Surrey, United Kingdom Sep 25, 2023 (Issuewire.com) - Geeky News, a leading technology and lifestyle platform, is excited to announce the publication of an informative article titled "Australia Launched Self-Exclusion Register To Foster Responsible Gambling." The article delves into Australia's recent introduction of the National Self-Exclusion Register, known as BetStop. The article calls it a pivotal initiative to promote responsible gambling and reduce the adverse impacts of online betting.
BetStop was released nationwide on 23 August by the federal government. It's a groundbreaking system meticulously crafted around "Know Your Customer" (KYC) regulations and rigorous online identity verification checks. These measures not only enhance the credibility of players but also fortify the integrity of the self-exclusion program. The implementation of this system is scheduled to be completed by the end of September 2023.
Amanda Rishworth, Minister for social services, emphasised the significance of BetStop, stating, "With the introduction of BetStop, all measures under the National Consumer Protection Framework will be realised, with significant action delivered by our government in just over a year. These measures will help to minimise the harm we see as a result of online gambling. For many people, it will change their lives."
BetStop empowers individuals to voluntarily self-exclude from approximately 150 licensed interactive wagering services, both online and telephone-based, within Australia. The self-exclusion periods range from a minimum of three months to a lifetime and are entirely free of charge.
Once registered on BetStop, wagering operators are mandated to prevent these individuals from opening new betting accounts or placing bets through existing accounts. Additionally, operators are prohibited from sending marketing SMS or emails to individuals on the register, and there are plans to gradually restrict online gambling advertisements within three years.
This initiative aligns with the Australian National Consumer Protection Framework for Online Wagering, which requires betting operators to verify user identities during registration or before bets can be placed. Operators must now complete KYC checks within 72 hours, ensuring a faster and more secure gaming environment. Immediate account locking is also enforced if a customer is verified as being under 18 years old. Importantly, individuals cannot selectively self-exclude from one platform while continuing to bet on others.
The National Self-Exclusion Register was established following a comprehensive inquiry by the House of Representatives Standing Committee on Social Policy and Legal Affairs in June 2023, investigating the impact of online gambling on those experiencing gambling harm.
According to a study titled "Australia Online Gambling Market" conducted by IMARC, the country's online gambling market was valued at approximately $4.5 billion in 2022. And, it's projected to reach an impressive $7.2 billion by 2028, with a compound annual growth rate (CAGR) of 7.09% from 2023 to 2028.
In the realm of responsible gambling, advanced online identity verification technology plays a pivotal role. While BetStop empowers individuals seeking self-exclusion from betting services, Yoti, a leading digital identity provider, offers companies a solution for BetStop compliance. Yoti's advanced online gambling age and identity verification solutions streamline player enrollment for gambling platforms efficiently, while also protecting customers from fraud and problem gambling.
The introduction of the National Self-Exclusion Register, BetStop, marks a significant stride toward responsible gambling in Australia. It successfully strikes a balance between protecting vulnerable individuals and preserving the integrity of the online betting industry.
For more information, please read the full article on Geeky News: https://www.geekynews.co.uk/australia-launched-betstop/.
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