New national rules have commenced that reduce the customer verification period for new online wagering (betting) consumers from 90 days to a maximum of 14 days.
This measure is one of 10 consumer protection measures contained in the National Consumer Protection Framework for Online Wagering which was announced in November 2018.
Customers may open an online betting account, deposit funds into the account and start betting without having their identification verified, but they cannot withdraw any winnings before this has occurred.
Changes to the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) now mean customers must be verified within 14 days to continue using an online betting account. If the verification process finds that a person is under 18 years of age, the online betting provider must return all deposited funds and close the account immediately.
The new rules are designed to protect young people and vulnerable gamblers. Foundation-funded research has found that sports betting participation has grown substantially in recent years and is emerging as a significant contributor to problem gambling, especially among younger adult males.
The 14-day verification period will be reviewed after 12 months with a view to informing a commitment to further reducing the verification period to 72 hours.