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The Interactive Gambling Act provides that it is unlawful for overseas-based operators not holding a relevant state or territory licence to advertise or provide online gambling services to Australian residents. Are there any specific licensing or operational requirements for operators accepting digital currencies (including cryptocurrencies)? The state and/or territory taxes that apply to gambling products depend upon the relevant licence under which the product is being offered, the type of product and also the jurisdiction in which the product is offered. With the exception of virtual/simulated racing (which is generally only offered in retail venues including hotels and clubs), this betting is generally offered at racecourses, retail venues, online and by telephone. asqatasun did, however, impose a fine of AUS $15 million on account of four breaches of regulatory requirements. What appetite for and track record of enforcement does your local regulatory authority have? State and territory laws often also contain a range of offences in relation to unlawful gambling, which can include organising the unlawful event, as well as participating in it. As regulation tightens, it is possible that this will change going forward and that directors and other officers will be actively pursued in relation to alleged breaches of relevant gambling and related laws. AUSTRAC has also recently commenced the first prosecution of a prominent licensed club group for alleged breaches of the AML/CTF Act related to its operation of gaming machines. In addition, a number of Corporate Bookmakers have recently been required by AUSTRAC to appoint independent auditors to assess their AML/CTF compliance, with one subsequently entering into an enforceable undertaking with AUSTRAC. Under the AML/CTF Act, certain gambling activities are classified as ‘designated services’ and, as such, reporting entities are required, among other things, to register with AUSTRAC, develop and maintain a compliant AML/CTF Program and report certain transactions to AUSTRAC, including by way of TTRs and SMRs. 2.1 What regulatory licences, permits, authorisations or other official approvals (collectively, “Licences”) are required for the lawful offer of the Relevant Products to persons located in your jurisdiction? Using these powers, the federal government has enacted legislation regulating, amongst other things, interactive gambling, anti-money laundering and counter-terrorism financing (AML/CTF) and consumer and competition protections (also known as anti-trust matters in some other jurisdictions). Senet provides counsel on corporate structuring and compliance with regulatory requirements. The firm also assists in matters related to responsible gambling, social gaming products, virtual currencies and advertising compliance. This includes guidance on industry-specific regulatory regimes, licence applications, renewals, variations and interactions with regulatory authorities. Senet advises start-ups and international gambling operators entering the Australian market. In addition to licensing, Senet advises clients on company formation and incorporation, corporate structuring, and specialised due diligence, particularly for investors, banks and financial sponsors. This network provides the firm with insights that inform better regulatory, corporate and commercial outcomes tailored to its clients' needs and expectations. Getting one number wrong and the transfer is going to bounce, or the worst-case scenario, the money is going to go to a different account. It appears slow, but if benchmarked with other withdrawal methods, Electronic Funds Transfers are not all that bad. Electronic Funds Transfer withdrawals can be completed within 24 hours at best, whereas the average is 36h to 72h. That’s because if the bookmaker is sending money to a local bank, even better, to the same bank that’s servicing them, there are no fees whatsoever. Gaming machine permits/licences have typically been perpetual in Australia, other than in certain states such as Vic, which operate for 20 years from August 2022 onwards. Apart from Vic (where the licence expired in 2022 and two new non-exclusive licences were issued, each expiring in 2042), the key keno licences in Qld, NSW and ACT expire in 2047, 2050 and 2064, respectively. In relation to wagering and betting, apart from the NT (where the licences expire in 2035) and WA (where Retail Wagering and betting is operated by the state), the expiry dates of current Retail Wagering Licences are also similarly long-dated and range between 2044 and 2100. Senet advises on competition and antitrust laws, particularly in relation to new product offerings, advertising campaigns and marketing policies. The firm has consistently earned recognition from Chambers and Partners Global and Chambers and Partners Asia Pacific as a leading authority in gambling and gaming law. The firm aids innovative gambling businesses and their products successfully enter the market by collaborating with these businesses and their advisers throughout every stage of the gambling licensing process. The firm’s team comprises senior professionals with experience in top-tier law firms, executive roles within major wagering and gaming operators, and senior positions at one of the Big Four advisory firms. His strategic insight and depth of legal knowledge contribute to delivering clear, effective solutions to clients operating in highly regulated environments. Set out below is a list of the primary legislation governing gaming, betting, lotteries and social/skill arrangements for each Australian state/territory, as well as at the federal level. For completeness, it is worth noting that, to a lesser extent, local government bodies in most states and territories also regulate gambling from a local government and town planning perspective, but typically only as it relates to gaming machines and their operation within the relevant municipal district. 1 Relevant Authorities and Legislation 2 Application for a Licence and Licence Restrictions 3 Online Gambling 4 Enforcement Powers/Sanctions 5 Anticipated Reforms The video games and esports industry has been growing strongly, with industry revenue, profit margins, and the number of global players all forecast to increase in the coming years. The ACT is also engaging with the NSW Government as it works on its own gambling reforms, including account-based gaming. Learn how to correctly pay gaming machine prizes in NSW, including rules for large cash payouts, ticket redemptions, and non-cash prize restrictions. The firm’s clients range from start-ups to publicly listed global operators, both nationally and internationally. Senet's specialisation spans various sectors within the gambling industry, including waging operators, principal racing authorities, casinos, lotteries, licensed gaming venues, social gaming providers and manufacturers.