Responsible Gambling

Different angles might be taken on the significance of playing responsibly. Let’s go in-depth:

Between 2021 and 2022, the worldwide gambling market increased from $290 billion to nearly $450 billion. Only $57 billion of this total was attributable to online casinos; this amount is only anticipated to rise over the coming few years. The Russia-Ukraine war’s economic sanctions and constrained financial flow had a negative impact on the sector.

By 2026, the market is set to reach an estimated value of $840 billion, with a CAGR of over 16%. Traditional betting is expected to shrink as online casino revenue rises to at least $92 billion by 2026 and $153 billion before 2030. Thus, demand will be affected by shifting player behaviours, particularly a move to apps and social gaming. As more players become security sensitive, there will surely be an increase in cryptocurrency betting activity. The widespread use of mobile devices and the internet will be essential for accelerating growth. Asia Pacific was the most active region in 2021, but Eastern Europe may experience the highest growth by 2026, followed by South America and Africa. Here are some local facts

Key Principles of Responsible Gambling

1. Research solutions to protect vulnerable gamblers: Only after having a thorough knowledge of the addiction issue can a solution be developed. The study of compulsive gaming habits and behaviours falls under this category. Stakeholders can identify potential addiction symptoms early enough to treat them effectively if they keep this in mind. It’s also essential to learn about the remedies.
2. Collaboration for creating a secure environment: This goes hand in hand with the first principle. Stakeholders are supposed to educate themselves and each other about responsible gambling. Governments, non-governmental organizations, researchers, and health professionals should share their research data and collaborate to provide a safe gaming environment for gamblers.
3. Ethical marketing: Operators should conduct their marketing according to the proper advertising codes. All ads should be factual and avoid targeting vulnerable groups, such as minors and players already struggling with addiction. Although various bodies are ready to help, prevention is always better than cure. Encouraging players to exercise responsible practices can dramatically reduce the number of addicted gamblers in society.
4. Player Empowerment: Player empowerment involves providing accurate and balanced information to players so they can make informed choices in their jurisdictions. That means operators should give enough information on their websites and organize regular educational programs to empower their customers.
5. Prevention of underage gambling: This is among the most essential aspects of responsible gambling. Individuals who have not attained the age of 18, or whatever is the proper legal age in their country, should stay away from online gaming.
6. Responsible product design: iGaming products should not only comply with legislative requirements but also provide tools that facilitate players’ responsibility. For example, an online casino can have age limit restrictions and self-exclusion features. There should also be safety measures to protect client data and prevent criminal activity through casinos.
7. Monitoring and reporting: Stakeholders should make reasonable efforts to monitor, test, and revise existing responsible gaming practices.

In compliance with the seven responsible gambling principles, casinos offer various tools to encourage responsibility and automatically help players. Here are standard tools you’ll find integrated into sites that believe in responsible gambling:

• Time Out: Allows one to set a playing limit where the site automatically locks them out once they exhaust the specified time.
• Credit Card Restrictions: Some jurisdictions, like the UK, restrict players from using credit cards to play. This prevents players from taking loans to gamble.
• Reality Check: These are reminder pop-ups that appear when you have been playing for too long. They encourage you to take a break.
• Deposit Limits: Gaming providers set maximum amounts you can deposit in a day, week, or month, to make sure no one stakes all their money.
• Permanent self-exclusion: Permanent self-exclusion allows players to cut themselves off from an operator irreversibly. This helps if you’re unable to stop compulsive gambling.
• Payment methods: Gaming providers only accept specific legitimate financing methods to ensure players do not indulge in fraudulent ways of funding their accounts to avoid responsibility.

When gambling develops into an addiction, it can become hazardous.

As was already mentioned, substance addiction and obsessive gaming behaviours are very similar. Some gamers may commit suicide or engage in physical self-harm when they lose bets. At this point, assistance should be sought.

The Consequences of Irresponsible Gambling

Gambling addiction is as serious as drug addiction. Studies have shown that it can have the same dopamine effect as drugs or alcohol on the brain and lead to addiction. Irresponsible players may try to hide their behaviour but eventually end up in multiple issues. Once addiction kicks in, families can break, people can lose friends, become unemployed, sink into severe debt, and lastly, mental health problems could take over. Addicts can take huge loans and sell valuables like property to wager, hoping to win big. Some quit work to focus on wagering or lose their jobs due to irresponsible behaviour caused by concentrating more on betting and neglecting work responsibilities.

Money concerns, social relationships, and self-control problems are the three most typical indications that a player has compulsive gambling problems.

Money issues include:

• Betting with unreasonably huge amounts
• Borrowing to wager
• Betting to the last coin
• Chasing losses
• Selling things to place bets
• Diverting money for necessities into the casino

Social signs include:

• Your family and friends are concerned about your gambling
• Lying about problems caused by wagering
• Skiving work and family commitments to bet
• Spending friends’ or work money on gaming

Self Control issues include:

• Unsuccessfully trying to reduce time spent on gambling
• Increased debts due to gambling
• Feeling irritable when you try to minimize gaming time
• Feeling empty when not gambling
• Thinking about wagering all the time

In the spirit of responsible gambling, we encourage you to take steps to stay in control. Here are some essential tips to consider:

• Refrain from betting continuously to try and recover losses.
• Wager with reasonable funds that you can afford to lose
• Don’t invest more than 20% of your time in gaming
• Play games for entertainment only and not as a source of income
• Understand it’s about probability, so losing is also possible, and it’s okay.
• Take a break when you feel stressed.

If you believe that someone else’s or your own gambling is out of control, you can take a few steps. Naturally, you must first admit that there is an issue. It would be preferable if you spoke to someone afterward.

This might be a dependable friend, a member of your family, or other gamblers. You might also think about speaking with a qualified counsellor who is familiar with the risks associated with gambling and how to handle them. Having people to chat with introduces accountability, which can help you avoid mistakes that lead to hazardous gaming in so many ways.

Depending on your location, there are different support services available. For example, players in the US can reach the National Council on Problem Gambling through their 24-hour helpline at 1-800-522-4700 for confidential help. In the UK, you may call Gamcare at 0808 8020 133. You can also reach these and many other gambling help organizations through a simple google search. Here are the top institutions at the forefront of offering help to gamblers.

Casinos and all gaming platforms can protect their clients by promoting responsible wagering in different ways as explained below.

• Features: Adding features such as self-exclusion, timeout, and limits on their gaming platforms, is a way of promoting responsible wagering. With these tools, players may quickly take the necessary action to regulate their conduct and avoid harm.
• Partnerships: Additionally, casinos can collaborate with advocacy groups like BeGambleAware and post contact information for these groups on their websites. By doing this, they will be bringing help closer to players.
• Education: An informed gambler plays responsibly. Casinos can spend money on teaching their patrons about making responsible bets. A dedicated page with in-depth information on responsible gaming would be beneficial.

Only those who are of legal age should engage in gambling. If exposed to gaming, youths and children are likely to have higher rates of school dropouts, greater delinquency, and poor academic behaviour. Operators can effectively prevent teen gambling by conducting rigorous KYC checks and verifications. This can entail validating the legitimacy of papers to lessen the likelihood of personification.

Children can learn about the risks of underage gaming at home and in school. They can be trained to examine media messages that present gaming in a positive light. If you know any underage gamblers, you may contact the operator directly. A compliant casino will not allow children to wager.