
Australia introduces draft laws limiting gambling ads
- The Australian government introduced draft legislation to ban all paid online gambling promotions by social media influencers.
- Media and technology companies face strict new limitations, restricting television broadcast gambling advertisements to three per hour.
- Politicians stated the proposed advertising restrictions are designed to block young audiences from being targeted by bookmakers.
The Australian government introduced draft legislation to ban all paid online gambling promotions by social media influencers.
The proposed Labor legislation will ban influencers and limit Nine Entertainment (ASX:NEC) to three gambling advertisements hourly.
Crossbench politicians argue these measures ignore a prior parliamentary recommendation calling for zero legal gambling advertisements.
"Trust in Labor is at an all-time low," said Liberal Party Senator Sarah Henderson.
The government stated the legislation will block under-18 users from receiving online ads on Alphabet (NASDAQ:GOOGL).
Anticipating future Senate negotiations, following the announcement, the Nine share price was down at $1.35.
Bookmakers previously sponsored content on platforms like Apple (NASDAQ:AAPL) to acquire new and younger target audiences.
Prime Minister Anthony Albanese previously rejected a policy proposing zero gambling advertisements across all digital platforms.