research finds that as gambling profits grew, crime rose with it.

For those interested in the root cause of some financial cime, money laundering and fraud, you may wish to note that researchers in Australia conclude that every 10 per cent increase in gambling expenditure causes a:

• 7.4% increase in assaults
• 10.5% increase in break and enter into and stealing from homes
• 10.3% increase in break and enter into and stealing from businesses
• 11% increase in motor vehicle thefts
• 8.2% increase in stealing from a motor vehicle
• 7.4% increase in fraud.

Cutting gambling expenditure by just 10 per cent across NSW would result in 4579 fewer assaults; 4247 fewer break and enters; 1398 fewer car thefts; 2361 fewer stealing from motor vehicle offences; and 3793 fewer frauds each year.

The paper’s lead author, the renowned former head of the NSW Bureau of Crime Statistics and Research, Don Weatherburn, said the entire community “suffers from Australia’s love affair with gambling”.

There is a particular story in article about how 12 people were defrauded by financial adviser Gavin Fineff of a total $3.35 million. Half of his victims were older than 70.

“The disease got me. I lost control and ended up losing it all,” Fineff wrote in a note to his boss.

Police soon found “the disease” in Fineff’s gambling slips – he had deposited more than $8 million with Ladbrokes and Sportsbet.

Fineff was not a battler; he made $160,000 each year, but turned to fraud to fund the massive habit. 

Sources:

• https://www.linkedin.com/posts/peteroakes_the-free-heroin-behind-thousands-of-violent-activity-7233725312293900288-6US9  Follow Peter Oakes on Linkedin here.
• https://www.smh.com.au/national/nsw/the-free-heroin-behind-thousands-of-violent-crimes-in-nsw-20240821-p5k441.htmlwww.smh.com.au/national/nsw/the-free-heroin-behind-thousands-of-violent-crimes-in-nsw-20240821-p5k441.html