These days, getting insurance has become the norm. You can get insurance from almost anything, ranging from home insurance to car, life, travel, and even pets insurances. New players continue to have questions on how online gambling works and the insurance cover for gambling losses. Well, this Fun casino review 2021 discusses online gambling in detail. However, the question marks are still hanging about if insurance covers online gambling losses? So, read on to find out.
How Insurance Works
Insurance contracts protect individuals and businesses from losses on their assets. It covers various aspects, including illnesses or death.
The insured person will pay a fixed amount of money to the insurance company every month. In return, the company then pools such money together whenever the customer is in need, according to the contract.
Such need may arise if there is damage, theft, accident, or other conditions. There are various ways to sign up for insurance. However, buying early-term insurance is always a wise choice.
More than that, there are also different things insurance covers. For instance, athletes and celebrities now insure their bodies or parts of them. An example is seen with Mariah Carey, who insured her legs with Gillette.
An American company – Wedsure, also offers wedding insurance to cover cancellations and other liabilities such as damage to the wedding venue.
This raises the curiosity in gamblers to know if there is any form of gambling insurance.
The Risks in the Current Gambling Industry
Gambling continues to be increasingly addictive. But, new casinos keep springing up daily. In addition, players can easily play games in the comfort of their homes, thanks to mobile gaming.
Also, there is no time limit when it comes to online gambling. Players can go on for hours without getting tired, especially when they are on a hot streak.
This gives rise to addiction, which is one of the most significant risk factors in online gambling.
Also, only very few casinos place some limitations on the amount players can bet on. With credit, a massive amount of money can be lost in the blink of an eye. With this, a person’s credit rating is on the line.
Is There Online Gambling Insurance?
Online gambling is not a rollercoaster ride. The chances of success are not constant. The odds are often against the gamblers. Some details make the difference; there are no guarantees for winning.
Many online casino players consider betting as a kind of investment. However, like every other investment, online gambling comes with its risks. Therefore, some players tend to be prudent over their funds.
Such players want to find insurance in cases where they do not generate payouts from online betting.
At the moment, no insurance company offers insurance for online gambling losses. However, something similar is available on some casino sites.
For example, some online betting sites offer cashback bonuses and promotions. These promotions allow players to cover a small portion of their losses.
However, players only get such promotions at online sportsbooks. More so, finding them can be a daunting task.
The unavailability of online gambling insurance can be attributed to different reasons. One of those reasons is the high possibility of losses in online gambling.
Betting is a game of chance. Thus, online casino players may incur so much loss in very little time. In such cases, insurance companies may find it difficult to cover those losses over a long period continually.
Many online casino players view online gambling insurance as a means of controlling their gaming habits. However, it does not do this. Instead, gambling insurance can only pay back the losses incurred on games. But, of course, this is in a theoretical sense.
Gambling insurance will only cover losses. It cannot have any effect on how often a player gambles or how high their stake is.
In theory, having a company to pay back losses may increase a player’s gambling activity. Since they know that insurance is available, they may go on and keep betting as high as they can.
Gambling Insurance and Addiction
Insurance that covers a gambler’s losses can be problematic. This is especially so for players who may already be addicted.
Many online gamblers are not casual gamblers; some are problem gamblers. Therefore, controlling their gambling urge may seem difficult.
They understand the severe and ever-increasing negative consequences. However, the thoughts of having their losses covered will encourage them to continue.
A player may overspend and stake too high, having it in mind that insurance covers him. In such cases, an insurance company may struggle to cover the expenses of repeated losses.
Such gamblers will find themselves in debt in the worst-case scenario.
What Does the Future Hold for Gambling Insurance?
With the growing popularity of online gambling, insurance companies may look to provide insurance to online gamblers.
This service is already being offered in some parts. For example, Aviva launched a Mental Health Pathways Plus program in 2019.
This program provides the opportunity for large companies to help their employees cover costs for treatment of internet addictions. Such addictions include gambling, pornography, and similar issues.
While this program does not cover the costs for gambling losses, it is a great step in the right direction to eliminate gambling addiction. It also paves the way for future possibilities.
Several insurance policies are covering numerous things. However, there are no policies of the sort that covers losses made during gambling.
It is currently risky for insurance companies to delve into gambling insurance. Some of the reasons for this are highlighted in this post.
However, insurance companies could start providing coverage to help online gamblers reduce their losses in the foreseeable future. Till then, remember to gamble responsibly.