CrownBet chief, Matthew Tripp has warned against a blanket ban on gambling advertising, warning it could cause more harm than good.
“We need to a little bit careful what we wish for,” said Tripp in an interview with Australian radio show 3AW Mornings.
“I think a blanket ban is fraught with danger,” he said.
Recent figures from Australian Gambling Statistics saw that Australian punters lost around A$23 billion ($17.5 billion) last year on gambling activities. Included in this was a A$11.6 billion loss on poker machines, while about A$815 million were attributed to sports betting.
The drastic increase in numbers has called for tighter regulations on advertising and the promotion of online betting.
“Its impact is the equivalent to having major depression in terms of harm and life years lost,” Dr Charles Livingston, from Monash University’s school of public health and preventive medicine, was quoted as saying in reports.
But Tripp said the move would give more power to offshore illegal bookmakers.
“We’ve worked so hard to make sure that we are operators in a heavily regulated market here in Australia.
“If advertising is banned altogether – only one thing will happen – it’ll force a lot of these gambling dollars back offshore into an unregulated environment.”