Could there possibly be gambling insurance?

Poker Player

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Quote from: Charles-Tim on August 20, 2024, 12:36:17 PM

If it is about insurance, no insurance company will have that option. The reason is because gambling is highly risky and most people that are gambling are losing money (in a short time) than they are winning. I do not think there is any existing gambling insurance. No insurance company is foolish.

And if there were, hypothetically speaking, it would be very expensive.

Quote from: iv4n on August 20, 2024, 03:06:11 PM

And how much should such insurance cost?

Have you imagined that you pay $10-$20, go to Las Vegas with your friends, lose $1000 and the insurance pays you that money back? Gambling insurance, I haven't heard of more stupidity than this in a while. Giving insurance to addicted gamblers is adding up to their bad habit and addiction, you are giving them money to gamble more... guess what, that business would fail in a few days.

I too think the question is rather stupid and is based on the OP having no actuarial knowledge whatsoever.

If there was such insurance it would insure you up to certain limits and paying $10 a month I doubt very much that it would insure you for more than a few dollars loss. Plus the insurance companies would try to somehow investigate your gambling habits. It would not be the same to insure a professional poker player who wins millions every year against a possible bad streak than a degenerate gambler, who would not even be offered a policy.

Jody.Drummer

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Quote from: tread93 on August 20, 2024, 12:19:12 PM

An insurance mechanism built for covering a huge loss. Maybe you incurred a losing bet say on a gambling trip with your buddies (group gambling insurance would be interesting too) or maybe purchased as a hedge against a bad habit for some addicted gamblers? I don’t think such a thing exists but if it did it would surely save you if you lost too much money or all of your money. Surely it would be much too expensive. I wonder if something like this is out there though or ever been discussed……

I never imagined that there would be insurance in gambling, because gambling is a risky thing and I think everyone knows about it, so those who gamble are definitely taking risks with a guarantee that they will definitely lose money, while insurance is intended to protect but it is impossible in this case because the risk taken is clearly intentional by one's own desire. On the other hand, when there is insurance in gambling, I think more and more people will gamble because they feel there is a protector behind them when they experience a loss, so most likely everyone will try their luck by risking the money they have. But unfortunately I think insurance in gambling will never exist. Besides, casinos don't care what happens to their players because their main goal is to make a profit.

Ultegra134

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Quote from: Hispo on August 22, 2024, 11:53:37 AM

It is unreasonable as an idea a business model itself, so I doubt one could turn it around somehow for the insurance company to take advantage of it some how. Actually, there must be some articles within the contracts of insurance companies which specifically say whatever is under insurance is not coverred by loss by gambling. Imagine you hire an insurance plan for your house or your vehicle, that contract will likely protect your goods from being stolen or destroyed in a natural catastrophe, but if you decided to use your own house or vehicle as a gambling collateral, the insurance company would turn you away and say gambling is not part of the cover. If that was not part of the standard contract of those companies, people would have already committed insurance fraud to the extent of bankrupting those insurances for millions of dollars. Roll Eyes

Expecting insurance coverage for gambling is similar to expecting coverage for drunk driving; it's not going to happen, and the reason why is pretty sensible. The reason behind this is very simple: it's an act that we put ourselves in, knowing it has a major risk of losing our money. Just like you mentioned, insurance covers natural disasters or accidents to protect your assets, such as housing or vehicles, that couldn't have been avoided otherwise, not our own carelessness that comes through gambling.

boyptc

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If a company that offers this is in existence, gamblers would flock going there because they'd just feel that they can gamble everyday and someone is going to catch their losses and will return it to them.

That's how I understand it but when it's about claiming the insurance, I am expecting that certain problems will exist like the delay of claim.

A tons of paper works and approval from the board and a very long contest and the same matters when someone is claiming his/her winnings from a casino when they've been delayed with the withdrawal. In short, it is not going to be a savvy service.

LUCKMCFLY

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Quote from: tread93 on August 20, 2024, 12:19:12 PM

An insurance mechanism built for covering a huge loss. Maybe you incurred a losing bet say on a gambling trip with your buddies (group gambling insurance would be interesting too) or maybe purchased as a hedge against a bad habit for some addicted gamblers? I don’t think such a thing exists but if it did it would surely save you if you lost too much money or all of your money. Surely it would be much too expensive. I wonder if something like this is out there though or ever been discussed……

It's interesting, but we don't know if Insurance companies see this as profitable, the way to do it would have to be studied, if there is insurance for almost everything, this should be done, but I think it would bring a lot of work for the insurance Staff , because it is certain that they would be Reaching the insurance limit all the time, for this reason it may not have been released, but it would be interesting, normally there is Insurance for cars , but for games of Chance I think they would have to start the casinos and that for VIP clients.

