Around a third of Australians have gambled on sporting events, according to a new survey released ahead of Tuesday’s Melbourne Cup. The report by Finder found that, out of 1,008 respondents, 33% admitted to taking part—the equivalent of almost seven million people.
Among those who gamble, 61% have placed bets on the Melbourne Cup, with the average bettor expected to spend $85 on the race.
The research also suggests that 15% of people gamble on sporting events at least once a week, 7% place a bet monthly, and 12% do so occasionally.
Consequently, the analysis reveals that the average Australian gambler spends an astounding $15,269 per year on sports betting, totaling nearly $98 billion annually across the country.
Gambling risk for young Australians
Finder’s personal expert, Sarah Megginson, stated: “The average annual gambling spend per adult is 15% of the average annual wage in Australia.
“In Australia, as long as there have been sports to bet on, people have been betting on sports.”
In August, ReadWrite reported that several former ministers had signed an open letter claiming the country had a gambling addiction. John Howard and Malcolm Turnbull were among more than 60 signatories who stated that it had amounted to $25 billion in annual losses.
Megginson admitted that there had been an uptick in addiction, adding: “Unfortunately it can quickly turn into a problem and put people’s relationships, livelihoods and even their health at risk.
“Gambling poses a big threat to young Australians, with the explosion of online sports better capturing their attention and hard-earned money.”
In September, opponents of a gambling advertisements ban reportedly advocated for Australia’s federal government to consider age verification methods to prevent minors from accessing sports betting content. The Finder research reflected this, showing that 46% of gen Z were placing bets on sports, compared to only 11% of baby boomers.
Megginson added: “Many are looking for a solution for their money problems, and a one-off win can seem like a blessing – but gambling always has a negative expected return over time.”
Featured image: Canva
