What are some of the myths that you have heard about staking? Is it that it can sink someone deep into debt or that it can lead you to an early grave? Some of these statements may make you fear betting and all activities associated with it.
Figure this in your mind; you have a thousand bucks, you place a bet of 100 bucks and lose. You decide to double your bet, and you win. Greed makes you stake all your money, but you lose. Responsible gambling is all about ensuring that gamblers do not end up that route.
We will try to explain everything you need to learn about accountability in betting for money.
What is responsible gambling?
The term ‘responsible’ describes a situation whereby you are accountable for your actions. An accountable gambler should ensure that emotions do not get the better part of him or her while in a casino. The gamblers will thus act in a way that they do not expose themselves or others close to them at risk of harm.
Pointers of safe betting
- You only spend what you can afford
- There are limits for both money and time that you can spend in a gambling house
- Know that gambling is not the answer to any problem
- Not letting gambling interfere with personal relationships
- Knowing that staking when upset or angry is not a good idea
Different aspects of accountable staking
Responsibility is a broad concept that cuts across different stakeholders in the staking sector. Online casinos such have a clause and disclaimer that emphasizes the need for responsible gambling. Below you will find some of the most important areas that describe responsible gambling.
Prevent underage betting
Cases of teenagers gambling while they are still under the watch of their parents are very common. Some of these kids end up stealing from their parents to quench their thirst for betting for money. On the other hand, some use their upkeep money or even school fees to gamble.
Protect vulnerable gamblers
Some people are addicted too much to gambling such that their normal activities are disrupted. These are the kind of people who will spend many hours in a gambling house. Such people do not know how to control themselves unless there is a regulatory framework in place.
Modern betting houses have measures such as spend limits where players can decide on the amount to ‘spend’ in a day. The platform will lock-out the user when the amount is reached. Measures for protecting vulnerable gamblers vary from one country to the other, and you may find some that are mandatory.
Online safety has always been an issue when it comes to sharing private data. For instance, there should be an assurance that private data will not be used maliciously when a web surfer adds card details to a gambling site. Responsible betting also assures the clients that the site will never share private data with 3rd parties.
Regions such as the EU already have regulations such as the General Data Protection Regulation (GDPR), where various websites must assure the users that the private data will not be leaked to 3rd parties.
It is every business’ dream to attract as many customers as possible. However, some of these companies engaged in unethical marketing approaches that end up duping customers. For instance, there are gambling companies who have non-existent jackpots to attract more sign-ups.
Operators in this space ought to comply with the advertisement codes that are in place. The ideal adverts are those that do not target the vulnerable members of society and underage kids. A responsible firm should also seek permission before engaging in direct marketing through web users’ personal details.
How accountability in betting affects players
Reduces depression and other related mental illnesses
Accountable gamblers know when they have had too much and when it is time to stop. Such people are thus less likely to engage in irresponsible betting and lose more than they have in their accounts. Cases of people being stressed and depressed after losing large sums of money become things of the past as long as there are measures in place.
Gamblers can differentiate between legit and dubious platforms
Not everyone wants the best out of you. Platforms that promote this concept understand that they have a social responsibility to keep the players and their data safe. There are different regulatory bodies that ensure that staking platforms have correct measures in place to promote responsible gambling.
Players know that their money is in safe hands and increases chances of winning
This can be a controversial point. Look at it this way; someone tells you to stop staking after spending a certain amount. However, there is an assurance that you will cash out what you win when you only use platforms that promote accountable betting. Such platforms care so much about their reputation, and they can thus not risk tarnishing it through dubious deals.
Makes it easy to know where to seek help
This concept is not restricted to some sectors as it cuts across different types of gambling. Following the above tips comes in handy as you do not have to wait until you become an irresponsible gambler. However, if you are already in the pit, then platforms such as Gamblers Anonymous have been on the forefront of supporting those who suffer from problem gambling.
Being accountable in staking is all about engaging in conscious-driven betting, as you can see from the above points. Its beauty is that it creates a better quality of life as people can make informed decisions.