milewilda

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Quote from: Hispo on August 22, 2024, 11:53:37 AM

Quote from: Ultegra134 on August 21, 2024, 05:20:48 PM

Quote from: Hispo on August 21, 2024, 04:27:56 PM

Actually, it would not make sense as a business model because a couple of obvious reasons: First of all, the money claimed after suffering an important gambling loss could still be used to gamble, that fact undermines completely the usage and the security an insurance is supposed to provide for the person paying for it. The second obvious reason would be the statistics behind gambling itself, as the majority of people will end up having several small losses or a considerable big loss to the casino. It is all summarized in the fact that within a casino it is easier to lose money than actually earning it from luck alone.
There is no profitability in a business like that, and we all know there is all about profit.

Of course, it doesn't make sense; who in the world would profit from it except the gambler itself, and what would the insurance provide? Reimburse you for wasting away your own money? Gambling will then become a risk-free investment, with the insurance companies at a loss, as you could claim every loss through insurance. Even if it had limitations, it still wouldn't make sense for such a service to exist. I know that the OP's question is completely hypothetical, but anyone with common sense can agree that it's completely unreasonable.

It is unreasonable as an idea a business model itself, so I doubt one could turn it around somehow for the insurance company to take advantage of it some how. Actually, there must be some articles within the contracts of insurance companies which specifically say whatever is under insurance is not coverred by loss by gambling. Imagine you hire an insurance plan for your house or your vehicle, that contract will likely protect your goods from being stolen or destroyed in a natural catastrophe, but if you decided to use your own house or vehicle as a gambling collateral, the insurance company would turn you away and say gambling is not part of the cover. If that was not part of the standard contract of those companies, people would have already committed insurance fraud to the extent of bankrupting those insurances for millions of dollars. Roll Eyes

If ever that an insurance company would emerge out on which including up gambling into their list then of course everything would really be that basing or depending on the contract on which this one would really be something understandable that they would really be setting out that limits or boundaries on where they would really be just that able to covered up if just incase that there would be claims. Just like the rest been saying that this is really that indeed a business and it would really be that understandable that they would really be needing up to make profits or money with those premiums that been paid up, but just like on what most people been telling that it would really be that impossible that they will really be having this. Why? gamblers are always be losers and the end and this one would really be that very common that they would really be keep on fall in line on everyday into the office just to have those kind of claims. Grin

baeva

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Quote from: ultrloa on August 22, 2024, 06:47:06 AM

Quote from: tread93 on August 20, 2024, 12:19:12 PM

An insurance mechanism built for covering a huge loss. Maybe you incurred a losing bet say on a gambling trip with your buddies (group gambling insurance would be interesting too) or maybe purchased as a hedge against a bad habit for some addicted gamblers? I don’t think such a thing exists but if it did it would surely save you if you lost too much money or all of your money. Surely it would be much too expensive. I wonder if something like this is out there though or ever been discussed……

Then imagine how many companies will shutdown their operation if they allow to cover up those gambling losses. We don't see any company doing that since its not profitable in their side if they accept such type of coverage. For sure more whales take advantage in their plans since provably they know that they can still something even though if they lose. And to bad for the company if there are multiple claims will come in their side since maybe they go bankrupt in that state. Gambling is fast moving so provably there's bad things will happen in their company if they allow this plans.

So maybe this is the reason we don't see this exist since casino know that declining it would beneficial to their company and they can get huge profits for other plans. So expect that they deny or won't allow to have this option

This area of business (insurance) has been around for years and they have invented everything they can, so if there was an option to somehow make money from insuring players, which sounds absurd - we would have seen something like this a long time ago. In reality, it sounds like a way to make money only for the player who will go to play and even if he loses, he will be compensated by the insurance company. In short, the idea itself is bizarre.

Findingnemo

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Quote from: tread93 on August 22, 2024, 02:23:07 PM

Yeah I can see the claims being paid out would be extremely high since most people do lose when they gamble. But still isn’t the prospect of this idea attractive? I mean if they could figure out a model that is profitable still or at least sustainable this would also be extremely lucrative for the gambling industry.

I don't find any feasibility for them to exist unless a math genius can really come up with a way that can make this idea into a profitable one but until that this is just an idea that no one even bother considering it cause we obviously know the results.

