The CEO of Tabcorp, the biggest sports and racing betting operator in Australia, is calling for the creation of a national regulatory framework. On Wednesday, Adam Rytenskild spoke at a gambling conference about how a national framework would lead to more accountability industrywide.
He believes that the current system is no longer effective. Tabcorp, which largely focuses on retail betting, has to be licensed in seven territories and states, compared to many online bookmakers that only need a Northern Territory license. Each jurisdiction currently has its own rules and regulations.
overhauling the current system could resolve many issues
According to Rytenskild, overhauling the current system could resolve many issues that plague Australia’s sports betting sector. This includes errant operators that do not comply with gambling advertising regulations and those that have subpar social responsibility systems in place.
The creation of a national regulator could set consistent standards across the board, which would help improve consumer protection. Rytenskild believes the regulators themselves should lead the push on this front, rather than completely leaving it up to the federal government. Ultimately, the Tabcorp CEO believes that the industry is “only as good as the state with the least amount of regulation.”