The ‘gamble responsibly’ message will be ditched from betting ads broadcast on radio from April next year, replaced with seven new phrases that must be “read slowly, calmly and with an even pace”.
The new phrases, that are a part of a raft of changes, include
- “Chances are you’re about to lose”
- “Imagine what you could be buying instead”
- “You win some. You lose more”
- “What’s gambling really costing you?”
- “Think. Is this a bet you really want to place?
Social Services Minister Amanda Rishworth (pictured) says that with this country’s gamblers losing more that other country in the world, the new statements are based on research that shows punters bet less after viewing them.
The Minister says, “The development of these activity statements has been informed by behavioural research to mean that they will actually work.
“Providers have worked constructively with government, and the aim is that problem gamblers are prevented from spiralling into debt.”
When I co-presented a program on 2SER-fm in the late 1990s about gambling, I interviewed a clinical psychologist specialised in gambling addiction.
Amongst the questions I asked the counsellor if there were issues with gambling on the financial markets posed a problem.
The counsellor's response was "...yes..." and that we "...didn't have to wait for a crash to happen..." That is people have gambling problems when involved in securities markets.
Should gambling warnings on securities markets be extended to those warnings suggested by the minister?
Investment products include disclosures about past performance not being a predictor of the future.
But people may treat investment in securites as gambling. That may well include day traders as well as trading in crypto currencies.
Narrowing what gambling to betting on horses and sporting events may miss out what other risk-bearing activities are in the marketplace.
Broadcasting warnings should not mean banning gambling and other risk-bearing activities but to warn the person of the possible risk of losing funds that could be made elsewhere.
Thank you,
Anthony, of thinking Belfield, in the land of the Wangal and Darug Peoples of the Eora Nation