Australian Online Betting Giants Unite to Support Financial Counselling Services

Six leading players in the Australian online betting scene – Bet365, Betfair, Entain, PointsBet, Sportsbet, and Unibet – have pledged more than AUD 3 million ($1.97 million) to support financial counseling services over three years. Responsible Wagering Australia announced this joint initiative, noting it was another significant milestone in its mission to protect consumers.

The Initiative Builds on Existing Gambling Harm Protection Measures

RWA highlighted that this initiative aligns with broader national efforts to aid Australians in managing their financial well-being. Collaboration with governmental bodies, the financial counseling sector, and other industries like banking, energy, and insurance will establish a not-for-profit entity to distribute the collected funds starting in 2024.

The commitment from leading betting entities reflects a concerted effort to help offset gambling’s negative societal impact and support worthy causes. Responsible Wagering Australia CEO Kai Cantwell was excited regarding this new initiative, noting it built on consumer protections already in place within online gambling, such as mandatory age and identity verification, deposit limits, time-out tools, and activity statements.

This funding demonstrates the collective commitment of RWA and its members to safeguard the well-being of Australians and support those who may need assistance managing their financial circumstances.

Kai Cantwell, Responsible Wagering Australia CEO

According to Cantwell, ensuring a secure gambling environment remained RWA’s primary focus. However, this newest initiative allowed the organization to use its existing tools and experience to impact a significantly wider portion of Australians and enact positive change. RWA is perfectly positioned to extend vital support to those needing assistance handling their financial situations.

Disadvantaged Communities Should Benefit the Most

Highlighting the current economic challenges facing many at-risk communities, Cantwell stressed the significance of financial counseling services. He noted that the funding commitment from RWA members aims to facilitate increased access to specialized services for individuals struggling with rising living costs, urging other industries to follow RWA’s lead and contribute to this scheme.

Cantwell also discussed the rising importance of financial counseling services, hoping the new body would aid Australians in short-term financial management and developing long-term financial skills. He emphasized RWA’s commitment to collaborating with various stakeholders for the initiative’s successful implementation and was hopeful that the organization would receive more opportunities to enact positive change.

RWA is committed to working with government and industry to ensure the successful implementation of this initiative.

Kai Cantwell, Responsible Wagering Australia CEO

This financial counseling initiative aligns with Australia’s increased focus on improving customer protection, especially within the gambling industry. BetStop, the country’s new national self-exclusion register, was a resounding success, while new ID requirements for online gamblers seek to mitigate problems such as underage gambling or gambling harm.