Australia’s gambling obsession, in one depressing chart

Posted: October 31, 2015 by Beaner in Gambling addiction, Horse Racing, Sports betting
Tags: , , , , , ,

“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.”

Australians love a punt and the house always wins, whether you believe this or not, I’ll say it again, the house always wins.  Personally, I don’t love losing money and if you’ve read this blog you will find many examples of ways to gamble that reduce the house edge or even sway the odds in your favour.  But the point has always been made as we are not delusional and selling a fantasy, there is no such thing as a sure thing and every bet you make is a gamble, where the bookie always makes money whether you actually win or lose.  Be smart, be honest and have fun is how the Champ Bros approach gambling, and as Australians raised in a gambling culture where we get a public holdiay for a horse race and ANZAC Day is associated with 2-Up we don’t want to trash our heritage, but we also don’t want to be taken for suckers.

Beaner

Australia’s gambling obsession, in one depressing chart

John McDuling
Published: September 3, 2015

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.

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.

Data from H2 Gambling Capital, a London based industry researcher, obtained by Fairfax Media last month, shows that Australians lose more money per adult on gambling than every other developed country.

Back in 2010, the Productivity Commission actually estimated the average loss for each Australian that gambled at $1,500.

For what its worth, that review found there was an overall net benefit (through taxes and enjoyment) to the economy from gambling of between $3.7 billion and $11.1 billion), but the costs to problem gamblers were substantial and devastating, ranging from $4.7 billion to $8.4 billion

That aside, what is clear is that Australians are leading the developed world on gambling losses. Whether a review of online sports gambling laws, and potentially, advertising of gambling during sports matches, does anything to curtail this, remains to be seen.

This story was found at: http://www.smh.com.au/business/the-economy/australias-gambling-obsession-in-one-depressing-chart-20150902-gjd2w1.html

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