Inside: What did you not Know About the Gambling Business in 2021?

There are enough things we may not know about the casino business, but we all know the house always wins – even if in the long-term. When you check out one casino product, the algorithm from search engines knows to push enough marketing material your way based on your search to influence your decision. If you’re easily influenced, you may start gambling right away.

Skyscrapers

Nothing is wrong with playing a few games. When you play gambling online, you learn to control your urges and manage a bankroll if you are disciplined. You also get to know about the best paying online pokies in Australia that will give you better returns for your time. Over time, you could also get interested in other high-risk-high-return games that could make you some of the biggest jackpots in the history of gambling.

There are many benefits of online casinos, among them the convenience of gambling from your phone. You can play slots, card games, and even craps for real money through the PC or mobile device from anywhere. Mobile compatibility has contributed to the growth of online gambling, and the industry keeps expanding.

Beyond the Bonuses and Offers at Online Casinos

When you take a closer look at the offers made by online casino sites, you realize the joke’s always o the player. The conditions attached make it relatively hard for players to make meaningful wins. Take, for instance, a 100% welcome bonus capped at $250. You deposit $100 and get a $100 bonus. Let’s say the wagering requirements are 50 times the bonus, so now you need a 100*50 playthrough to meet before you can withdraw the winnings and bonus given. You also have limited time to play for this money and remember not all games contribute 100% to wagering. There are enough limitations making it almost impossible to meet the requirements within the allocated time. If you cannot, you lose everything except your deposit, and life moves on.

Since enough people cannot meet these requirements, they forfeit the rewards and start playing with their deposited money. Also, remember the sites determine the minimum amount when you can withdraw your winnings. If you gave up before reaching this point, you automatically forfeit your deposit too, which will now make part of their earnings. At the same time, they determine the house edge on various games, which is designed to help the casino win in the long run. Can you fully win when gambling? Well, if your take-home was a massive jackpot, then you could win against the house, but the odds of this happening are quite low.

Other offers that you will get include the free spins that may be part of a welcome package or offered separately. They are a great offer to take advantage of since they are not always wagered like the regular offer, but the house still wins from making you play more. As for daily, weekly, and monthly offers, they serve the same purpose; enticing you to play more.

Some of the Biggest Losses in Gambling History

When you gamble for real money, even at easy verification casinos, be ready to lose your wager. Anyone that gets into this without expecting things to go against them at one point is simply setting themselves up for failure. Here are a few of the biggest recorded losses in the history of gambling;

Archie Karas’ $40 Million

This Greek-American Poker player only had $50 when he landed in Vegas, but he worked his way to millions of dollars in winnings through his skill. When he started winning, he took out a loan of $10,000 to enter into tournaments with bigger returns, and they paid off. His downfall came when he mixed this game of skill with games of chance, such as Craps and Baccarat. He ended up losing $40 million.  

Maureen O’Connor’s $13 Million Loss

O’Connor’s loss is significant but made even bigger by her history. She grew up poor but escaped the shackles of poverty upon reaching adulthood. She started gambling as an escape when she lost her husband, and at the time, her luck got her making over $1Billion in winnings. When the tides turned, she lost so severely that she had to sell some personal items to pay what she owed. Records show she used to make $300,000 daily for nine years, mainly from sporting events. To lose it all was such a tragedy.

Harry Kakavas’ $20.5 Million Loss

Kakavas lost a ton of money over a period of time. Because these losses were distributed, they seemed smaller than they actually were. Between 2012 and 2013, he spent A$1.43 billion on Baccarat in Melbourne and ended up losing A$20.5 million. He took his casino of choice to court for exploiting his urge to gamble, but he lost because he had the right to choose not to gamble.  

Conclusion

Do you think casinos should access your finances and push promotional material based on your spending habits? It sounds exploitative, especially when it is clear to them you are capable of making destructive financial decisions. The gambling industry is out to make money, and unfortunately, that sometimes means looking out for themselves while – where applicable – exploiting your weaknesses.

Sanjit Dhabekar

Sanjit Dhabekar is a passionate Digital Marketer and Blogger. He loves to explore new opportunities to rank websites and earn money online.

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