The governments no longer see gambling as a vice in their countries; instead, most countries have embraced it and are promoting it as a way of economic development. Supporters say it provides jobs for job seekers and the underemployed. What's your concept? Is gambling a social problem or an economic development strategy?
The gambling problem can affect anyone from any country from all social classes. It starts with gambling as entertainment to an unhealthy obsession that may cause severe damage. That's why all gambling sites should be regulated to avoid serious consequences. That's why these responsible sites are setting an excellent example, like Indian betting sites with low deposit minimum, which helps regular gamblers not to overspend.
Here are possible measures that can be taken to manage gambling in emerging markets.
How to fight Gambling Problems in Emerging Economies
Gambling critics contend that gambling's economic benefits do not measure its social damage, and mostly you will find negative life choices associated with pathological gambling. The social problems associated with gambling are drug abuse, alcoholism, homelessness, divorce, neglect, and low grades among adolescents. Two-thirds of those addicted to gambling responded to a survey they had contemplated suicide, while 77% wanted to die.
So, what can be done to help to control the menace? Stick around and learn how gambling can be regulated, especially in developing economies.
Introducing Deposit limits
Some companies offer their customers tools that can help them gamble responsibly. Some of these tools allow the gambler to set gambling time and money limits, but these kinds of tools' results are not as fulfilling as expected since the limits are voluntary and not mandatory.
A survey was carried out on people with a gambling problem in Norsk Tipping in Norway. A mandatory deposit limit was introduced to them, and at the end of the survey, few people gambled on some other platform when they reached their limit. The survey showed people had a positive attitude toward reduced deposit limits.
So, if all companies introduced voluntary deposit limits on their client's deposits, many gamblers would gamble less, which would be positive socially. Some responsible gambling operators have introduced:
● Play limit means the maximum amount of money a gambler can wager for a specific time.
● The deposit limit is the maximum amount that a gamer can deposit in their account within a particular time.
● Bet limit this is the maximum amount a bettor can spend on a specific game
● A loss limit is the maximum amount of money a gambler can lose at a time.
Setting the Loss Limit
Some companies have set a personal global loss limit for online gaming sites. If a gambler exceeds 80% of their loss limit, you have a remainder through a pop-up message. The message comes with a link that reminds the player about the monthly budget balance.
The voluntary loss limit has a positive outcome on players. The strategy prevents the gamer from losing much more money than they can comfortably part with and helps fight addictive gambling. The self-imposed loss limit can be applied on all sites; it will be beneficial to avoid excessive gambling. The loss limit has improved player performance and reduced casino profits.
Avoid Adolescent Gambling
It is impossible to make sure that minors don't gamble, at least for now, but maybe with the advancement of technology, it will be achievable in days to come. Did you know gambling among underage is severe, and others start as early as 10? A survey shows most teenagers have gambled by the age of 15. Most of them gamble using card games, scratchy cards, and lottery tickets.
The media heavily promotes gambling sites where children can access and engage in car racing and sports betting.
There are no strict measures to prevent minors from gambling, including in developing economies. There should be sanctions to regulate implemented that should effectively prevent adolescents from gambling.
It will be advisable to talk to your child about the harm of gambling and encourage them to participate in extracurricular activities that might keep them busy. If you gamble, you can help your child in making wise decisions.
Fairness of Games
Online sites that offer casino games like slot machines and other games should demonstrate that the games they offer are fair and that customers have fair chances of winning. This can only be tested and verified by a third party to make sure all the software's in good condition, and the test should be done regularly.
Doing regular check-ups will reduce the risks of money laundering. Players should be alert against false advertising that will harm them but should look for regulated sites that have correct and legible information.
Suitability of Gambling Sites Official and Owner
The gambling industry fetches a lot of money. And a business that involves such huge profits will attract investors, including the wrong people. The licensing authorities should be stricter on those operating the gambling industry.
Owners get assessed, and the company's top officials make sure they are fit to hold such sites. People with criminal records, primarily finance-related, are not allowed to operate the sites. People with clean financial records and trustworthiness are given a chance to run the sites since they cannot steal from their clients.
Every gambling site should assure their clients of the safe deposits where the deposit money should be separate from all other funds on the site. The stakes should be protected so that the
client may safely withdraw it even if the site goes out of business.
Gambling regulation can be achievable, but it takes two to tango; the developing economies can do everything to fight this speedily growing industry, but it takes personal discipline to walk away from gambling addiction.
The gaming sites have limits that help the player not excessively gamble, but all the regulations will be for nothing without facing the underlying issue. Take care of underlying issues because you will be free of addictive gambling if you address them.