Monday's Four Corners episode, "Losing Streak", reported by Steve Cannane and produced by Mayeta Clark, reveals how online bookmakers have kept millions in wagers placed with stolen money.
This week on Four Corners reporter Steve Cannane reveals how financial advisers courted with inducements, have gambled away their clients' investments uninhibited by regulation or oversight. In some cases, while the advisors have gone to jail, and the victims remain empty handed, the companies that accepted the bets have not returned a cent.
More than two years after a landmark parliamentary inquiry recommended sweeping reforms to tackle online gambling harm, the Albanese government has yet to act.
Losing Streak reveals how the defacto regulator charged with overseeing online bookmakers is ineffective. Based in Darwin, it meets once a month, has no full-time staff, and has been accused of being too close to the industry it's supposed to police.
Cannane and the team ask why the federal government has failed to respond to a cross parliamentary blueprint for reform and what it will take to curb the harms of a sector that turns over tens of billions of dollars a year.