And I don't think gambling house are not really into this area cause it's totally different and it falls under finance so someone from finance sector has to take a look and think of it. And it's better off let it be this way which is more fun though.

tread93

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Quote from: Findingnemo on August 20, 2024, 03:02:27 PM

Quote from: tread93 on August 20, 2024, 12:19:12 PM

An insurance mechanism built for covering a huge loss. Maybe you incurred a losing bet say on a gambling trip with your buddies (group gambling insurance would be interesting too) or maybe purchased as a hedge against a bad habit for some addicted gamblers? I don’t think such a thing exists but if it did it would surely save you if you lost too much money or all of your money. Surely it would be much too expensive. I wonder if something like this is out there though or ever been discussed……

It's not a thing and if it's something exist then everyone will just bust their balance hope to get life changing money without even worrying about being broke and insurance only work in certain ways let's assume car insurance for example everyone buy car insurance but only 5 out of 100 face accident or whatever so the company can able to pay for those 5 from the profit they made from the remaining 95, here everyone will go for it so insurance company will go bankrupt immediately.

Yeah I can see the claims being paid out would be extremely high since most people do lose when they gamble. But still isn’t the prospect of this idea attractive? I mean if they could figure out a model that is profitable still or at least sustainable this would also be extremely lucrative for the gambling industry.

hedgeh0g

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Quote from: Dr.Bitcoin_Strange on August 22, 2024, 01:11:10 PM

If there was anything like gambling insurance or if it was possible or very necessary to have something like gambling insurance, then it would have been in existence since gambling first started in the ancient days. But I feel it was not really necessary to have anything of such despite the huge amount of money that some rich dude like drake have lost in gambling, it didn't matter to them to came up with such idea. Gambling is not an investment, it's not an asset and it is never a sustainable source of income, so it can not have insurance over gamblers losses.

In fact, such a mechanism would help not to lose huge amounts for those who cannot stop at the right moment or are addicted to the game. Perhaps casinos and other gambling establishments do not really want such mechanisms to be invented, because this can significantly affect their profits. If we take what I know, then in some countries you can write a restriction on the game, but this restriction prohibits playing for several years, these are too strict conditions and they do not really suit us.

In general, when I first saw your topic, my brain immediately compared it with trading and stop loss, which limits our losses when trading if the asset goes in the opposite direction from what we expected, but I have not seen anything similar in gambling.

Dr.Bitcoin_Strange

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If there was anything like gambling insurance or if it was possible or very necessary to have something like gambling insurance, then it would have been in existence since gambling first started in the ancient days. But I feel it was not really necessary to have anything of such despite the huge amount of money that some rich dude like drake have lost in gambling, it didn't matter to them to came up with such idea. Gambling is not an investment, it's not an asset and it is never a sustainable source of income, so it can not have insurance over gamblers losses.

Huppercase

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Quote from: tread93 on August 20, 2024, 12:19:12 PM

An insurance mechanism built for covering a huge loss. Maybe you incurred a losing bet say on a gambling trip with your buddies (group gambling insurance would be interesting too) or maybe purchased as a hedge against a bad habit for some addicted gamblers? I don’t think such a thing exists but if it did it would surely save you if you lost too much money or all of your money. Surely it would be much too expensive. I wonder if something like this is out there though or ever been discussed……

Maybe it there is but I have never thought something like this will ever exist, not in something like this because insurance companies are careful with the kind of service they provide for people. People don't really establish insurance company that will make customers coming around for money unless in rare occasions like car accidents, having a bad illness that may require some funds, these are the things that doesn't happen frequently and that's the insurance you see around.

How do you even open a casino insurance when there are addicted gamblers everywhere, you will be having frequent visits from them how they lost the money deposited just yesterday unless the insurance company will have their own policy based on deposits per how you gamble. If you gamble all the time, you will be asked to deposit an insurance anytime you wager but I'm not even sure if this will go well. This time of insurance would fold up quickly.

bangjoe

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Quote from: Charles-Tim on August 20, 2024, 12:36:17 PM

If it is about insurance, no insurance company will have that option. The reason is because gambling is highly risky and most people that are gambling are losing money (in a short time) than they are winning. I do not think there is any existing gambling insurance. No insurance company is foolish.

The idea is quite interesting but it doesn't make sense for gambling, which is indeed a very big risk in gambling, just a little time can wipe out our money if we are impulsive in gambling, and insurance companies are unlikely to save people like that.

I think it's better for people to invest in crypto assets “of course with certain conditions” than in gambling, which fool would do such a thing, after all, investment companies need to get profits and clear monitoring in assessing their customers.

Hispo

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Quote from: Ultegra134 on August 21, 2024, 05:20:48 PM

Quote from: Hispo on August 21, 2024, 04:27:56 PM

Actually, it would not make sense as a business model because a couple of obvious reasons: First of all, the money claimed after suffering an important gambling loss could still be used to gamble, that fact undermines completely the usage and the security an insurance is supposed to provide for the person paying for it. The second obvious reason would be the statistics behind gambling itself, as the majority of people will end up having several small losses or a considerable big loss to the casino. It is all summarized in the fact that within a casino it is easier to lose money than actually earning it from luck alone.
There is no profitability in a business like that, and we all know there is all about profit.

