Foreign betting giants bought up our online gaming industry in recent years. Now the spectacle of the Melbourne Cup serves to recoup their investment
Growing broke thats how racing mogul Robbie Waterhouse described his son Toms business strategy back in 2012. Tom Waterhouses strategy could be extended to the rest of us too. As the nation that gambles more than any other, were growing broke together to finance the growth of the online gambling industry.
Unlike the 5,000 pound gorilla that is the poker machine lobby, the online bookies are like ticks: unless they can keep sucking the life out of us, theyll shrivel up and die. Thats because the big players in the industry are foreign owned and bought into Australia, or bought up existing outfits. They organise under the banner of the Australian Wagering Council (AWC).