Recent analysis from IBISWorld has found that Australians are among the most prolific gamblers in the world, with a gambling expenditure total of $22.5bn forecast for the year ahead.
As the 2012 NRL and AFL seasons get ready to begin, business information analysts at IBISWorld have forecast that total gambling expenditure will increase 3.3 per cent in 2011-12, reaching a total of $22.5bn and an average of $1,265 per person.
While it currently only equates to 1.6 per cent ($360.5m) of total gambling expenditure, IBISWorld general manager Australia Karen Dobie explained that sports betting is gaining popularity and is by far the fastest growing gambling segment, boasting compound annual growth of 14.7 per cent over the past five years.
"Sports betting is certainly the industry's star performer, with market shares either stagnating or in decline across all other segments. The only other exception to this decline is gambling in casinos, which has increased to 20 per cent of gambling expenditure over the past three years," said Dobie.
One factor driving growth in sports betting is the increased spending on marketing – particularly during the football season – that has led to a greater awareness about how and where to place a bet.
Another is the diversity of bets on offer, whether it be choosing the first team to score a goal or guessing the half-time score, providing greater opportunities for spending.
"The people most likely to engage in sports betting are younger, professionally employed individuals, often single, with significant disposable incomes. Sports betting is most accessible online and given this demographic is particularly comfortable in the online environment, this is another factor driving growth," added Dobie.
More than 70 per cent of Australians place a bet at least once a year, especially in line with events such as Anzac Day and the Melbourne Cup.
Besides the growth in popularity of sports betting, IBISWorld has identified other forthcoming trends in the industry: growth in female participation, more price-competitive bookmaking and increasing competition from illegal online outlets as well as gambling venues in other countries such as Singapore and China.
