Gambling has long been a favourite pastime for Aussies and according to a report from Gambling Statistics Australia, we spend an average of $1.9 billion on lotto every year. So, with all this money being spent on the lottery, how much of it are we winning back?
Of the 6.8 million Australians who like to take a punt, about 76% of them play the lottery. Many like to try their luck by playing their favourite numbers on a weekly basis and there are plenty of people who play even more occasionally than that. Some play for the bigger Powerball jackpots just for a bit of fun, while others may form part of a weekly syndicate through work or friends for games like Oz Lotto.
The unfortunate answer to this question is: not much at all. Gambling statistics show that Australians lose more money per capita from gambling than any other country in the world. Of course, when we talk about gambling, we are including all sorts such as casinos, sports betting, and online games as well as the lotteries. If Australians are losing so much through gambling, then it is a wonder why we still do it. The answer to this is simple. Everyone wants a chance at winning that big jackpot. Some closely follow the weekly stats for Oz Lotto and Powerball to ensure that they are choosing the numbers that will give them the best chance, whereas others rely on their lucky numbers to win them the big prize.
Gambling statistics show that the odds of winning the division 1 jackpot in Australia are around 1 in 8 million for Monday, Wednesday and Saturday Lotto games, these are the best odds out of all the major games. Powerball offers much higher jackpots to be won but the chances are around 1 in 134 million of taking home the big prize. Those who throw their hat in the ring for the Powerball games like to follow the weekly statistics on the most common and likely numbers so they can give themselves their best chance at a major prize.
Gambling statistics in Australia tells us that around 1% of Australians are problem gamblers and up to 2% of the population are placed in the moderate risk category. If you feel that you have a problem with gambling, you can seek help from a number of support services around the country such as Gambling Help Online.
Australia’s gambling revenue is valued at tens of billions of dollars and is steadily increasing every year. Of all the money that the Australian government makes in revenue, gambling statistics show that lotteries only contribute 14.2% of the total amount which is the third-lowest revenue producer, only followed by casinos and Keno games. As it has been for countless years, pokies are what contribute to over half of this extraordinary amount of revenue. Gambling statistics in Australia show that gambling contributes approximately 10% of state revenues around the country though this varies from state to state. Victoria is the highest-earning state, while Western Australia earns the least from gambling.
All gambling businesses are required to pay GST like any other business in Australia. In addition to the tax that they pay, gambling companies are required by Australian law to donate part of their profits to the community and charitable organisations. This law helps to offset some of the social cost of gambling which statistics show was around $7 billion in Victoria alone in 2017. Unlike the government taxes in gambling, lucky winners are not required to pay any tax on their payouts in Australia.
Even though we know that winning the lottery may never be something that happens in our lives, everyone likes to dream a little. Playing the lotto is part of a weekly ritual for some because there is always a chance that you might just be the lucky one.
Although we might not always come out on top when it comes to playing the lottery, you still have to be in it, to win it. If you have a little spare cash, then grab yourself a ticket for the chance to win big with Oz Lotto or Powerball. You never know, you could just be the one that takes home the jackpot.