Australian financial counsellors offer up online betting horror stories

Online betting sites in Australia are coming under fire after a local financial counselling industry association went public with some online gambling horror stories.

On Monday, Financial Counselling Australia (FCA) released Duds, Mugs and the A-List: The Impact of Uncontrolled Sports Betting. Contrary to what such an impartial and non-inflammatory title might suggest, the report is actually highly critical of Australian betting operators, particularly those who allow punters to wager on credit.

The report’s conclusions are largely drawn from discussions with financial counselors, although the FCA also claims to have spoken with regulators and “former employees in the betting industry.” However, the FCA isn’t above relaying “anecdotal evidence” that some suicides “may be people who are escaping gambling debts.”

Ideally, the FCA would like to see an end to the ability of online betting sites licensed in Australia’s Northern Territory to extend credit to customers. In the absence of a blanket credit betting ban, the FCA proposes amending the laws to require betting sites to (a) levy a charge for the extension of credit and (b) assess individual bettors’ capacity to repay loans.