The Perrottet government has unveiled a plan to phase out the use of cash in all poker machines across NSW. Here’s why taking this reform to the next election is such a big gamble.
Pub billionaire Arthur Laundy has been preparing for this day for more than 10 years. The Financial Review Rich Lister, worth $1.9 billion through his family-owned chain of pubs and hotels stretching the length of NSW, structured his business knowing in the back of his mind that regulations around poker machines could one day shift.
sealing the biggest deal in his 61-year career, negotiating to pay up to $300 million to acquire a half share in five major hotels Australians spend more money gambling across all formats compared to any other country in the world. Aussies spend on average $US1135 per person each year, according to UK-based gaming data firm H2 Gambling Capital. In Hong Kong, Singapore, Ireland and the United States, punters spend between $US500 to $US890 per person annually.
Instead, he has said Labor would cut the number of poker machines in venues, reduce signage for gaming rooms and introduce a trial of a cashless card on only 500 machines. Minns’ plans have been criticised by gambling reform advocates,The most comprehensive longitudinal government survey on Australia’s gambling is called, produced by the Queensland government. The survey’s most recent report for 2018-19 lays out the sheer scale of gambling on poker machines, particularly in NSW.
Research has also highlighted how poker machine losses hit lower socio-economic areas the hardest. A report for the Centre for Western Sydney found areas like Fairfield, Canterbury-Bankstown and Cumberland lost $862 million on poker machines in the first half of 2022. Take Bankstown Sports Group, which operates a slew of clubs, including the Bankstown Sports club, Bankstown Sports bowls and Baulkham Hills Sports club. Financial results show the vast majority of the revenue comes from poker machines.
“However, increased ease of use potentially opens up a younger cohort of users and increases play – both of which act as an offset to these headwinds.”
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