might cause a number of these pubs to close down. Which is sort of what the public is going for – they believe pokie pubs are causing a significant amount of damage to local communities across the entire country.

These guys have gotten a number of municipalities to consider reviewing how they look at such pubs. The review is the first step in producing some comprehensive results, but so far it is not enough, at least against gaming. Which is why they are hoping they will be able to make their voice heard on a national level and possibly get the government to address the issue, although that seems to be a long way off, for now.

The government acts

Even though the groups do not see much of a change in the problem, the Australian government has been seemingly working hard on creating a solution to the problem. One of the solutions they have thought of lies in the ban of online casinos that have originated in Australia. This might seem like a strange move but has had an interesting effect. The fact that Australians now have to deal with international casinos in order to be able to play their favorite games, means that they have to jump through more hoops in order to make deposits and make withdrawals. This causes fewer people to actually play, but it also causes the people who are playing to direct the revenues of the casino industry outside the borders of the country. So while this might be a contributing factor to a decrease in the number of players, it is also a solution that causes problems.

One of the biggest problems is the case of scams and the amount of control the government has over what casinos offer services in the country. By making only international casinos able to offer their services, they have basically ceded some of the control to the companies themselves, and a number of over the years. The actions taken are thus counterproductive and are causing more problems to the people. Which is why the government needs to reconsider its attitude and maybe listen a little more to the citizens

What is even more dangerous, if the government goes a little too far, is the introduction of limitations on the Forex industry that might be similar to those that have been applied to the online casino industry. Forbidding brokers from trading online or otherwise, dangers acts might be counterproductive to the economy and damage one of the largest Forex markets in the world, and a large industry within the country itself. Let us hope that the country does not decide to go too far with whatever legislation it might be thinking of introducing.

By Gerard

Gerard contributes his 10 years of experience to the Forex Trading Bonus team by reviewing different brokers, outlining regulation, and reporting on the most important news in the industry. His brief stint in the Bank of England gives him the edge over many other writers to deeply analyze a policy change and come up with a distinct result that could come from it.

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