Australia wagered $209 billion in 2016/2017, the latest statistics has revealed. The country has been one of the hotbeds of gambling and sports betting worldwide, and it hosts some of the most notable events in the world of horse racing, the Caulifield Cup.
A Love for the Races and Betting
With the spring racing carnival upon Australia, the country is poised to bet even more profusely. The Caulifield Cup is definitely of particular interest to Australians and experts wonder how much the country will wager this year around. As recently revealed, bets in Australia are going up.
The 2016/2017 statistics revealed that bets went up by 0.7% for a total of $209 billion, the information delivered courtesy of the Queensland Government Statistician’s Office. Not only is the latest data correct, it’s the most accurate segment of Australia’s gambling habits available.
When spreading the numbers even further, the data is a bit more concerning than originally thought. Australians bet at $11,000 per person across the country, which makes the largest amount worldwide.
Examining consumer habits, it’s been established that the minimum bets have been growing. While the legal minimum has been kept, the perception of gamers has been changing. As a result, committing $1,000 per a single race would not really be considered a serious risk by many punters (another common term for someone who bets on sports) in the country.
Out of the $207 billion wagered, $23.7 billion went down the drain via different aspects of the iGaming and betting industry. In simple terms that was well over $1,250 for every citizen over 18 years old. In light of the spreading of the activity, Australia has been trying to introduce specific measures, and target illegal bookmakers first.
Looking at the Numbers
Examining the data made available by Queensland Government Statistician’s Office, racing and sports betting saw the largest hikes in the money-spent to money-lost ratio. Australians wagered 23,869.258 and lost 3,312.714 on racing in terms of millions of US dollars.
Similarly, they wagered 10,105.302 on sports betting and ended up losing 1,062.000. Meanwhile, gambling councillors have been reporting an uptick in the number of gamers who need help as they slid into gambling addiction. Even international media has been reporting on the rather precarious development of the betting climate in the country.
The nation is losing money per capita and this issue needs to be addressed, experts consider. At the present rate, the bill for each citizen stands at nearly $900, but the number is quickly growing, as gamers become even more daring with their wagers and even less careful about the consequences.
One of the key issues with gambling and sports betting in Australia remains the availability of promotions and advertisement, according to local experts. In a separate study, it was proven that the majority of teenagers consider sports betting to be something completely normal, with over 50% of them having placed a wager before reaching the legal age. Estimated 9.3 million Australians are now gambling in one form or another.
As the Australian crisis with gambling deepens elsewhere in the world gambling and sports betting regulations are tightening.