Australia Loses AU$32 Billion Every Year on Gambling
Date: 2024-09-16 Author: Robert Beloved Categories: PAYMENT SOLUTIONS
Amid growing concerns about the harmful effects of gambling on Australians, significant reforms to the industry continue to be debated. Last year, a report was released that made more than thirty recommendations aimed at reducing the negative impacts of gambling and reducing the billions of dollars lost by citizens each month.
Growing Total Losses and Per Capita Spending
Australian Prime Minister Anthony Albanese recently defended a partial ban on gambling advertising that was proposed amid concerns about the growing number of people suffering from problem gambling. However, a new report has confirmed that more significant changes to the industry are needed to protect the country’s population.
Last week, the Queensland Government released its annual report prepared by the state’s Bureau of Statistics. The report, which covers all Australian states and territories, found significant increases in both total gambling losses and per capita spending.
The new figures show that total gambling spending between 2022 and 2023 will reach AU$32 billion (US$21.6 billion). This is a significant increase from the previous year’s AU$28.2 billion (US$19 billion).
In addition, per capita losses have also increased in 2022-2023. From AU$1,395 (US$940) in 2021-2022, this figure has risen to AU$1,555 (US$1,047) in the latest reporting period, an increase of almost 11.5%.
Criticism from the Gambling Reform Alliance
The findings have attracted the attention of the Gambling Reform Alliance, an organisation that campaigns for change in the industry to protect young people and vulnerable people. The Alliance’s chief executive, Martin Thomas, has expressed frustration at the mounting losses Australians are suffering from gambling.
He noted that Australians lose more money from gambling than any other country. Thomas said these losses were due to the industry’s lack of regulation, which was destroying families across the country. Thomas also criticised the Albanese government for failing to act decisively despite recommendations made more than a year ago.
“Australians lose more money from gambling than any other nation in the world because we have a woefully inadequate regulatory system that allows the gambling industry to operate with little or no control, causing harm to individuals, families and communities,” Thomas said.
Growing slot machine spending, stable betting performance
A look at the AU$32 billion (US$21.6 billion) gambling losses shows a significant increase in slot machine spending. At the same time, sports betting spending remained at around AU$9 billion (US$6.1 billion) for the 2021-2022 and 2022-2023 reporting periods.
However, a comparison of slot machine spending showed a significant increase. In 2021-2022, total slot machine losses nationwide amounted to AU$19.3 billion (US$13 billion). A year later, this figure increased by 19.6%, reaching AU$23.1 billion (US$15.6 billion).
