L&GNSW fines Colossalbet for posting prohibited gambling ads on social media
Colossalbet has been fined AU$60,000 (US$37,474).
Australia.- The New South Wales regulator, Liquor & Gaming NSW (L&GNSW), has reported that wagering operator Ryman Racing Pty, trading as Colossalbet, has been fined AU$60,000 (US$37,474) for posting prohibited gambling advertisements on social media.
Colossalbet was sentenced at Downing Centre Local Court for violations of the Betting and Racing Act 1998 (NSW). L&GNSW said five ads were published by Ryman Racing’s sub-brand PuntHub on Facebook and Instagram in October 2023.
Bernadette Beard, L&GNSW acting executive director of regulatory operations, said: “This is the first time a wagering operator in NSW has been prosecuted and convicted for publishing ads which offend standards of decency, dignity and good taste.
“L&GNSW actively monitors gambling advertising across all platforms and will not hesitate to take enforcement action where necessary. This is a serious penalty. I would urge betting providers take note and ensure the standards in the Act are being met in their advertising.”
Gambling losses amount to US$960 per adult in Australia, study finds
A report by Equity Economics for the Alliance for Gambling Reform and Wesley Mission has found that gambling losses continue to grow in Australia. The research found that annual gambling losses for 2022-23 amounted to AU$1,527 (US$960) per adult, while total gambling losses stood at AU$31.5bn (US$19.8bn).
The groups noted that the figure is more than what governments spend on aged care (AU$28.3bn) and the National Disability Insurance Scheme (AU$35.2bn). They said gambling rose despite a rise in the costs of essential goods and services and a decline in real wages.
