By Michael Heath
(Bloomberg) — Australians, already the world’s biggest
gamblers, are hitting a new record in 2015 as the equivalent of
A$1,000 ($734) is lost by every man, woman and child Down Under.
In the 12 months through September, Australians frittered
away A$24.1 billion on gambling. That’s an increase of 6 percent
from a year earlier, more than double the expansion of the
overall economy, which grew a below-average 2.5 percent over the
same period.
Gambling Down Under has long been tolerated as part of the
national character — best summed up in the line that
Australians would bet on two flies crawling up a wall. But
growth in wagering using foreign-based websites, along with
widespread use of slot machines and casinos in each city, is
drawing heightened scrutiny.
The government estimates more than 400,000 Australians,
mainly men, have gambling problems, out of a total of 23 million
people. It commissioned former New South Wales state Premier
Barry O’Farrell to investigate the use of offshore-based
websites and wants a report this month on what could be done to
curtail the negative social impact of new forms of gambling.
Australians are the biggest spenders on gambling, prompting
an influx of international agencies to the country’s market,
according to the latest figures from Global Betting and Gaming
Consultants. It reckons the most money spent is not via the
internet but through the widespread distribution of slot
machines or pokies as they’re known in the country.

Australia has the highest number of slot machines per person
among developed countries after Italy, according to a 2014
report by Gaming Technologies Association.
“It’s just so accessible for Australians,” said Craig
James, a senior economist at the securities unit of Commonwealth
Bank of Australia. “People don’t have to leave their homes.
There are all sorts of things people can bet on. They can even
bet on interest rates set by the Reserve Bank."
 

To contact the author of this story:
Michael Heath inSydney at mheath1@bloomberg.net
To contact the editors responsible for this story:
Iain McDonald at imcdonald7@bloomberg.net
Enda Curran at ecurran8@bloomberg.net