Watchdog finds new loopholes in the gambling industry.
The New Zealand Securities and Investments Commission (SISIC) has said it won’t bar New Zealand’s biggest online gambling operators from operating in the country.
In a report released today, the SISIC said it had found new ways to exploit loopholes in current and future gambling legislation that was in place at the time the new legislation was passed.
The SISIG said it did not find any evidence that gambling was made illegal under the legislation.
But it found that existing online gambling regulation could be used to create new loopholes and was not in line with the objective of regulating gambling.
“There is a lack of certainty on the matter of whether or not new gambling operators will be able to operate and operate effectively within New Zealand, and whether there will be a return to a legal and regulated model,” SISI said in its report.
“We find it is not clear that any new online casino will be permitted in New Zealand for a period of time, and we recommend that any future legal and/or regulated casinos be regulated under a statutory framework.”
New Zealand has a population of about 4.4 million people, which is around 2.5 per cent of the country’s total population.
There are more than 70 gambling operators operating in New the country, including two major online casinos, online betting and mobile games.
In total, there are about 10 million people in New South Wales and Victoria, with about 20,000 operating in Victoria alone.
There is currently no legal limit on the number of people who can operate online gambling businesses.