Australians have long been known as big spenders when it comes to gambling and this year they hit a new record regarding the total amount of money spent on different gaming activities. Reports say that every man, woman, or child in Australia spent an approximate of A$1,000 on gambling in the past twelve months.
Australians lost more than A$24.1 billion on gambling in the twelve months ended September 30, 2015. The figure represents a 6% increase as compared to the amounts reported for the same period a year ago. What is more, it is double the increase of Australia’s overall economy, which registered a 2.5% growth during the same period in review.
The substantial increase in money spent on gambling was attributed to the numerous online betting options as well as the widespread use of pokies across all Australian states. However, the wide variety of gambling options that Australians have been presented with drew the attention of officials.
According to estimates provided by the government, no less than 400,000 residents of Australia, particularly men, have been showing symptoms of gambling addiction and problem gambling behavior. There are 23 million people currently residing on the continent.
The alarming statistics drew the attention of Barry O’Farrell, who commissioned an investigation of the use of overseas gambling sites. A report on the matter is to be completed and issued later this month. It will be primarily concerned with the ways the negative impact of online gambling could be reduced.
However, according to figures posted by Global Betting and Gaming Consultants the most money was spent not on Internet gambling but on poker machines. A 2014 report by the Gaming Technologies Association says that Australia ranks second in the number of pokies per person among all developed countries, with Italy being first.
Commenting on the 6% increase in the money spent on gambling, Craig James, a Senior Economist at the Commonwealth Bank of Australia, said that the main reason for this is the fact that gambling is too “accessible” for residents. Mr. James further noted that Australians do not need to leave their homes in order to bet on whatever they want to, including the latest interest rates set by the Reserve Bank of Australia.
