Given the rising popularity of online betting in the equally fast-paced digital world, it comes as no surprise that more and more people choose to live the gaming excitement one could only find by playing in traditional casinos at the comfort of their home. However, online gambling has just as many risks as traditional gambling and can cause serious issues for people that gamble recklessly. On top of that, there are also risks related solely to online betting. Some of the most critical ones are listed below.
Unique Risks of Online Gambling
- No Easy Quitting
It is very easy for a habitual gambler to access an online casino – all it takes is a computer with an internet connection or even a mobile device. Due to that easy access, online gambling can be particularly addictive. Given that most of people’s daily tasks are done via their computer and/or smartphones, laptops or tablets, it is impossible to avoid online casinos. If it were a land-based casino, one could simply stop visiting it if they decided to quit gambling. This is clearly not an easy case with online gambling sites.
- No Self-Control on Money Spend
Everything is within a gambler’s reach when playing in an online casino, including their bank accounts, credit cards, or PayPal accounts when they are online. This means that it won’t take them more than a few seconds to decide that they need to bet more money in hopes of winning a great prize. And, since a money transfer is a speedy process, they can have more funds available with a few clicks of the mouse.
- Shady Practices
Online casinos are rather flexibly regulated, with some countries outlawing them (yet, not all of them penalizing the people that use online casinos) and others allowing online gambling while leaving online casinos under-regulated (if at all). As you can understand, this leaves much room for unethical businesses to rip you off. If you don’t know who is behind the online casino and are playing in a gambling site that is not regulated, bear in mind that there is high probability the stated odds of winning are inaccurate and that you may as well end up cheated out of money, be it in winning or betting.
There are many ways to enjoy the thrills of gambling and enjoy profits, provided you set some ground rules before you dive into this world. So, consider the following:
- Determine a betting cap – Establish an amount you are willing to lose. It is important not to go beyond that limit no matter what.
- Determine a winnings limit – To avoid the risk of losing your winnings, it is best to set an amount of winnings. When that limit is reached, you should stop your online gambling activity. The more you continue to play and bet after you have won several times, the more you increase your chances to lose.
- Set a play time cap – Avoid playing and betting continuously. Instead, take regular breaks and establish a specific time limit for gambling. Do not go over it for any reason.