The Hummingbird Blog

A Series of Insights Into Savings, Personal Finance and Behavioural Science

Part 1 - Online Wagering on the Rise

Traditionally, gambling has been seen as an illicit activity that essentially causes individuals to lose their money for nothing. On the whole, the term “gambling” conjures up images of casinos full of baccarat tables and roulettes or perhaps shady back-alley dealings in which fraudsters gather round to make bets on any number of games.

To further fuel the gambling fire, claims of striking it rich through gambling litter popular culture. There is no shortage of individuals claiming to have made a fortune playing poker, betting on sports, or winning the lottery. Moreover, hitting the jackpot overnight is a fantasy entertained by a great majority of people from all walks of life.

With the advent of the internet and all things digital, it was only a matter of time before gambling made its way into this space. The emergence of all sorts of gambling sites has enabled both reputable and not-so-reputable companies to offer dreams of grandeur to unsuspecting individuals. Some people play these online games purely as a means of entertainment, while others have pinned their hopes on literally hitting the jackpot.

Online forms of gambling have enabled individuals to pursue and ever-increasing amount of gaming opportunities that go far beyond traditional lottery tickets. Moreover, online gaming is a largely unregulated sector. Therefore, there are loopholes that can be exploited by crooked companies looking to essentially defraud participants.

Nevertheless, gambling, on the whole, is seeing as a relatively harmless activity by most people. The idea of wagering on a sports match or playing poker is nothing more than a recreational task. In fact, it’s quite common to see such activities used for fundraising purposes. For instance, bingo is commonly used as a means of raising funds for non-profit or charitable organisations.

In this article, we are going to explore the impact that gambling has on the average British citizen and how risky online gambling can be, particularly when seen from an “addiction” perspective.

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