According to a prediction by the Hong Kong-based Asian Racing Federation (ARF), black market gambling in Australia is running rampant. The group prepared a report on illegal gambling in Australia, as well as New Zealand, South Africa, South Korea and Singapore, and asserts that the underground gambling market will reach AU$2 billion (US$1.419 billion) by next year.

The Australian Financial Review, which cited the findings, states that the country loses over $380 million ($269.67 million) in betting tax revenue each year. The ARF taskforce that published the report states that the link between black market gambling and money laundering and organized crime remains too strong to break.

Australia’s Treasury, as well as the Black Economy Taskforce (BET), are now reviewing the report in order to understand the findings and introduce enhancements and new strategies that can identify and eliminate illegal gambling.

The findings show that 6% of the entire gambling market in Australia comes through illegal wagers. The country’s government made attempts at controlling the illegal market in 2017 through a series of new legislative amendments. Those amendments were designed to close loopholes that had been exploited by offshore gambling operators, as well as to introduce a ban on online casino games.