The biggest losers: how Australians became the world’s most enthusiastic gamblers

By Wayne Peake, Adjunct research fellow, School of Humanities and Communication Arts, Western Sydney University

The story goes that the late billionaire Australian media magnate Kerry Packer once visited a Las Vegas casino, where a Texan was bragging about his ranch and how many millions it was worth.

Packer produced a coin from his pocket and said: “I’ll toss you for it: my cash against your ranch”.

The Texan declined.

This story may or may not be true. But it is consistent with the old maxim that…

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