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This was revealed through documents obtained by ABC and statements from ILGA chair Caroline Lamb on Monday.
Introduced in 1998, ClubGRANTS was designed to channel a share of gambling-linked profits from gaming clubs back into local communities. This includes health and welfare services as well as community development and sporting clubs.
According to the Gaming Machine Tax Act 2001, a tax rebate of up to 1.85% of a club’s gaming machine profits is made available to any registered club that records profits of over $1 million (US$715,000) during a tax year.
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All submissions must also now include an exit plan – a new obligation that applies across the board. This requirement, intended to ensure orderly market withdrawal, marked a move toward embedding long-term risk management into the licensing process.
It requires operators to describe in detail how they will responsibly wind down their operations should their licence not be renewed or be revoked. Or if they decide to leave the market midway through the five years between renewals.
The regulator noted that several operators received “additional points for attention”, indicating that while these applicants met minimum legal thresholds, the KSA expected continuous improvements in compliance practices.
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Despite a rapid ascension throughout the US, Kalshi has been relatively mum on potential international expansion down the road. There is some sentiment that Kalshi will wait to build abroad until after the completion of an initial public offering. At present, Kalshi has sought a valuation of around $44 billion.
Kalshi has imposed strict protocols for customer sign-up, which includes proof of US residency, along with a US tax identification number. The operator also requires traders to complete a robust know-your-customer check before trading on its site.
Per a nine-page member agreement issued by Kalshi in June, users are required to acknowledge that they are prohibited from trading on event contracts if domiciled in roughly three dozen countries. Australia, by way of the ASIC ban, received inclusion on the list. Under the agreement, Kalshi reserves the right to deny users access to its platform in the restricted jurisdictions.
