AUSTRAC’s report makes clear that Australia has both highly profitable criminal activity and a wide range of sectors vulnerable to money-laundering abuse. That is a recipe for criminal exploitation.
Early writers on probability had explained how the ‘house advantage’ didn’t need to be large for a gambling enterprise to profit enormously. But gamblers and gambling operators were slow to catch on.
The NSW Crime Commission says cashless gambling cards are needed to stop billions of dollars of ‘dirty money’ being funnelled through NSW pokie venues,
Crown Resorts has plumbed astonishing ethical and moral depths in pursuit of profits. Private equity giant Blackstone is also chasing a profit – from redeeming Crown’s reputation.
Whether the Victorian royal commission leads to a more responsible gambling industry depends on the recommendations the state government has kicked down the road.
Crown Resorts’ contribution to Victoria is at the core of its attempts to keep its casino licence. But the costs of it keeping the casino may well be greater