IBIS study predicts Australian industry revenue will rise at an annualised 1.2 percent through 2020-21, to reach A$3.7 billion
The Australian gambling industry's performance has benefitted from developments in online technology and the consequent growth in sports betting, a new IBIS study has concluded, predicting that Australian gambling industry revenue will rise at an annualised 1.2 percent through 2020-21, and will reach A$3.7 billion by 2021.
The study found that the shift to online betting services and the growth of sports betting had "significantly improved overall industry performance," and that although sports betting is still a small product segment, it is the industry's fastest growing.
However, IBIS warns of "stormy times ahead for some parts of the industry," pointing to the pressure that online betting has placed on traditional stand-alone TAB outlets.
The report notes that William Hill's local operation lost A$144 million last year, according to the accounts of its subsidiary William Hill Australia Holdings, which attributed the loss to the intense competition in the sector.
Britain's Bet365 and Malta's Unibet are also understood to be struggling in the Australian market, media reports indicated.
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