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Introduce a minimum bet law for Australian Sportsbooks. #letusbet

This petition had 470 supporters

The full open letter can be read at the site below.

Australian bookmakers are banning punters from betting and forcing them to bet offshore. The Interactive Gambling Act (IGA) is set to be updated and we want the Australian bookmakers to have to follow the two rules below.

  1. A minimum bet rule for all sports bets of $2,000.
  2. The same odds and limits for every single customer.

1. A minimum bet rule
If you want to stop punters going off shore, a minimum bet rule will stop off shore betting in its tracks. This has been successfully trialed by NSW racing and has worked out amazingly well. More turnover and therefore more taxes paid, and more happy punters. The racing industry is built on gambling, it relies on it to survive. Eventually a minimum bet rule will be imposed by each state. But all the other sports (AFL, NRL, Soccer, so on) are not reliant on betting. They are happy for bookmakers to become sponsors of their teams and would never force bookmakers to impose a similar rule. That is why we need the government to do it.

A minimum bet rule simply states that each bookmaker has to take bets from every single customer to lose at least $2,000. So if the odds on an event are $2, a punter is allowed to bet a maximum of $2,000 on that, if the odds are $11, they can bet a maximum of $200. This should be the base for major bet types such as Head to head bets, line and total bets. This is a very simplistic example and other bet types would have lower limits, but it is a good starting point.

A minimum bet rule will result in much larger turnover and therefore larger taxes paid by the Australian bookmakers.

2. Same odds and limits for all
Every single Australian should have the right to bet. Any odds offered by a bookmaker must be the same for everyone and the limits must also be the same. This will solve a number of issues. The first is that betting off shore will drop dramatically. The second is that it will also benefit problem gamblers, giving them a cap to how much they can lose. All we want is equality. The same rules for every single customer.

These are the two main regulations that if passed would fix many of the problems that are facing Aussie punters today.

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