Australian research firm IBISWorld has announced that it has released a new study that shows Australia's growing online gambling industry may be affecting the country's traditional sports and racing industry.
The study reveals that Australia's traditional horse and sportsbetting industry has grown at a rate of 2% over the past five years, indicating that the market is indeed slowing. This is likely because online gambling and the prevalence of pokies in various locations.
Even though the market may be getting slowed down a bit, sportsbetting is still a powerhouse in Australia, standing by as the fastest growing betting sector with a valuation of $3.6 billion.
IBISWorld said that it expects betting in Australia to grow over the next five years, but noted that mega betting groups like TAB will face increased competition by online betting firms due to their ease of use and increased accessibility.