Betting overhaul due by year's end

Online gambling laws are expected to be overhauled by the end of the year.

Independent Senator Nick Xenophon says he's confident new submarines will be built locally. (AAP)

Anti-gambling senator Nick Xenophon believes 14-year-old online gambling laws may as well be 140 years old because they're so outdated.

Social Services Minister Scott Morrison will lead a long-awaited review of the 2001 Interactive Gambling Act which has been made largely redundant by technological change and the dramatic growth of global sports betting, The Australian reported on Wednesday.

"The sooner we do it the better," Senator Xenophon told ABC radio.