Australians love sports. They are brilliant at many of them and are true leaders in the international arena of cricket, rugby, soccer and more. The Australians also love gambling and sports betting is on a rampant incline in the country. Some of the favourite sports which Australians prefer to wager their money on are horse racing and electronic gaming. But the question remains how much money is wagered annually and then secondary to that, how much do they win?
Data from the Queensland Government Statistician’s Office reveals that in the financial year of 2016-2017 a total of $175 billion was spent in Australia at online casinos, sports bookmakers and lotteries. When this number is dissected a bit, it reveals that $24 billion was spent at the tracks and $10.1 billion was spent on sports betting alone. This is 15% more than the previous year’s figures. Bets on pokies, games and races made up $1.5 billion. Considering the Australian population of 19 million people, the Australians bet on average $11 000 per capita.
How Much Money Is Lost On Gambling?
Betting is not a problem at all if you are regularly on the winning side of the matter, but that doesn’t seem to be the case in Australia. Once again, according to the Queensland statistics, Australians lose bucket loads of money every year. During 2016-2017 they have lost a total of $19.3 billion only on pokies. That results in a loss of $1 020 per person living in the country, and it is only on pokies. Australians lost a total of $24 billion in the same financial year. What makes this figure leaning towards being outrageous is the fact that not everybody in the country is gambling, hence much more significant financial losses are suffered by specific individuals in society who have a gambling addiction and find it impossible to quit regardless of the financial strain that they have fallen trap to.
Increased Betting and Losses
Mobile betting and online betting became much more available over the past couple of years. These devices make it much easier for people to fall trap to becoming addicted to gambling since they can do it quickly, without being noticed and it is available to them all the time.
Another contributing factor is suspected to be the intertwined relationship between sports and gambling. Since games are such a great form of entertainment within the country and gambling companies often utilize these events to promote their product, the nation is continuously exposed to the gambling industry. In addition to that, many youngsters are sports fans too, and they also are now exposed to gambling and sports betting from a young age onwards, influencing them to get involved in the industry much sooner in their lives.
The figures are precise, and a loss of $24 billion in one year is detrimental to the financial well-being of society. Australia can’t afford to evaluate their current dependency on gambling and sports betting.