Society/Culture Gambling in our country...

[TheKanga]

I'm hoping someone might be able to explain to me why people would gamble on horse racing, when its (allegedly) most successful punters are in possession of 'inside information', which by definition, is unavailable to the normal mug. Seems peculiar.

Glad i gave up the ponies (and all other punting)
While it was fun for a time, once i accepted i was a problem gambler it was to destructive and definitely not fun.

 

[Power Raid]

That includes fraud like browmyn bishops helicopter ride and the clinton foundation, right?

Don't get me started on institutionalised corruption. Slippery fks

 

[Power Raid]

I'm hoping someone might be able to explain to me why people would gamble on horse racing, when its (allegedly) most successful punters are in possession of 'inside information', which by definition, is unavailable to the normal mug. Seems peculiar.

Yep and It's the easiest way to launder money.

If we get rid of the ponies, car racing and any other easily rigged gambling; we would eliminate most of the laundering.

 

[PP34]

Because you are engaged in the event and feel you have some part to play in it. It gives the sense of control.

See that's where I reckon it's BS that they keep clamping down on live betting online. While I understand the temptation to chase losses is far greater when you can be on your phone, betting live on an event, I think it's just another way for gambling companies to maximise profit.

Live betting is what successful professional punters typically seem to involve themselves in. Betting on a horse race or sporting event before it happens involves predicting a lot of unknowns. When you watch a horse race or sporting event life, if you've got a bit of knowledge you can tend to make a better guess of what is going to happen next. If you bet on a Friday night footy game beforehand there's that total element of not knowing how a team backs up from the week before. Within minutes of the game starting you can sometimes see how wrong your prediction was. Live betting you can see that team has come out great, and then make a more informed opinion of what's going to happen. You see a key player looking off his game and can take advantage of some good odds. Yes, crazy s**t still happens and you can end up losing, but I honestly don't see why it should be any different from normal betting. Addicts can still chase their losses in the next horse race, or load up on the next NBA game set to start in 20 minutes.

Allow live betting via a button press. Maybe the focus should be more on gambling companies. The way they act like they actually care about anyone gambling responsibly is pretty ridiculous. They're quick to limit winners, losers I've heard that isn't the case. There should be mechanisms in place if some problem gambler is depositing constantly, and making constant bets on live events and losing it all.

 

[GreyCrow]

Allow live betting via a button press. Maybe the focus should be more on gambling companies. The way they act like they actually care about anyone gambling responsibly is pretty ridiculous. They're quick to limit winners, losers I've heard that isn't the case. There should be mechanisms in place if some problem gambler is depositing constantly, and making constant bets on live events and losing it all.

I liked this bit. Gambling companies love the money coming in but hate it going out.

 

[Gough]

I was drinking lunch yesterday, when I walked through the pokies room to have a slash. It may not be hell on earth, but you can see surely see it from there.

 

[little graham]

Don't get me started on institutionalised corruption. Slippery fks

So you understand my point about statistics?

 

[Power Raid]

So you understand my point about statistics?

Sorry, I didn't

 

[Hawthorn United]

Heard on the radio this morning, Nathan Brown promoting odds for the betting company he's employed by.

Talking up how certain odds are good value and worth throwing a few that way.

I'm not lawyer or financial adviser, but aren't finance advisers governed quite heavily when giving advice to investors and customers where to invest their money?

How is a gambling agency spokesmen allowed to do something very similar and not be accountable?

 

[Power Raid]

Heard on the radio this morning, Nathan Brown promoting odds for the betting company he's employed by.

Talking up how certain odds are good value and worth throwing a few that way.

I'm not lawyer or financial adviser, but aren't finance advisers governed quite heavily when giving advice to investors and customers where to invest their money?

How is a gambling agency spokesmen allowed to do something very similar and not be accountable?

yep

better laws regarding gambling and disclosure are required. ie the average pay out for every $1 invested (probably $0.95), the risk of addiction etc

 

[WeetBixKid]

I'm about 80k in the green .... come at me.

 

[TheKanga]

I remember in a TAB once the clerk or maybe he was the owner not sure.
He was complaining to some old guy about how someone won $1000 and he was referring to him as a campaigner and that they are not a bank.
I just thought it was funny when i remembered it as he wouldn't be complaining about him losing $1000.

 

[Hawthorn United]

I remember in a TAB once the clerk or maybe he was the owner not sure.
He was complaining to some old guy about how someone won $1000 and he was referring to him as a campaigner and that they are not a bank.
I just thought it was funny when i remembered it as he wouldn't be complaining about him losing $1000.

Always funny when you hear bookies crying over having to payout more than they expected. It's like they think they're a regular business people will sympathise with for making a "loss".

Sent from my SM-G900I using Tapatalk

 

[Nantes]

Interesting thread. Gambling isn't an issue unless you abuse it, the ads are over the top but so are all ads, just ignore them.

I read something about how they are taking our money?...well no, only if you give it to them.

 

[Belnakor]

Allow live betting via a button press. Maybe the focus should be more on gambling companies. The way they act like they actually care about anyone gambling responsibly is pretty ridiculous. They're quick to limit winners, losers I've heard that isn't the case. There should be mechanisms in place if some problem gambler is depositing constantly, and making constant bets on live events and losing it all.

its honestly amazing to me that you can get banned from a gambling website for winning too much money (or really much at all). We put together a quick model for horse racing at work and a bunch of us got banned within a couple of weeks. multiple bets on the same race seems to be flagged almost immediately. Wouldn't have been more than 1-2k winnings and they were onto it straight away.

 

[Belnakor]

just heard today, 50% of corporate fraud is perpetrated by gambling addicts.

surprised it is not higher.

