Responsible gambling has recently become a priority for gamblers, gambling companies, and the general public alike. Slogans like “When the fun stops, stop” have been put on almost all adverts and marketing techniques in order to really drive this point home.
Responsible gaming has been put directly into sites and apps that will block you from depositing more, measure how long you have been logged in, and remind you to gamble responsibly. Services such as Gamstop allow customers to self-exclude themselves from bookmakers, but as with anything, there are offshore companies who ignore such services and continue to make money from problem gamblers working from jurisdictions such as Curacao and other out of reach locations.
Ease of gambling online
Gambling online has grown due to the conveniences, placing a bet is as easy as taking out your phone and paying with your debit or online payment account. The internet allows punters to compare odds, in order to get the best value for money, as more and more turn to odds comparison websites before placing their bets.
Despite all this, gambling addictions are still far too common, especially for young adults. These addictions destroy the lives of those involved and in 2016, a young man tragically took his own life and he gambled away five thousand pounds. The subsequent inquest noted that it was far too easy for young people to gamble online.
If they have access to a bank account or Paypal account or even Bitcoin, then it would take no more than five minutes for them to be able to gamble away their life savings. Some sites even allow people to bet without verifying their identity, so even documents like a passport are not technically necessary.
The danger of gambling is how fast it can all go wrong. Although it is not always easy to win money with online casinos, it is the easiest thing in the world to lose money. Signing up takes literally two minutes, needing just a username, password, date of birth, and address.
From there loading into roulette or slots game will take a few seconds and the same with placing a bet. Looking at bets and all the potential winnings is a bad idea for people with little self-control because the potential can be dizzying.
Many bookmakers use online advertisements to entice customers with free bet offers and other signup bonuses such as “matched deposits” and free no deposits spins in the case of casinos. The bonuses usually require that individual signup for a new account and deposit a set amount, thus getting them engaged with that particular bookmaker, and from experience, this punter is less likely to switch to another competitor.
In places like the UK, there are strict rules about informing customers of these terms, and the Gambling Commission is responsible for overseeing this regulation and enforcing through fines. Often you will see larger fines handed out for failing surrounding money laundering and not doing enough to stop problem gambling.
It is hardly very surprising that young adults have developed a larger propensity for becoming addicted to online betting since everything online is more familiar than for older generations. A risk that younger gamblers with less experience face online rather than in person is that they risk not truly understanding what they are gambling.
Digital numbers on a screen do not have the same presence as fifty pounds in cash for example. It is much more difficult to gamble away cash as it is not possible online and can be intimidating in real.
People will not gamble 100 pounds in notes as easily as they will gamble 100 pounds in their betting account, and this is an extremely dangerous feature of online betting.
Young adults tend to want to conform to their peer groups more than older people, and so if a young adult’s friends bet and speak to him about these bets, then they are likely to also bet.
The amount of online accounts that advertise themselves as betting tipsters on social media like Twitter and Instagram is huge, and most of them fabricate their results or use the same bet over and over again to justify their losses. Fear of missing out on their profits, as some of these tipsters are legitimate and honest people, will often force punters into wrong decisions, and this risk is maximized by the online aspect of new betting websites.
A massive part of online betting that impacts almost exclusively younger audiences is e-sports. It was reported that over 1 billion pounds were bet on results of professional or amateur games of Counter-Strike: Global Offensive. Worryingly, it has been reported that even people who are underage have been betting online on video games.