Pokies, poker machines, slot machines. Whatever you call them, they've been popular in Australia since the 1950s when pubs and clubs were looking for ways to entertain their customers. Then in the 1990s, they became electronic - making them more sophisticated and addictive.
The government saw pokies as a potential source of revenue and began issuing licenses for their installation in clubs and pubs across the country. Today, the industry generates over $5 billion annually, making it one of the largest contributors to the Australian economy. We might only be home to less than half a percent of the world's population, but we're home to over 20% of the pokies. And we have one of the highest gambling loss rates in the world - well over $1000 per adult each year.
There is growing concern over their regulation, with calls for tighter rules to protect vulnerable individuals. Today Darcy and Sascha ask: 'Why are there so many pokies in Australia?
If you are having trouble with gambling, there are services there to assist you. The Gambling Helpline (1800 858 858) is a free, confidential telephone help service which operates 24 hours a day, 7 days a week. Or visit Gambling Help Online.
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Looking for a gift for a loved one this christmas? Order ‘Get Started Investing’, written by Equity Mates Alec and Bryce. Available on Booktopia and Amazon now!
In the spirit of reconciliation, Equity Mates Media and the hosts of The Dive acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today.
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This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives.
Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.
Equity Mates Media operates under Australian Financial Services Licence 540697.
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