The largest punter in Australia at one point was a bank manager yet they were "unaware" he was ripping the bank off to the tune of about 20million. (not that i give a * about the banks)

 

[Belnakor]

Just as big a concern are those so called amusement parlours close to cinema complexes.

IMO opinion they are just an introduction to kids to gambling, no real chance of winning any prizes. In addition to the ones where you supposedly can win an ipad, there are other machines (at Crown), where you drop $1 coins on a circulating wheel to win tickets that you can then exchange for gifts/toys. The so called prizes can be bought at $2 shops for a fraction of the price.

I contacted the Vic Gaming regulator and asked how can these be legitimate and was told that they don't need regulation as they are considered games of skill. Where as slots are considered games of chance.

older post but what you are describing is essentially like Pachinko which is massive in japan and very similiar problems created to our poker machines.

 

[GreyCrow]

surprised it is not higher.

The largest punter in Australia at one point was a bank manager yet they were "unaware" he was ripping the bank off to the tune of about 20million. (not that i give a **** about the banks)

Lonrho likes this

 

[Power Raid]

surprised it is not higher.

The largest punter in Australia at one point was a bank manager yet they were "unaware" he was ripping the bank off to the tune of about 20million. (not that i give a **** about the banks)

it's hard to believe the banking systems don't pick up on variances faster. $20m is a fair job to siphon.

 

[Belnakor]

it's hard to believe the banking systems don't pick up on variances faster. $20m is a fair job to siphon.

This the story http://www.theage.com.au/articles/2007/05/19/1179497337690.html

He got through audits and everything pretty amazing. When i see a case like that I just think "damn he should have just took the 20m and run!"

 

[Bunk Moreland]

its honestly amazing to me that you can get banned from a gambling website for winning too much money (or really much at all). We put together a quick model for horse racing at work and a bunch of us got banned within a couple of weeks. multiple bets on the same race seems to be flagged almost immediately. Wouldn't have been more than 1-2k winnings and they were onto it straight away.

It's an absolute disgrace. There should be a national minimum bet law like NSW and Vic racing have.

Bookies shouldn't be licensed to take money. They're licensed to hold and manage a market. The percentages are a long way in their favour and they'll always end up in front.

The problem is our bookmakers have been replaced by largely foreign corporations which demand endless growth and they export every disgraceful way they can to get it. They're not bookmakers, they're just marketing companies.

The longer Alan Tudge and his mates put this off the worse. Theyre just protecting foreign corporate interests.

 

[Howard Littlejohn]

it's hard to believe the banking systems don't pick up on variances faster. $20m is a fair job to siphon.

If he was hugh enough up, it probably just got put in the books as "bonuses". Nobody would have batted an eyelid.

 

[VineyIsLORD]

If he was hugh enough up, it probably just got put in the books as "bonuses". Nobody would have batted an eyelid.

At one financial institution i worked for it was pretty common for staff to write up fake home loans, fund them and gamble the money.

They would usually get caught but not for a year or so.

And i heard a story that a few years before i worked there the head of payroll took out everyones pay and went to Crown one afternoon the day before the pay run, gambled the whole lot on roullette, lost, and killed herself in the Crown toilets.

 

[Major Colvin]

Definitely one of the most insidious industries in Australia - we lead the world in gambling losses per capita

Pokies are obviously a cancer on society. But online betting apps are the new epidemic which are going to prove just as harmful if not more.

Sports betting advertising on social media sites such as facebook is ubiquitious - and how these ads are almost indistinguishable from the average red-blooded Australian - they obviously spend a fortune on marketing and on how to appeal to 18-35 males who mostly love drinking and sport. Cue daily sportsbet posts about Christmas being a time to ignore your family and watch cricket whilst drinking (and gambling obviously). There's literally no ethical boundary to which they adhere, I saw today they are offering "Trump bets" - betting on whether Trump will get impeached in his first term. Nothing particularly new or groundbreaking there - but the point is they trivialise, satirise with a view to capitalise on everything. This is different from normal satire because the intention is not to spurn activism, but to further feed addiction. Not to mention these advertisement are beyond puerile.

Then there is the covert rules already mentioned, that they like subscribers gambling as much as possible, but not winning as much as possible. There are, of course, no caps are safety nets for users losing. Research increasingly shows evidence for the addictive nature of gambling (in addition to people being on their phone's 24/7) - we all know "personal responsibility" is a libertarian ideal which falls flat on its face in a capitalist market which constantly encourages constant and increasing consumption of its product.

I was involved in a betting syndicate with some friends who had winnings held in a Sportsbet account - but they would not allow release of these funds until they "bet their way out of it" - with 3 or 4 remaining bets. And of course since nothing is a sure thing they laid bets on the shortest price odds and still lost. How such practices are legal (because they certainly arent ethical) is beyond me. But then when you consider the Wagering Council through their lobbying basically write the laws for this industry it makes sense.

 

[Pea Nut]

I was involved in a betting syndicate with some friends who had winnings held in a Sportsbet account - but they would not allow release of these funds until they "bet their way out of it" - with 3 or 4 remaining bets. And of course since nothing is a sure thing they laid bets on the shortest price odds and still lost. How such practices are legal (because they certainly arent ethical) is beyond me. But then when you consider the Wagering Council through their lobbying basically write the laws for this industry it makes sense.

Whilst I don't agree with it, the only way that happens is if the funds were deposited or if it was money from bonus bets. The reason you can't just take out cash that was deposited is said to be because of money laundering laws. Never deposit too much money into an account accidentally, or you are screwed. And bonus bets are there to promote more gambling.