There’s an old saying that Australians will bet on two flies crawling up a wall. Like most stereotypes, this one is based on truth. No nation spends more per capita on gambling than Australia, and the online revolution has only served to make gambling more accessible via web-based casinos and bookies.
Australia is home to about 0.3 percent of the world’s population but contains 20 percent of the world’s slot machines, or pokies as they are known locally. That tells you all you need to know about the Australian passion for casino games. But it is also worth remembering that this is a nation that loves its sport. Despite a far smaller population, and therefore talent pool, than, say, India, Australia competes at the highest level in sports like cricket and rugby.
Betting on cricket, footie or tennis is all part of the experience for fans and means they have an extra reason to celebrate when their team wins. Sports betting in Australia generates almost as much revenue as playing on the pokies. Both casino gaming and sports betting are simple to access online, and each has its own merits, as well as its own financial dynamics.
Skill or chance – the betting or gambling dichotomy
Are you better off placing ten Aussie dollars on a game of cricket or should you try your luck and gamble it at the roulette wheel? Sports betting offers you the chance to use your skill by studying the playing conditions, recent form and so on to make a judgement. Is the favorite a surefire winner, or do the circumstances suggest that the underdog could pull off an upset?
Bookmakers set the odds carefully and tend to rely on people not thinking too deeply. For example, a fan of the Brisbane Heat cricket team will place his $10 on them to win as an act of support, regardless of the odds or the opposition. The minority of sports bettors who study the game closely and bet dispassionately can come out on top.
In contrast, most of the games in an online casino depend on chance. There are exceptions, such as poker and blackjack, but with pokies, roulette, baccarat and dice games, experience makes no difference. It means the playing field is level, and a first timer has as much chance of hitting the jackpot as a seasoned gambler.
The financial mindset
Sports betting and casino gaming are quite different in the financial mindset you need to adopt. Play a dollar on a pokie or the roulette wheel and you’ll either win or lose within seconds. That sounds advantageous, but it can lead to dangerous habits such as “chasing losses” when you gamble more in a bid to make up for a bad run of luck.
Sports betting requires more patience. You place your bet and then wait for things to play out. If you bet on an outright, such as Brisbane Heat to finish overall winner of the Big Bash or Australia to win the World Cup, you might have to wait months to find out whether you win or lose. So sports betting is a longer-term commitment but is easier to manage from a responsible betting perspective.
Financial incentives to place a bet
In both casino and sports betting, the internet has made the market far more competitive. This is good news for punters, as the gambling companies offer increasingly generous promotions to win business. These include welcome bonuses at online casinos that are specifically for new players and top up bonuses aimed at retaining existing customers.
Sports books are gradually starting to offer similar deals with free bets, especially in the run up to major events like the Melbourne Cup or the Australian Open.