Billions are gambled annually on sports in Australia, according to new research by Finder.

A Finder survey of 1,008 respondents revealed 1 in 3 Australians (33%) – equivalent to almost 7 million people – have gambled on sporting events.

The research found 1 in 7 (15%) gamble on sporting events at least once a week, 7% place a bet monthly, and 12% do so once in a while.

Finder analysis reveals the average Aussie gambler spends a staggering $15,269 a year on sports betting – equating to almost $98 billion annually.

Of those who gamble, 61% have put money on the Melbourne Cup – with the average punter predicted to fork out $85 on the race that stops the nation.

Sarah Megginson, personal finance expert at Finder, said sports gambling is a very costly habit.

“The average annual gambling spend per adult is 15% of the average annual wage in Australia.

“In Australia, as long as there have been sports to bet on, people have been betting on sports.”

Men (20%) were twice as likely as women (9%) to admit they gamble on sporting events weekly.

Megginson said Aussies have become hooked on sports betting with millions wagered on footy finals and horse races.

“Unfortunately it can quickly turn into a problem and put people’s relationships, livelihoods and even their health at risk.

“Gambling poses a big threat to young Australians, with the explosion of online sports better capturing their attention and hard-earned money.”

Finder research shows 46% of gen Z place bets on sports, compared to only 11% of baby boomers.

State of Origin (31%), NRL (31%), the Olympics (24%) and overseas sports (18%) rounded out the top five sports Aussies like to have a punt on.

The A-League (17%), boxing (15%) and the UFC (13%) have also attracted a lot of attention.

Megginson urged Aussies to have a well-stocked emergency fund before they allowed themselves to spend a cent on gambling.

“Many are looking for a solution for their money problems, and a one-off win can seem like a blessing – but gambling always has a negative expected return over time.

“Get your money working for you through a high interest savings account or investing in the stock market, not on the race track.

“If you’re affected by gambling, you can access free, confidential and 24-hour counselling through the Gambling Help Online chat service or by calling 1800 858 858,” Megginson said.

Methodology