It’s hard to overstate to people who don’t live in Australia just how ubiquitous gambling is here. It’s a local joke that if rain droplets are falling down a window pane, there will be an Aussie willing to bet on the first to reach the bottom.

Punting is woven into the story of Australia, from the soldiers at Anzac Cove in World War I playing two-up to pass the time to Phar Lap, the underdog horse that got the nation through the Great Depression. Aussies love sports, too, and the country’s performance at the Paris Olympics — coming fourth in the medal tally despite having just twenty-five million people — attests to how central a role they play in the national narrative.

It’s no wonder, then, that sports betting is a big deal. For Americans basking in the liberalization of sports betting, Australia’s experience should be a cautionary tale.