Australian losses to gambling

[theninthwall]

https://www.abc.net.au/news/2024-09-03/why-australia-is-addicted-to-gambling/104299376

It blows my mind - another story I read said an average of $1600 for every adult in the country. I'm sure the median would be lower, but in Fairfield, NSW people are losing an average of $3967 a year.
To do the MMM exercise, you could use the same $1600 to save up $150,000 over 30 years at 7% in the market.
I grew up in WA so pokies aren't a thing except at the casino, so I find it staggering just how much is lost to poker machines around the country.

[middo]

I have always been astounded by this too.  Spending many years in WA we just didn't see gambling.  And we were not interested before we moved.  When we got back to Melbourne, it seemed every pub has a gaming room.  And every guy is talking about their "multi" they put on the footy. 

I join our work footy tipping comp mainly for the social aspect.  It costs $50 per year, and I normally win at least $20 back, so for $30 a year I have many conversations with others about my tipping, their tipping and how teams are going.  I enjoy that and find it a reasonable return on my thrown away money.  But that is literally it for betting.  No betting on sport or horses, no pokies, no casino, nothing.

[twinstudy]

Pokies has got to be one of the most maladaptive things out there. Yes, everyone needs a dopamine fix but you can get it with any number of productive methods (work; exercise; socialisation) or if you must look at numbers on a screen, go trade on Commsec and at least you have a positive EV.

Because Australia has such a strong support net and because life here is so easy, maladaptive traits aren't punished. Hence a large section of the population gambles, smokes, problem drinks, and it's just accepted and part of society. It's very strange.

I assume the median pokies loss is $0. 50% of the population can't be that stupid. It's the 80/20 rule at play.

[middo]

While the median losses would be zero, it isn't far from not being zero.  It isn't really 20/80, with reported numbers of 33% to 39% regularly playing pokies.  Only 20.4% report making money or breaking even.

When it comes to all gambling, 73% gamble at least once a year. 

Pokies make up the majority of the dollars lost according to the research though.




https://aifs.gov.au/research/research-snapshots/regular-pokies-gambling-australia-2022

https://www.onlinepokies.com/facts.htm

https://aifs.gov.au/research/research-snapshots/gambling-participation-and-experience-harm-australia

[twinstudy]

While the median losses would be zero, it isn't far from not being zero.  It isn't really 20/80, with reported numbers of 33% to 39% regularly playing pokies.  Only 20.4% report making money or breaking even.

When it comes to all gambling, 73% gamble at least once a year. 

Pokies make up the majority of the dollars lost according to the research though.




https://aifs.gov.au/research/research-snapshots/regular-pokies-gambling-australia-2022

https://www.onlinepokies.com/facts.htm

https://aifs.gov.au/research/research-snapshots/gambling-participation-and-experience-harm-australia

I'm not saying that 20% of the population gambles and 80% doesn't gamble (or vice versa). I'm saying that I bet 20% of gamblers account for 80% of gambling losses.