62 Percent Stake in CrownBet Sold to The Stars Group In Canada

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Crown Resorts is one of the largest gaming and entertainment companies in Australia. They have full holdings on Crown Perth and Crown Melbourne Entertainment Complex. They also have half or more percentage of holdings on Betfair, Aspinalls, and CrownBet. The 62.5 percent of the stake James Packer's Crown Resorts had was originally supposed to be sold to Matthew Tripp, the owner of CrownBet. However, it instead went to the Stars Group, an online casino gaming business that originated in Canada. There is some speculation on what this international-sized company will do with their new 62 percent stake. One speculation is using it to encourage the legalization of online poker games in Australia.

Online Slots and Gambling Regulation

Ever since 2001, the Interactive Gambling Act was passed. The point of this act was to restrict Australian citizens from spending any money on online gambling outlets. This included if the company from which these games originate are located in either Australia or anywhere else. Australian citizens were allowed to play these online gambling games, they just couldn't bet any real money on it. The only time citizens couldn't play these games without any real money risks is if the origins of these games were from designated countries. A designated country could be any specified foreign country that is declared by the Minister. Thus far, there have been no countries that have been labeled as designated countries. The act has recently received a reform to further push and emphasize this gambling law.

Online Casino Restrictions Still Hold

Some parts of the act are still the same, such as no providing interactive gambling services to the citizens of Australia. This also includes services that are both regulated and unlicensed. Multiple changes have, in fact, been added to the Interactive Gambling Act. One of these changes is not allowing online gambling outlets to advertise their games if it mentions spending actual money on those games. The means of advertising include publishing and broadcasting. Gambling companies cannot use shortcuts like a middleman to provide Australian customers with credits. This means that instead of the credits being received directly from a company, it cannot be received from a wagering service provider. Interactive gambling services that originate in Australia cannot be provided to customers in designated countries. As previously mentioned, there have yet to be countries put on the list of designated countries by the Minister.

Will Australia Revert Back?

Over 80 percent of adults in Australia participate in gambling. As a result, it is understood why major gaming and entertainment companies from around the globe want to provide Australian citizens with an additional way to play. The Stars Group, an international gambling giant powerhouse, may actually use the $150 million share to help convince lawmakers to reduce, if not lift, the laws on interactive gambling in Australia. Though not legalized, it has been estimated that online poker games would have yielded about a total of #130 million in Australia on an annual level. This seems like an opportunity that not only would benefit the economy in Australia but also the major gaming and entertainment companies from around the globe planning to provide their services to the residents of Australia.

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