Australian punters lose big but US market leads

Australia may be the biggest losers per capita, but the US market still tops the charts in total betting losses, reports The Economist.

The news outlet, taking data from H2 Gambling Capital (H2G) noted that Australian citizens lost an average of $990 per resident in 2016, around 40 percent higher than Singapore’s $710 per resident and more than double that of residents from other Western countries.

The result did not translate into any substantial total loss however, with Australia ranking only fifth in this area.

“… despite Australia’s profitability, the high level of existing gambling penetration and relatively small population of 23 million make it a relatively mature market without much room for expansion,” said The Economist.

Instead, the US market took the top spot, with bettors losing an estimated total of $117 billion in 2016.

“The untapped potential is enormous: Americans wagered $150 billion illegally on sports alone last year, by one estimate,” said the news outlet.

Other noteworthy betting markets include China (which groups in Macau and Hong Kong) which saw $62.4 billion of gambling losses in 2016.

This was followed by Japan, which saw gambling losses of $24.1 billion in the same year.