Monday, 07 December, 2015
Aussie Gamblers, Already World’s Biggest Losers, Go One Better
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
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 email@example.com
To contact the editors responsible for this story:
Iain McDonald at firstname.lastname@example.org
Enda Curran at email@example.com
Archr LLP is Authorised and regulated by the Financial Conduct Authority (FCA reference 617163).
Archr LLP is not covered by the Financial Services Compensation Scheme (FSCS).
Archr is registered in England and Wales No. OC371018. Registered office 115B Drysdale Street, Hoxton, London, United Kingdom, N1 6ND
This message may contain confidential or privileged information. If you are not the intended recipient, please advise us immediately and delete this message. The unauthorised use, disclosure, distribution and/or copying of this email or any information it contains is prohibited.
This information is not, and should not be construed as, a recommendation, solicitation or offer to buy and sell any securities or related financial products. This information does not constitute investment advice, does not constitute a personal recommendation and has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it.
You are receiving this email because you are a valued client of Archr.