Australian online poker players are expected to have a big impact on the future of the industry as the online casino industry moves from its current status as a niche to a mainstream business.
The online gambling industry is expected to generate up to $1.6 billion in annual revenue for Australia this year and up to 1.3 million people play online poker each year.
The announcement is the latest in a series of changes in poker industry operations to come in the wake of the introduction of the so-called Australian government-mandated online gambling laws.
A number of other poker operators have already announced they will cease operations in the Australian capital, while a number of smaller operators have announced they too will be forced to close their doors.
“There are a number [online poker operators] who have announced that they will be closing their doors because they’ve been forced to do that,” poker expert and former Australian Securities and Investments Commission (ASIC) Commissioner Richard Carnevale told ABC Radio National.
“This is a very significant step in the direction of Australia being a more significant player in the industry and also becoming a much larger player internationally.”‘
There are no rules’As well as opening up the doors of poker to a wider range of players, the legislation also introduced new rules around online gambling.
The new regulations have created a number.
There will be no limit on how much money a poker player can win.
The maximum amount of chips a player can have in their hands will be capped at $10,000.
The Australian government has set a maximum bet of $10 for the first bet, $10.00 for every subsequent bet and a maximum limit of $1,000 per bet.
The legislation also gives players the right to withdraw money from their accounts and claim it back as a deduction from their income.
The regulations also mean that if a player makes a large enough bet on a particular game, the casino can use their funds to cover the cost of the game to the winner.
“I would argue there’s no such thing as an online poker player’s rule,” Mr Carneva said.
“It’s just a rule that applies to online poker.”
The Australian Government says it wants to encourage people to play online, and it wants Australians to be able to play for a fee, not just a small amount of money.
“Our aim is to have the biggest, most robust online gambling market in the world,” Minister for Small Business Bill Shorten said in a statement.
“For us to achieve that, we must ensure that people are able to access the greatest number of games from all over the world.”
But the move to create an online gambling rule has been met with opposition.
In the US, the online poker industry has been in a state of flux for some time.
In December 2017, the New York Attorney General’s office filed a lawsuit against the world’s largest online poker operator, Gamblers Anonymous, alleging that they were engaging in unfair business practices.
In February 2018, the US Justice Department announced it would bring civil and criminal action against five of the online gaming operators.
Gamblers Anonymous responded by suing the remaining five operators, claiming they were violating federal anti-money laundering laws.
The New York case was ultimately settled out of court.
Mr Carneval said he was surprised the US was now seeking to sue the operators.
“When you look at what the US has done in the last couple of years, it seems to be targeting some of the operators more than others,” he said.
The US has been targeting the operators of online poker in the past.
In 2016, US federal agents raided Gamblers, PokerStars and other companies and shut down online poker websites.
“The US Attorney General [John] Cornyn has said that the US will continue to target operators and players of online gaming in order to combat the proliferation of online gambling,” the New Zealand Department of Justice said in 2016.
Topics:poker,law-crime-and-justice,government-and,government,australiaFirst posted April 02, 2018 14:46:37Contact Matt Condon