Betting bonanza: Aussies set to gamble $351 million on Melbourne Cup
Key takeaways
- 3.1 million people are planning to gamble on November 3.
- Men are almost twice as likely as women to place a bet.
- 90% of experts from Finder's RBA Cash Rate Survey say gambling holds too big of a place in the economy.
Despite cost of living pressures, Aussies are still betting big on the race that stops the nation, according to new research by Finder.
A Finder survey of 1,006 respondents revealed 14% of Australians – equivalent to almost 3.1 million people – plan to place a bet on Melbourne Cup Day.
The average punter is expecting to spend $115 – that's a national betting bill of around $351 million.
Almost twice as many men (18%) than women (10%) say they plan to place a bet.
Taylor Blackburn, personal finance specialist at Finder, said excitement around the Melbourne Cup can make it easy to get caught up in the moment.
"The Melbourne Cup might be the race that stops the nation, but it shouldn't be the bet that blows your budget.
"It can be tempting to have a punt when everyone around you is talking odds and backing a horse, but gambling is still spending – and there's no guarantee you'll see that money again.
"If you're having a bet, decide what you're comfortable losing before the race starts and don't chase your losses if your horse doesn't come home.
The majority of experts from Finder's latest RBA Cash Rate Survey* say that gambling holds too big of a place in the Australian economy.
Experts were asked if they agree or disagree with the following statement: "Gambling holds too big of a place in the Australian economy".
90% of panellists who weighed in (28/31) said they agree that gambling holds too big a place in the Australian economy.
Graham Cooke from Aussie Insights said Australia is absolutely addicted to gambling, and free to air TV is addicted to gambling advertising.
"Nowhere else in the world is there the prevalence of gambling ads and pokies that we see in Australia. The best thing any Australian government can do to help Australians is dramatically reduce gambling activity," Cooke said.
Adj Prof Noel Whittaker from QUT agrees.
"The betting agencies are doing their best to normalise gambling for young people, which can lead to serious troubles in later life," Whittaker said.
Jayden Vecchio from Hunter Galloway said it feels like you can't watch sport these days without seeing gambling ads.
"It reminds me of growing up watching tobacco brands sponsor teams like Ferrari," Vecchio said.
Nicholas Gruen from Lateral Economics noted, "A good deal of the profits made by the industry are a form of predation on those with poor impulse control and susceptibility to addiction."
However, Stephen Koukoulas from Market Economics shared a different view.
"It is a leisure activity enjoyed by millions of people," Koukoulas said.
Taylor Blackburn said punters should treat money spent on the Cup, or any form of gambling, as entertainment rather than a way to make money.
"The safest bet is one you can afford to lose.
"Don't use money set aside for rent, bills or Christmas shopping, and never borrow money to fund gambling.
"Putting that spare cash in an emergency fund to bolster your financial buffer could be a much wiser bet."
*For the full list of comments from Finder's October RBA Cash Rate Survey, please get in touch with Finder's PR team.
Credits
- PR & Insights research team: Taylor Blackburn, Kate Boddington, Natascha Kwiet-Evans, William Capada
- Survey operation: Qualtrics
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