Australians love a punt. And since the first rule of gambling is that the house always wins, this is really another way of saying, Australians love losing money.

Which might be part of the reason the Federal government is apparently going to review gambling laws. As Fairfax Media's Perry Williams revealed first on Tuesday, Social Services Minister Scott Morrison is going to review the Interactive Gambling Act, amid industry tension over new digital technologies, and offshore players ability to circumvent existing laws.

More dangerous than they look Credit:Josh Robenstone

Basically, some offshore outlets such as William Hill are offering Australian customers the ability to bet on live sports via their smart phones. Strictly speaking, 'In-play' betting is outlawed on online platforms, including smartphones.