Gaming website shuts down after $100 million loss

The gambling website, the parent company of the online casino gaming site has been shut down.

The online casino gambling site said the company had made a loss of $100m to date on an expected $200m revenue and had suspended operations due to “ongoing legal and regulatory uncertainty”.

Baccarat announced last week it was shutting down after the Australian Tax Office (ATO) ruled it was a “rogue” gambling site, meaning the company is not obliged to register with the Australian Securities and Investments Commission.

The company said in a statement that it had been “delisted from the Australian Gaming Commission’s list of authorised gaming sites” after a year-long review.

“Baccaras decision to shut down its Australian gaming site has been supported by legal experts in the gaming industry, and is the result of the continuing legal and administrative uncertainty that has enveloped the business over the past year,” it said.

The move comes a week after the ATO ruled the company was a rogue gaming site, which means the company has no legal obligation to register.

Earlier this week, the ATOs chief executive, Peter Saunders, warned that the agency was considering a referral against

“If the business continues to operate without proper registration and compliance with regulatory requirements, the Commission may consider imposing penalties under the Companies Act,” he said.

“We will be monitoring the situation and will be assessing the best way forward.”

Mr Saunders said that if continued to operate “without proper registration” it would be “in breach of the laws of Australia”.

“If does not comply with the applicable laws, the Government will have the power to make an appropriate order to recover any costs that it may incur as a result of its unlawful conduct,” he added.

Mr Saunders told reporters on Monday that the company’s legal team was “working very hard” to bring the site back online.

“In the meantime, we will continue to provide a high-quality gaming experience for our customers,” he told reporters.

“While we are disappointed with the outcome of this legal proceeding, the company will continue with its operations, as it always has.”

The company has also suspended operations for the time being due to the uncertainty around the ATOC’s jurisdiction.

Baccaraas website is currently running as a new company.

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