A new chart from The Economist shows that Australia is leading the world in gambling losses, losing just under $US1,000 a year per resident adult, with nearly half of these losses coming from poker machines (see below graphic).
According to The Economist:
To the general public, Australia hardly leaps to mind as a gambling hotbed. Yet industry insiders know it is far and away their most lucrative market: according to H2 Gambling Capital (H2G), a consultancy, betting losses per resident adult there amounted to $990 last year. That is 40% higher than Singapore, the runner-up, and around double the average in other Western countries. The most popular form of gaming in Australia is on ubiquitous electronic poker machines, or “pokies”, which are more prevalent there than anywhere else. Although the devices are legal in many other markets, bet sizes are usually capped at modest levels. By contrast, in Australia, which began to deregulate the industry in the 1980s, punters can lose as much as $1,150 an hour.
Imagine the stats also included punting on house prices? We’d be even further in front!
But in all seriousness, pokie machines – which make up nearly half of all gambling losses – are a blight on our society. And while alcohol and cigarettes are also used by consenting adults, consumption of both have shown a decline in recent years, unlike poker machine losses.
Perhaps it’s time for The Whitlams to re-release:
