State governments banked more than $1.1 billion in direct revenue from the wagering industry in 2023/24, the latest edition of Australian Gambling Statistics has revealed.
The annual gambling activity report, compiled by the Queensland Government Statistician's Office on behalf of the state’s treasury, released its 40th gambling findings earlier this month, with Australia’s overall gambling expenditure reaching over $32 billion, the highest in the review’s history.
Wagering, essentially betting on racing and sport, made up $8.4 billion in expenditure, and the Point Of Consumption Tax (POCT) levied by state and territory governments continued to prove a windfall.
Before the POCT was broadly introduced in 2017, state government revenue from wagering amounted to just $215 million, but has since grown five-fold to reach $1.13 billion in the space of seven years.
According to the report, the NSW government received the largest contribution from wagering, with $343 million, ahead of Queensland ($299.5 million) and Victoria ($246.5 million).
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