The Risks and Rewards of Online Gambling: A Balanced Perspective
Online gambling dissected
Advertising is a crucial revenue source for media firms. As consumers, we are exposed to advertising through traditional and modern media, with the most prevalent advertiser being online gambling firms.
According to Statista, thus far, in 2023, US online gambling companies have spent $1.9 Billion on advertising, a figure whose trajectory is up and will continue to rise throughout the year.
In Kenya, betting firms such as Sportpesa, Betika, and Odi Bets, to name a few, are household names that have also set up betting shops in cities and towns nationwide to ensure broad reach. So, this begs the question.
What Is Online Gambling?
Online gambling involves betting or playing games of luck for financial reward through mobile phones, tablets, or computers. Vast internet access has made betting very popular, especially among the youth, further perpetuated by vigorous advertising.
In recent years, widespread gambling has prompted betting firms to take measures to curb irresponsible gambling. The typical disclaimer, “Gamble Responsibly,” can be seen in adverts and taglines.
Football, the leading sports people bet on in Kenya, is followed closely by dog racing. Surprising, right? Well, this was revealed in an article by Chris Orwa.
In 2022, the Premier League announced plans to ban betting companies as main shirt sponsors starting the 2026/27 season. However, this is only the tip of the iceberg, and many youths continue to grapple and wallow in the sea of irresponsible betting.
Negative Consequences of Online Gambling
The constant thrill and reward anticipation increase dopamine levels, causing addiction. Case in point, in May 2023, Premier League player Ivan Toney was diagnosed with a gambling addiction and consequently hit with an 8-month ban for breaching FA betting rules.
With online gambling, there is a considerable margin between winning and losing, with no in-between.
You either win or lose, and with its addictive nature, your winnings or losses will drive you to bet more. This can, in turn, drain your finances and put you in debt. This factor segues into the two types of effects associated with it;
Short-term effects
- Reduced savings
- Debt
- Regret and guilt
- Increased alcohol and substance intake
- Less time and money to spend on family and recreation
Long-term effects
- Severe financial problems (bankruptcy)
- Relationship problems
- Legal problems
- Suicidal thoughts or attempts
- Poor work performance and job loss
Positive Consequences of Online Gambling
Despite the negative consequences, gambling can also positively affect the gambler and society, albeit rarely. Some positive outcomes include the following;
- The gambling industry creates employment for developers, security specialists, customer service agents, designers, etc.
- Betting can earn you some money.
- Betting companies fund community projects and sporting activities through sponsorships.
- It can help stop illegal activities such as widespread crime through traditional betting.
The Middle Ground
While betting causes addiction and is often detrimental, it has proven beneficial to the community. Despite measures by the firms to ensure responsible betting, it is up to you as an individual to take charge and ensure you do not jeopardize your family and overall financial situation.
Only gamble with extra funds meant for purposes such as entertainment. Also, remember that it is a game of chance, so you may or may not benefit from any money you stake.
Conclusion
As we have seen in the article, betting has two sides, the good and the bad. Therefore, you should control your gambling habits and only spend what you can afford to lose. So, do you think it is easier said than done? Is the addiction too difficult to quit, or are the measures ineffective?
At the end of it all, remember, the house always wins 😊.
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Peace ☮️✌️
