The company is yet to announce an official exit date, but assured its Australian customers that their funds are and will be safe and can be withdrawn whenever they find fit. Players were encouraged to begin withdrawing their funds and were also informed that any unused Star Coins and tournament tickets and money will be converted into cash from the date the operator leaves the market officially onwards.
PokerStars explained that while it wanted to comply with local regulations, it will be watching the market closely for future opportunities to enter it in a legal manner and as a licensed operator.
PokerStars will be the latest of a number of gambling companies to have left the local market in the wake of news about the looming regulatory crackdown. Vera&John, 888poker, 32Red, and Gaming Innovation Group have been among the operators to have already exited Australia.
The Interactive Gambling Amendment Bill 2016 was introduced to the nation’s government late last year as a proposed revision of Australia’s gambling law from 2001. Under its provisions, the legislative piece makes the provision of unlicensed online gaming services, poker included, illegal. What is more, neither the country’s existing regulations, not the ones to be implemented soon contain information on how an interested iGaming operator could apply for a license from local authorities.
The legislative piece was voted in the Parliament’s House of Representatives this March and was then handed to the Senate for review, potential addition of more amendments, and one final vote.
Senate lawmakers cast their vote on the legislative piece on August 9, killing any hope of poker being excluded from the new regulatory framework, or at least being excluded now, before the new law comes into force. Being approved by the Parliament, the amendment bill is likely to take effect in the weeks to come.
Source: GMB / Casino News Daily
