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The committee has advocated for applying a public health framework to gambling advertising regulation. It criticised the existing patchwork of self-regulation, noting the Advertising Standards Authority (ASA) codes, co-regulation for broadcasts and industry-led voluntary measures, were inadequate.
Instead, the report recommended that advertising regulation be placed on a statutory footing under the Gambling Commission.
This would grant the regulator enhanced powers to proactively enforce rules and restrict problematic advertising channels effectively.
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That is because trading on prediction markets is illegal down under, according to the Australian Securities and Investment Commission, the nation’s regulator on financial services. Last month, in perhaps the ASIC’s strongest warnings yet against the asset class, the commission reiterated that prediction markets are not licensed as financial markets to operate in Australia. Through the guidance, the regulator urged consumers to exercise caution before partaking in certain investments on offshore platforms which have not obtained licensing nationwide.
The advisory could be music to the ears of NFL Commissioner Roger Goodell, whose league has pushed a federal derivatives regulator in the US to enact more rigorous standards to help protect the integrity of professional sports. Ahead of the matchup, Goodell spoke with CNBC from Melbourne.
“We think there needs to be stronger regulations into the predictive markets,” he said. “We want to see that to protect the integrity of our game – we want to make sure we are protecting the consumers that are on those platforms.”
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Evolution then commissioned Spectrum Gaming Group to produce a report on its actions and the validity of the Black Cube report. Produced in 2022, the report has long been subject to confidentiality despite Evolution claiming the report exonerated the company.
Playtech on Wednesday published a statement highlighting what it claimed were compliance failures at Evolution, written into the Spectrum report.
Within the report, Spectrum alleged “concerns around the availability of Evolution’s games in certain prohibited markets, the regulatory implications of its practices, and the lack of proactive monitoring of its customers”.
