Authorities turn their eyes back to lotto betting firm following complaint
In an exclusive report, The Sydney Morning Herald details an investigation into Lottoland following an alleged complaint.
The complaint has reportedly garnered the attention of three separate authorities including the Australian Securities and Investments Commission (ASIC) and online betting regulator, the Australian Communications and Media Authority (ACMA).
The investigation is allegedly focused on Lottoland’s new financial market betting product “jackpot betting” launched after regulatory changes, that came into force last week, banned betting on the outcome of international lotteries, the gambling firm’s core product.
Jackpot Betting entails customers betting on the outcome of selected financial markets. Once they’ve picked their numbers, they need to be matched with data taken from indices at a specified time.
The full article can be read here: