2% Gambling Levy Proposed in Australia to Fund Broadcasters
The Australia Institute, the think tank organization, has announced its proposal to introduce a 2% levy on bookmakers in the country to cover the loss of revenue of the television media company.
The Australia Institute calls for a 2% gambling levy to compensate TV media companies.
LISTEN TO THIS ARTICLE:This follows the recent controversial reports the Australian Government will not introduce a total ban on gambling adverts. It is estimated that the free-to-air television platforms in Australia receive revenues from the gambling operators in the country believed to be approximately $240m a year for gambling advertisements.
This intervention comes as the Australian government has let it be known it is contemplating placing restrictions on gambling advertisements that companies can place on television before and after sporting events, rather than the total ban on gambling advertisements on television that had been widely anticipated.
A 2% levy on the gambling industry, which represents a tiny fraction of the money lost on wagering, could compensate the media for any lost revenue resulting from a gambling ads ban.
More Business News
Government Argues Gambling Ban Would Affect TV Media Platforms
Some ministers in the Australian government have argued they feel a total ban on gambling advertising would have a detrimental effect on public interest television platforms due to a considerable loss of revenues. The Australia Institute says that the levy they are proposing would allow the government to implement the recommendations from the Murphy review in full.
The Australia Institute has stated it intends to join the other gambling reform organizations that are pushing for a total ban on gambling advertisements in the country.
A rare win-win scenario because the policy would reduce the harm to the community that gambling advertising causes while simultaneously guaranteeing a revenue stream for public interest broadcasting. The free-to-air networks could then sell the advertising slots the gambling companies occupied to other businesses while pocketing the levy as well.
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