Covid 19 and Online Gambling – The other risks
Self isolation, a means to stay safe. Locked up at home, not much to do. So, you log on to the internet and set off to an online casino. No risk right?
Wrong! Very wrong. During times of stress, we do NOT always have full control.
So, you put money into your casino account and you have a small win, get excited, and lose it in the chase of another nice win. So excited, that you put more and more into the account until bang, you’re broke!
Come on people, online gambling is meant to be fun, it’s not meant to be the source of ruin. It so easily is the root of unhappiness too!
So, our team implores you to either lock yourselves out for a period of time (if you know you will be tempted) or you create a proper bankroll management system for yourselves.
Here is an example to think about:
You like the slot machines.
- Don’t speed them up, that simply burns through money
- Count how many spins you make per minute
- Multiply that by the value per spin
- You then have your worst nightmare spend rate if you never win
- Slots burn up your money at different rates but often end up at about 92%-96%
- This means that 100 becomes 94 becomes 88 becomes …. You get the picture
- So, now you can calculate how long it might take for you to lose all your funds
- Now, take into account that the 92%-96% is bolstered by a few players who DO win a jackpot
- Your real attrition rate is likely much lower than 90%. Be VERY careful! You actually lose much more, and quickly too!
People, don’t think you can win. I know casino owners. I have met them at conferences before. They are Chartered Accountants. Bean Counters. Clever! Do you think they are in the business of making money or giving it away?
So, by all means enjoy online gambling, but please, only use that which you can afford to consider as "entertainment money" and "disposable funds".
I am going to play but I have a firm budget which I will try and stretch. I am NOT going to give them the funds I have for food, rent, petrol, and so forth!
If you have a problem, don’t leave it until it’s too late. For assistance with a gambling problem visit: