Bookmakers support ban on live betting odds

Community outrage rises

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Australia's biggest corporate bookmaker, Sportingbet, is reportedly backing calls for a complete ban on the promotion of live betting odds during sports broadcasts.

Community outrage against betting companies has risen following an ABC TV program highlighting the issue of betting odds and gambling being promoted during sports broadcasts, many of which are watched by children. A poll running on The Age, currently has 88% of people voting for a ban on all gambling advertising.

According to the Australian Financial Review (AFR), the chief executive of Sportingbet, Michael Sullivan has said that live odds promotion has gone too far and is too integrated into sports programs. Tabcorp Holdings (ASX: TAH) chief David Attenborough is reported to support restrictions on advertising, where self-regulation wasn't effective, as long as it was done on a national and not a state basis, and was consistent.

Free TV Australia, the body that represents free-to-air TV stations, has proposed to completely ban the promotion of betting odds by commentators during live broadcasts. The proposal has been mocked by Greens Senator Richard Di Natale as doing nothing to stop 'pseudo commentators" like Tom Waterhouse. Free TV has also proposed an amendment to stop commentators and their guests from promoting odds during a game and for 30 minutes either side of play.

Tabcorp's Mr Attenborough said any effect on Tabcorp of such a ban would be limited because the company had a "strong brand and is well trusted in the marketplace." Tatts Group (ASX: TTS) chief executive Robbie Cooke has told the AFR that wagering companies would likely maintain their levels of advertising expenditure, but change the content, if regulation was imposed.

South Australia's state government has moved to ban all gambling ads that promote live odds on TV during sports, as part of a move to stop young men being conditioned that gambling was a natural part of sport. But whether the state will be able to implement its ban remains to be seen.

Foolish takeaway

Many people are now calling for a complete ban of sports betting ads on TV. With sports betting estimated to represent about 15-20% of problem gamblers in Australia, clearly some action needs to be taken.

In the market for high yielding ASX shares? Get "3 Stocks for the Great Dividend Boom" in our special FREE report. Click here now to find out the names, stock symbols, and full research for our three favourite income ideas, all completely free!

More reading

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.  This article contains general investment advice only (under AFSL 400691). Motley Fool writer/analyst Mike King doesn't owns shares in any companies mentioned.

More on ⏸️ Investing

A white and black robot in the form of a human being stands in front of a green graphic holding a laptop and discussing robotics and automation ASX shares
Technology Shares

Joining the revolution: How I'd invest in ASX AI shares right now

Advances in artificial intelligence (AI) could usher in a new industrial revolution. Here’s how you can invest in it.

Read more »

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »