Key Takeaways:
Australia experienced around $31.5 billion in gambling losses in 2022-2023, indicative of a growing nationwide concern and need for robust policy intervention.
Pete Burrows emphasises the importance of understanding the opportunity cost associated with gambling, suggesting it can detrimentally affect essential household finances.
The episode addresses how digital platforms have simplified gambling, raising stakes and altering traditional perceptions and social behaviors.
Practical strategies such as self-exclusion, accountability partnerships, and understanding net losses can help manage gambling habits effectively.
The conversation explores the ethical considerations surrounding gambling profits and losses, urging a reflective perspective on its societal impacts.

Notable Quotes:
"There was a Melbourne Cup sweep at work and I put in 50 bucks once a year. Problem gambling might be a line item as we talk about in the family budget." - Pete Burrows
"31.5 billion in annual gambling losses. That's about $1,500 per person in Australia." - Pete Burrows
"It feels like we're shoehorning a lot into an episode, but those big-ticket items at the start are going to be just 'whoa.'" - Ben McEachen
"If you keep the money in your house, you're more likely to win." - Pete Burrows
"The ads could be… the frequency of ads - how often and where - that's where reforms are falling short." - Ben McEachen

 

Key Takeaways:
<ul>
<li>Australia experienced around $31.5 billion in gambling losses in 2022-2023, indicative of a growing nationwide concern and need for robust policy intervention.</li>
<li>Pete Burrows emphasises the importance of understanding the opportunity cost associated with gambling, suggesting it can detrimentally affect essential household finances.</li>
<li>The episode addresses how digital platforms have simplified gambling, raising stakes and altering traditional perceptions and social behaviors.</li>
<li>Practical strategies such as self-exclusion, accountability partnerships, and understanding net losses can help manage gambling habits effectively.</li>
<li>The conversation explores the ethical considerations surrounding gambling profits and losses, urging a reflective perspective on its societal impacts.</li>
</ul>
Notable Quotes:
<ol>
<li>"There was a Melbourne Cup sweep at work and I put in 50 bucks once a year. Problem gambling might be a line item as we talk about in the family budget." - Pete Burrows</li>
<li>"31.5 billion in annual gambling losses. That's about $1,500 per person in Australia." - Pete Burrows</li>
<li>"It feels like we're shoehorning a lot into an episode, but those big-ticket items at the start are going to be just 'whoa.'" - Ben McEachen</li>
<li>"If you keep the money in your house, you're more likely to win." - Pete Burrows</li>
<li>"The ads could be&hellip; the frequency of ads - how often and where - that's where reforms are falling short." - Ben McEachen</li>
</ol>
&nbsp;

Money: Faith & Finance explores the profound and practical of everyday finances. In every episode, we explore the real-life impact of everything from superannuation to stewardship, the World Bank to your wallet – and what does God have to say about money?

Welcome to the profit, loss and real balance sheet of wherever money intersects with you.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Money: Faith &amp; Finance explores the profound and practical of everyday finances. In every episode, we explore the real-life impact of everything from superannuation to stewardship, the World Bank to your wallet – and what does God have to say about money? Welcome to the profit, loss and real balance sheet of wherever money intersects with you.
Pete Burrows is an accountant for small business and individuals with <a href="https://www.lrf.com.au/">Lower Russell and Farr</a> in Penrith, Western Sydney, Australia. Ben McEachen hosts <a href="https://hope1032.com.au/programs/hope-mornings/">Hope Mornings on Hope 103.2FM</a> in Sydney, Australia.

Money: Faith & Finance

Listen to more from our Hope Podcasts collection at hopepodcasts.com.au. And send the team a message via Hope 103.2’s app, Facebook or Instagram.

This podcast is not offering financial or investment advice. It's always best to do your own research and to consult a professional financial or investment advisor before making any financial or investment decisions.

Listen to more from our Hope Podcasts collection at <a href="http://www.hopepodcasts.com.au/">hopepodcasts.com.au</a>. And send the team a message via <a href="https://hope1032.com.au/listen/#apps">Hope 103.2’s app</a>, <a href="https://www.facebook.com/Hope103.2">Facebook</a> or <a href="https://www.instagram.com/sydneyshope1032/">Instagram</a>. This podcast is not offering financial or investment advice. It's always best to do your own research and to consult a professional financial or investment advisor before making any financial or investment decisions.