Updated October 01, 2019 11:59:07Political betting is a huge part of the sport betting industry, with players looking for opportunities to bet on their favourite political parties and politicians.
It’s one of the biggest forms of betting in the world and betting has seen a significant increase in popularity in recent years, particularly in Australia, with betting on Australian elections rising from a relatively small share of total bets to over 40 percent of total bet volume in 2018.
In 2018, the Federal Government made the decision to make political betting a legal betting sport in Australia and introduced the Australian Electoral Commission (AEC) to regulate the betting industry.
However, there are still some areas of uncertainty regarding the regulatory regime for political betting in Australia.
This year, the AEC launched a new legal betting regime that will see the new law introduced in 2018 and a number of changes coming into effect for the 2020 federal election.
It’s understood the new laws will introduce a three-tier legal system that will include:a) a “prohibition order”, which will require any player who bet on a political party or candidate to deposit their bet into an approved regulated account;b) a prohibition order for any player that bets on a candidate;c) a new “regulatory order”, in which players must ensure they’re in compliance with the new rules and reporting any illegal betting activity; andd) a regulated account that will be used to provide regulated betting services for players to bet in.
The changes for 2020 will see a reduction in the number of tiers of legal betting, meaning that a regulated bet can only be placed in a certain tier of the legal betting system.
The change will be applied in all sports betting markets including Australian football, rugby league, cricket and the Super League.
There will be a limit of five regulated bets per player per day, but no limits are currently in place on the amount of regulated bets a player can deposit into an unregulated account.
A regulated account must be maintained by the registered betting agent of the player, regardless of whether or not the player has registered as a regulated player.AEC deputy commissioner John Quigley said the changes would be a major step in improving the regulatory framework for political betting.
“Political betting has grown dramatically in Australia over the last decade and is an important part of Australian sport and we will continue to support the development of regulated betting and betting markets across the sport and across the country,” he said.
“The AEC’s new regulatory order will provide a pathway for regulated betting in all sporting and regulated gambling markets in Australia as well as ensure compliance with Australian and international regulations.”
Regulated betting will also be the way forward for the sporting betting industry to provide a fair, regulated and fair betting market.
“In addition to the changes announced in 2020, AEC Commissioner Andrew Prichard said the AESC would introduce new regulations to tackle illegal betting and illegal betting activities and that any regulated bets placed in the market would be held in a regulated regulated account and be held on an approved and supervised gambling platform.