Australians Spending on Lotteries Continues to Grow Despite the Rising Cost of Living and Household Budget Pressures

SYDNEY, Australia (February 20, 2024) –Australian Gambling Statistics report indicates a significant increase in Australians’ spending on lotteries over the years, reaching over $7 billion in the 2020-21 financial year. Despite the rising cost of living and household budget pressures, people seem increasingly drawn to lotteries as a form of entertainment and a chance to dream of a better life.

New South Wales residents were reported to have spent the most on lotteries, followed by Victorians and Queenslanders. The allure of winning a big jackpot appears to be a common factor attracting people from various socioeconomic backgrounds, with lower-income individuals finding particular appeal in the possibility of financial relief.

Associate Professor Alex Russell from CQ University’s Experimental Gambling Research Laboratory highlighted that, while lotteries may not have as many negative impacts as some other forms of gambling, the odds of winning a large jackpot are extremely low, with a one in 100 million chance. He also noted that poker machines were considered the most harmful form of gambling, followed by sports and race betting.

Despite the seemingly low chance of winning, the hope for a better life and the opportunity to escape financial difficulties drive individuals to participate in lotteries. Dr. Russell cautioned against excessive involvement, emphasizing that selling assets to fund lottery tickets is not advisable.

The report from the Queensland Audit Office revealed that Queenslanders lost over $500 million to lotteries in the 2022-23 period. Dr. Russell mentioned the historical use of lotteries in Australia by governments to fund major projects and pointed out that, even today, a portion of gambling taxes and levies in Queensland is contributed by lotteries.

In summary, while lotteries continue to attract a diverse range of participants, especially those seeking an escape from financial struggles, experts emphasize the importance of responsible gambling and caution against excessive spending on the hope of winning a jackpot.

SOURCE: LI Contributor.