Australian Sports Betting has Increased Problem Gambling

The Australian media have placed a spotlight on a recent report from Financial Counsellors Australia, which expresses concerns regarding the increase in problem gambling due to online sports betting. The piece suggests that the federal government should step in to address the issue. FCA spokesperson Lauren Levin said, “Sports betting companies should not be able to give gamblers credit, then take them to court six weeks later when they can't pay. It also means a ban on gambling by transferring funds from a credit card, payday loan or similar source.” “Online sports betting magnifies the difficult issues already associated with gambling. “Compared to poker machines for example, people can lose much larger amounts of money, they lose it far more quickly and they lose it hidden in the privacy of their homes. “Sports betting is portrayed as a bit of fun, but what financial counsellors are seeing is lives being destroyed. Many clients have huge debts and are groomed to get even further into debt. The end game is debt collection, bankruptcies, broken families, court orders to seize assets, forced home sales, and even sadly, suicide.” The FCA report, titled 'Duds, Mugs and the A-List: The Impact of Uncontrolled Sports Betting' has the support of anti-gambling politician Sen. Nick Xenophon. “[Gamblers] are often encouraged to bet by the offer of 'free bets' or 'bonus bets'. Unsolicited credit may also be provided, often getting people into debt they cannot afford,” according to the report. The report in its entirety is available here.