Queensland’s electronic gaming machine (EGM) sector has shown remarkable resilience and growth, even in the face of evolving regulatory frameworks and market dynamics.
Recent Performance Metrics
The Queensland EGM sector has experienced notable growth over the past year, with a 7% increase in overall revenue on a year-on-year basis. On a month-to-month scale, the sector saw a robust 12% revenue growth from June to July 2024. For July 2024, the metered win—the total amount won by players—was AU$326 million (US$216.3 million). While this figure is a decrease from June’s AU$384 million, it represents a modest increase compared to July 2023’s AU$303 million.
Operational Changes in the Sector
Despite the overall revenue growth, there has been a slight reduction in the number of operational machines and sites. In July 2024, the number of operational machines decreased to 40,041 from 40,126 in July 2023. Similarly, the number of operational sites fell from 1,037 to 1,031 over the same period.
Impact of Recent Regulatory Changes
A significant regulatory development is the recent implementation of a credit card ban by Responsible Wagering Australia. This measure is part of broader efforts to encourage responsible gambling and limit the financial risks associated with gambling. The credit card ban aims to reduce the ease of funding gambling activities, which could affect revenue patterns and consumer behaviors within the sector.
Emerging Payment Methods
As the regulatory landscape evolves, new payment methods are starting to make their presence felt in the EGM sector. Notably, BitStarz, an established online casino operator, has expanded its reach into the Australian market. Additionally, Stake, a major player in the cryptocurrency space, also originates from Australia. The incorporation of cryptocurrency into gambling transactions represents a significant shift and may influence future trends in both player preferences and regulatory responses.
Advocacy and Public Sentiment
The Alliance for Gambling Reforms has recently intensified its advocacy efforts, calling for a ban on gambling advertisements. The organization has urged Prime Minister Anthony Albanese and Opposition Leader Peter Dutton to address the pervasive issue of gambling ads. This advocacy underscores ongoing concerns about the impact of gambling advertising on public health and the need for more stringent regulations.
Queensland’s EGM sector has demonstrated considerable resilience, marked by revenue growth and a stable operational framework despite facing various regulatory and market changes. The sector’s ability to adapt to new regulations, such as the credit card ban, and the introduction of innovative payment methods, reflects a dynamic environment in which growth and responsible gambling practices must be carefully balanced.