Australians who wish to place a bet online through the available and licensed sportsbooks would have to now commit to pre-verification limits before they can start placing wagers. This new law came into effect on September 29, 2023, and is part of a much comprehensive framework that is designed to safeguard consumers, tackle problem gambling, and address money laundering.
Essentially, all players must now comply with an identity and age verification check before operators can accept any funds. Players may not place any wager or deposit funds prior to these checks being completed with operators having 72 hours to conduct a check from the moment of its placement. The latest verification checks reinforce a national plan to protect consumers and curb crime linked to financial operations that range from counter-terrorist funding to anti-money laundering.
A national scheme known as BetStop also launched recently, superseding state programs for self-exclusion, and seeking to create a universal solution Australians can reliably turn to. Verification checks also follow up on the ban on credit card use for the purposes of online gambling. The news was welcomed on a high note by Responsible Wagering Australia (RWA) CEO Kai Cantwell who said that this new measure was indeed an efficient way to curb underage gambling and bring a host of additional benefits to players.
“Pre-verification provides online wagering operators the ability to continue to advertise the adoption of safer gambling tools, with customers prompted to set a deposit limit upon registration,” Cantwell stated. Cantwell also said that online betting is generally considered to be providing one of the highest levels of safety for consumers.