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Pokies Could Be Limited To $1 Max Bet

Pokies Could Be Limited To $1 Max Bet

A new bill tabled by The Greens has been submitted to the Victorian parliament that would see a maximum bet of $1 on all poker machines in the state.

The aim of the bill is to reduce the harm of poker machines. The poker machine industry claims that pokies are there for fun and entertainment, however, it has proven to be other than this.

It is estimated that poker machines produce harm to around 30% of regular players. Pokies in Victoria clubs and pubs are currently set to a $5 max bet which results in approximately $600 average net revenue per hour which is the result of net losses by patrons.

Pokies Could Be Limited To $1 Max Bet

A new bill in the Victorian parliament could result in pokies having a $1 bet maximum.

Poker machines make up 54% of Australia’s annual gaming losses totaling $20.5 billion.

Most people feel that the proposed bill will fail. The previous attempt to limit losses through a pre-commitment system to set a limit to how much a player can spend was met with heavy resistance and never got the support it needed to be passed into law.

The current $5 limit was previously introduced between 2008 and 2010 will little resistance from players or the industry.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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