Current State of the Australian Betting Market
Australia has seen a dramatic increase in its betting market over the past few years. Even prior to the IGA of 2001, Australians yearly increased the amount the spent on all types of gambling and betting. Within the past few years however, the betting market has really exploded. There are a number of factors to this explosion that will be discussed below.
Easier Access to the Betting Market
One of the major factors for most Australians that has caused the betting market to increase is that they simply have easier access to betting. Whether it is because there is a horse track that is active now or their local pub has a couple electronic gaming machines or they have discovered the internet’s wide array of Australian punting sites, it is far easier than it once was to place a punt or try to win a few dollars in a machine.
For many Australians, rural life has its positives but one negative was typically a lack of access to any type of betting market. While an occasional friendly wager would be made amongst friends, true punting was difficult due to distances. The internet has changed all of that. From anywhere in Australia, the average man or woman with a computer and an internet connection can place a punt on almost any type of event imaginable. From horse races across the continent to the election of a leader a world away, most online punting sites give the average punter access to all types of events to place punts on. The internet punting sites have revolutionized punting and have created with it healthy competition.
Electronic gaming machines are also becoming more and more common place, giving more of Australia the opportunity to place wagers. The betting market here is such that most punters are willing to also occasionally take a chance at some video poker or other game contained in such a machine. These machines are regulated by each state for both where they may be placed as well as what games and what odds are allowed on those games.
The Betting Market is Heavily Regulated
The gambling industry may argue that less control would improve the betting market of Australia. However, because Australia does regulate its gambling industry, it has actually been one of the main reasons for the upturn in the gambling market. The industry would love less regulation; the consumer however wants to be protected and in Australia knows that they are, in fact, protected quite a bit. There have been laws passed to try to help prevent problem gambling, especially online. The online punting sites require proper identification to allow a person to use their site past a reasonable time to get documents to the site. There is actually a national list of persons that are not allowed to use online punting and gaming sites because they have been deemed a problem gambler. Sites are held responsible for debt that a person with mental deficiencies accrues through gambling, should the courts deem them irresponsible for their actions.
On top of protections for problem gamblers, Australia boosts the betting market through making sure that punters and gamers are comfortable with their experience. The regulators of the industry make sure that gaming and punting sites follow the law and the laws are written in favour of the consumer. For instance, the amount that a bookmaker can take between winning and losing odds is regulated; preventing the bookmaker from walking away with too large of a payout for provided the service of taking punts. Another part of the regulator’s job is to make sure electronic gaming machines and casino slot machines are paying out at the proper ratio. The typical Aussie is aware of all of this regulation and feels more comfortable with all of these aspects, knowing that the odds are always going to be fair.
Australia's Quality of Living Is Up
Simply put, Australians have more disposable wealth these days. Compared to much of the world, Australia’s economy is strong and its citizens are happy. When there is money to spent, the betting market of any country will take an upturn. The betting market of Australia can trace its upturn almost directly with the economy strengthening, with unemployment dropping and other factors. If Australia’s economy falters and mimics the rest of the world’s economy, it is likely that the betting market will take a turn for the worse as a result. It will not be linear however, because there will be a small portion of the population that will attempt to use gambling of some sort to try to cure their financial woes, regardless of how ill advised it may be.
Conclusion:
Australia has one of the strongest betting markets in the world. The average Aussie spends more on gambling per year than in any other country, based on the country’s median income. This is proof that all the work that the Australian and state governments have done as well as all the work that the Casinos and state run punting sites have done is working. The betting market in Australia is likely to plateau at some point simply because gaming and punting has reached to almost every Australian that is interested in participating.
