Is Gambling the Real Problem, or Is It the Lack of Regulation?
Gambling is highly addictive and it tricks people into losing all their money. Then they sink into debt and commit suicide. Gambling is organized by cheaters and fraudsters who rig the games in their favor and use the profits for criminal purposes. And so on and so forth.
We have all heard such statements, and indeed, even though “gambling and various forms of betting have existed for thousands of years, it’s an activity that still has a bad reputation,” notes Felicia Wijkander, Chief Editor at SevenJackpots, one of India’s largest casino comparison platforms.
“Now and then, we can find articles of people gambling their life savings away, or articles mentioning people committing suicide after destroying their lives through gambling. Although these situations are absolutely horrible and clear examples of severe gambling addiction, they aren’t the norm,” Felicia writes and proceeds to debunk the most common myths and misconceptions about real money gambling.
Do You Really Get Addicted after the First Online Casino Bet?
“Online betting or gambling is as bad as any substance addiction,” claimed a public interest petition filed at the High Court of Delhi. The well-spread myth goes that one needs to spin the wheel just once or try a single bet to get lured into an instant and overwhelming gambling addiction.
The notion that gambling is as addictive as heroin is a clear misconception. Casino Days India belong to a group of legitimate platforms that attract crores of real money gamers who play on a daily basis and never develop any problem. Yet, gambling must be taken seriously and played responsibly, especially by people who are prone to addictions.
Scientific research has demonstrated that problem gambling has a higher incidence in societal groups characterized by high consumption of alcohol and drugs.
“Just as you shouldn’t drink and drive, you shouldn’t drink and gamble. This is actually something that genuine online casinos will state, and these online casinos have processes in place for spotting problem gambling,” Felicia Wijkander points out.
Are All Casinos Cheaters and Game Riggers?
A very common misconception is that casinos cheat their clients and rigg the games so gamblers lose a lot of money.
“While that might be true for shady gambling dens run by criminals or the old casinos of the Wild West, it couldn’t be further from the truth at legitimate casinos of today,” the SevenJackpots Chief Editor says.
The legitimate brick-and-mortar and online casinos are characterized by the gaming license under which they operate. Such licenses issued by reputable institutions like the Malta Gaming Authority (MGA) require the gaming establishment to regularly check the integrity and fairness of their games.
The checks are performed by independent auditors such as eCOGRA and iTechLabs, as no casino or game provider is allowed to check their own games. The license and the audits guarantee that gameplay, as well as random number generator (RNG) and return-to-player (RTP) algorithms are fair and function as the regulator has intended.
Do Casinos Use Mind Tricks and Aggressive Marketing or Make You Bet Large Amounts to Have a Chance at Winning?
Such false notions stem from a general lack of knowledge and understanding of how the legitimate gambling business works. To open and maintain a gaming establishment, land-based or online, requires large funds and operators strive for a stable and sustainable business to have a return on their investments. A major necessity towards achieving such a goal is a strict adherence to regulation and licensing requirements.
It is true that fraudulent and unlicensed gambling websites may be using aggressive marketing and mind tricks to lure users to pay more, but this is not the case with licensed platforms. The license requires them to use clear and truthful marketing messages and to place responsible gaming tools at the players’ disposal.
“This is especially true in regulated markets, where the government has a larger influence on what casino operators can and cannot legally do,” Felicia highlights.
With the exception of some rare slot games which clearly indicate that only bets above a certain threshold unlock the opportunity to win some jackpots, the workings or the gaming odds of legitimate casinos are in no way whatsoever affected by the size of the bets.
Are Casinos Fund Raisers for Criminal Activities?
All reputable gaming licenses come with strict anti-money laundering rules and procedures that apply both to the casino and the players.
Gambling establishments are required to keep company and player funds separately and maintain full transactional logs that auditors can review. Casinos are also required to conduct Source of Income (SOI) checks on client funds that meet certain criteria to prove they have a legitimate origin.
Regulation Is the Key to Responsible Gambling
Gambling was not created by the appearance of the internet in our lives and society, as it has existed since the dawn of civilization. The digital era only enabled it to go online, and this rendered the old Indian gaming legislation which focused on controlling physical gaming houses and cash wagering practically useless. Attempting to prohibit gambling over the internet is even more useless in the age of universal access, VPNs and crypto. Thus, regulation stands out as “the number one way to create responsible gaming habits.”
“Establishing a proper gambling regulation in India would allow the government to have more control over how land-based and online casinos market themselves to the population. It would also result in profits from taxation that could be used as resources to clamp down on illegal gambling. And by utilizing the Aadhaar card, it would minimize the exposure of gambling to minors,” Felicia Wijkander concludes.