In email correspondence with a local university student, the Victorian Commission for Gambling and Liquor Regulation (VCGLR) has revealed that, yes, loot boxes constitute a form of gambling - at least in Victoria.
The correspondence kicked off by way of a student who reached out to the VCGLR, the independent regulator for the gambling and liquor industries in Victoria. They're the body that issues licenses for bartenders, proof of age cards, and generally regulate venues where alcohol and/or gambling will happen.
" My name is Jarrod Wolfe and I am the Strategic Analyst for the Compliance Division at VCGLR. I have received your correspondence in regards to gambling functionality (loot boxes) being incorporated into games.
Your research and suppositions on the matter are correct; what occurs with "loot boxes" does constitute gambling by the definition of the Victorian Legislation. Unfortunately where the complexity arises is in jurisdiction and our powers to investigate.
Legislation has not moved as quick as the technology; at both State and Federal level we are not necessarily equipped to determine the legality of these practices in lieu of the fact the entities responsible are overseas. "
meanwhile some gamers try their best to mount a defense lol ---