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 Australians love a punt and will bet on just about anything, even on two flies crawling up a wall (which one will fly off first?).

Australians are the biggest (or worst) gamblers in the world per capita. How did it come to this?

By the 1830s, following European settlement in Australia, there was a steady stream of migrants who were taking the ultimate gamble – resettling on the other side of the world.

The discovery of gold in the 1850s then encouraged a torrent of speculators often armed with no more than a shovel and a wheelbarrow.

Most remained insolvent but some found bonanzas. Gold-rich towns, Melbourne in particular, developed rapidly. Modern enclosed racecourses soon followed.

At first, gambling was restricted to side bets........

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