Rizna Mutmainah
Money & Banking

Aussies top global list for biggest gambling losses

A new report has revealed that Australians are the biggest gambling losers in the world, with the average Australian adult gambling away $1635 per year according to the Grattan Institute think tank. 

That is more than most households pay for power and exceeds the average spend in similar countries like the US and New Zealand. 

Collectively, Australians lost $24 billion to gambling in 2020-21, with half of that amount lost through poker machines. 

The rest was lost on sports or race betting, in casinos, and on lotteries and Keno. 

The report also claims that there are more pokies than post boxes and public toilets across Australia, bringing light to the "lax approach" that has let the industry "run wild". 

"Gambling products are designed to be addictive, and the consequences can be catastrophic: job loss, bankruptcy, relationship breakdown, family violence, even suicide," the report's authors wrote.

People in the Northern Territory and NSW lost the most amount of money, with the two states having the highest concentration of polies in their jurisdiction. 

The report recommended the federal government ban all gambling advertisements and urged them to cut the number of pokies in each state over time.

They also suggested a mandatory pre-commitment system for online gambling and pokies, which would put a limit on daily losses. 

There are many different ways to get help and information about gambling. Call the National Gambling Helpline on 1800 858 858; use online counselling

Images: SNEHIT PHOTO / Shutterstock.com

 

Tags:
Money & Banking, Gambling, Debt, Finance