The purpose of this Risk Warning document is to inform you of the potential risks associated with online gambling and to help you make informed decisions. We encourage all players to read this document carefully and take the necessary steps to protect themselves while using our platform.
Financial Risks
1. Risk of loss
The most immediate and significant risk associated with online gambling is the possibility of financial loss. Gambling involves betting on an uncertain outcome, and there is no guarantee that you will win.
Unpredictable results: The results of gambling are inherently unpredictable. Whether you are playing slots, table games or betting on sports, the outcome is determined by chance. No strategy or system can guarantee a win, and chasing losses by increasing your bets can lead to significant financial damage.
2. Risk of addiction
Gambling addiction, also known as compulsive gambling or gambling disorder, is a serious risk associated with online gambling. Addiction can develop when a person becomes unable to control their gambling behavior, leading to negative consequences in their life.
- Increasing the size of bets: Constantly increasing the size of bets in an attempt to recoup losses or achieve large winnings can be a sign of addiction. This behavior often results in large financial losses.
- Gambling beyond your means: Spending more money on gambling than you can afford, using savings, borrowing money, or neglecting basic expenses to fund your gambling are warning signs of addiction.
- Loss of Control: Feeling like you can’t stop gambling despite knowing the negative impact it has on your life, relationships, and finances is a clear sign of addiction.
- Neglect of responsibilities: Gambling addiction can lead to neglect of work, family, and other responsibilities as the person puts gambling above everything else.
If you suspect that you or someone you know is struggling with a gambling addiction, it is important to seek help immediately. SpinBetter offers self-exclusion tools and provides resources to connect you with support organizations that specialize in helping people with gambling-related problems.
3. Risk of financial hardship
Gambling beyond your means can lead to financial hardship, including debt, bankruptcy, and the inability to pay for basic living expenses. The financial consequences of gambling losses can be devastating and can include:
- Debt Accumulation: Borrowing money to participate in gambling or using credit cards to finance gambling activities can quickly lead to exorbitant debt. The interest and fees associated with credit card debt can compound the problem, making it difficult to recover financially.
- Bankruptcy: In extreme cases, excessive gambling addiction can lead to bankruptcy, resulting in loss of property, a deteriorating credit rating, and long-term financial instability.
- Relationship strain: Financial problems caused by gambling can significantly impair relationships with family, friends and partners. Stress caused by financial difficulties can lead to conflict, disconnection and even relationship breakdown.
Emotional and psychological risks
Gambling can have a profound effect on your emotional and psychological well-being. The highs and lows of gambling can trigger a variety of emotional reactions, including:
- Excitement and euphoria: Winning can cause a temporary sense of excitement and euphoria, leading to the release of dopamine, a neurotransmitter associated with pleasure. However, it can also increase the desire to continue gambling, potentially leading to addiction.
- Frustration and anger: Losing can cause feelings of frustration, anger and disappointment. Repeated losses can lead to a cycle of negative emotions where the person becomes increasingly agitated and desperate to recover their losses.
- Anxiety and depression: The stress associated with gambling, especially when losing, can lead to anxiety and depression. Feelings of guilt, shame, and hopelessness are common for people struggling with gambling-related problems.