What are the Dangers of Online Gambling?
The iGaming industry has become widely popular due to its convenience and accessibility. In 2023, iGaming is expected to generate revenues worth $100 billion and will exceed $130 billion by 2027.
It would be a veritable success story if it weren’t one of the most controversial industries, on par with alcohol and tobacco, posing various risks to the players. The increased success comes with an increased risk.
In this article, we will talk about the prospective dangers associated with online betting and how to protect yourself from them. Dive in to know how to mitigate those challenges of the betting business.
What is iGaming
iGaming is the friendly name that gaming enthusiasts use for digital gambling. It has gained immense popularity with the advancements in the internet and technology. The convenience of playing from any part of the world has attracted gamblers from around the globe.
One of the key factors contributing to the popularity of virtual games is anonymity and privacy, which enables the participants to protect their personal information while remaining anonymous.
These platforms offer a wide variety of gaming options that cover several distinct types of games:
- Online casinos
- Online sports betting
- Daily fantasy sports
- Online poker
- Online bingo
- Online lotteries
The industry’s roots stretch back to the mid-1990s when digital clubs were launched. A novelty at first, virtual gaming clubs became a true success, prompting the emergence of similar outlets worldwide.
Today, over 4,500 online casinos, betting sites, and poker sites serve millions of users in over 85 jurisdictions.
What are the Dangers of iGaming
Players gamble more casually online than in real life, spending less on their habits and losing less money. Some studies conducted by academics in this area have also concluded that digital betting is by far not as addictive as its real-life counterpart.
Many risks to this pastime cause dependency and become a coping mechanism for people. Let’s explore these risks in a bit more detail.
Did You Know?
90% of slots players opt for online casino gaming than at land-based casinos.
The Ease of Accessibility
The ease of accessibility increases impulsive gaming and impulsive financial decisions, resulting in dependency on online gambling. With virtual betting becoming available to an ever-growing mass of users, the prevalence of problem betting can also grow.
Risk of Addiction
It is an activity that can turn into an addiction, ruining an individual’s life. And while the spread of virtual betting didn’t bring forth the global crisis of gambling addiction its opponents envisioned, enslavement to betting is a real phenomenon.
The release of dopamine during wins causes addiction, preventing the participants from stopping. The repetitive process and quick money lure the people and cause potential harm.
It is vital to understand that this dependency can have severe consequences on mental health, relationships, and financial health.
Presence of Unregulated Platforms
The online gaming business includes both regulated and unregulated platforms. Unregulated platforms don’t comply with responsible gaming practices and put participants at risk.
These platforms offer rigged games and unfair odds to scam users into losing money. The absence of regulatory bodies makes it hard to address the unfair practice and results in significant financial losses.
What Can be Done?
One of the most important things governments can do to make the virtual betting experience less dangerous is to regulate it. It has been proven time and again that blanket bans and prohibitions don’t work: those who feel the allure of betting will find a way around any restriction.
Regulating the industry creates a safer environment for users, where the authorities can keep an eye on the operators’ practices and impose rules to protect people from harm.
On top of that, the authorities can make sure people are aware of the disadvantages of wagering and inform them of the tools they can use to prevent addiction and where they can turn if they need support.
The operators already do their part by providing individuals with responsible gambling tools.
Players can set daily, weekly, or monthly limits on their deposits, set up cool-off periods between deposits, and even exclude themselves from a gambling outlet temporarily or permanently.
The people need to be aware of what unchecked wagering can lead to. They need to be more responsible with their gaming by setting budgets and using any other tool the operators are offering to prevent severe devotion to the pastimes.
On top of that, they have to be taught how to recognize the signs of gaming addiction, and directed to organizations that can help them fight the effects of gaming enslavement if the need arises.
iGaming is all about fun and games – until it’s not just that anymore. Governments, the industry, and the users themselves have to work together to prevent gambling addiction and fight it if the need arises.
This way, playing virtually can be a safer and more carefree experience for the player and less of a potential problem for society as a whole.