Regulate sports bets or lose billions to online operators.

That’s the warning the Australian Wagering Council (AWC) made to the country’s gambling sector. According to the council, the government risks losing at least 60c of every dollar wagered to international bookmakers by the end of the decade if it fails to effectively regulate the growing sports betting market.

Currently, Australia is considered to have one of the largest “grey” betting markets in the world, with 51 international operators rivaling local bookmakers for a sport betting pool that’s worth at least $1.6 billion in 2015, and is forecast to reach AU$2.3 billion by 2020.

This has prompted the government to revamp its online betting laws, starting with a review headed by former NSW premier Barry O’Farrell. And now, AWC decided to throw in its two cents’ worth—one that is backed by a commissioned study by international consultant H2 Gambling Capital.