Of course, it doesn't make sense; who in the world would profit from it except the gambler itself, and what would the insurance provide? Reimburse you for wasting away your own money? Gambling will then become a risk-free investment, with the insurance companies at a loss, as you could claim every loss through insurance. Even if it had limitations, it still wouldn't make sense for such a service to exist. I know that the OP's question is completely hypothetical, but anyone with common sense can agree that it's completely unreasonable.

It is unreasonable as an idea a business model itself, so I doubt one could turn it around somehow for the insurance company to take advantage of it some how. Actually, there must be some articles within the contracts of insurance companies which specifically say whatever is under insurance is not coverred by loss by gambling. Imagine you hire an insurance plan for your house or your vehicle, that contract will likely protect your goods from being stolen or destroyed in a natural catastrophe, but if you decided to use your own house or vehicle as a gambling collateral, the insurance company would turn you away and say gambling is not part of the cover. If that was not part of the standard contract of those companies, people would have already committed insurance fraud to the extent of bankrupting those insurances for millions of dollars. Roll Eyes

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Quote from: tread93 on August 20, 2024, 12:19:12 PM

An insurance mechanism built for covering a huge loss. Maybe you incurred a losing bet say on a gambling trip with your buddies (group gambling insurance would be interesting too) or maybe purchased as a hedge against a bad habit for some addicted gamblers? I don’t think such a thing exists but if it did it would surely save you if you lost too much money or all of your money. Surely it would be much too expensive. I wonder if something like this is out there though or ever been discussed……

Do you really understand what insurance is about? It's just a way to help you reduce future risk and nothing more which can vary from illnesses to your property. It's not like when you gamble everyday, you win and then perhaps you gamble one day and make huge loss. In gambling, you are likely to make a rapid loss than you will even make from profits, do you now expect insurance company to pay you anytime you lose money to casino? Bad idea and bad business.

If we look at it from user end, do you have the money to cover up for the insurance? You know that you have to pay the insurance company for every game you play if we want to go by your own way of been insured and I think this wouldn't go well again on the company side. It will look like you are even gambling with the insurance company in my opinion.

Forsyth Jones

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In order to have insurance for any item or type of activity in which the owner may lose assets, the loss statistics must be lower than the profit obtained by the insurance company through its clients through insurance contracts. With the profits from the insured, the insurer must be able to pay the other clients who activate the insurance. This is the insurer's business.

I can't imagine this happening in the betting market, since it depends a lot on luck, and most players lose out. If betting insurance existed, most players would activate it all the time and there would be no way for the insurer to make a profit on the business.

What does exist and works as a marketing strategy for casinos are the famous deposit bonus and other types of bonus.

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Quote from: Onyeeze on August 20, 2024, 04:07:16 PM

Quote from: BABY SHOES on August 20, 2024, 12:45:10 PM

Gambling is risky and losing money in gambling can be instantaneous, so what company would take the step of providing insurance for gambling? Maybe if there are insurance claims this will come every day thousands because we know almost most gambling players lose their money in gambling games.

So there will be no insurance in gambling...
Gambling is our own responsibility so we must be able to control it because if we lose there will be no one to cover it.

most people know what you're saying, because when looking at gambling is clear that the money you lose in gambling you're not going to recover it, in gambling you have to understand that gambling is something that has to do with luck and if you don't take good care of yourself I think that you will not understand properly how to control yourself in gambling, people who knows gambling does stake much money on it, knowing that the risks is chance of 70/30, losing is like 70 why wining is like 30, so that's why people who knows gambling always take precaution of gambling before they gambled.

Even in gambling chasing losses is mostly losing rather than winning to get money back.

I understand now in this gambling control is still being honed how to limit correctly and not overdo it in gambling games means always learn from experience and it will be a valuable lesson.

People know that gambling does not keep winning, so just entertainment then you will not bother to lose money.

YOSHIE

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Quote from: tread93 on August 20, 2024, 12:19:12 PM

Could there possibly be gambling insurance?

I think no insurance will want to include gamblers in their queue list, if gamblers are included in the gambling list, maybe we will see hundreds of people every day queuing to make claims for gambling losses, I think that's a bad idea for insurance companies, especially what physical documents can be trusted for insurance claims.

Insurance claim conditions:

Quote

1. Make sure the event or risk that occurs is listed in the policy.
2. Active insurance policy status.
3. Skip the insurance waiting period.
4. Claim requirements are met. ...
5. Does not violate the principle of good intentions.
6. Complete the insurance claim submission form.
7. 2. Include original documents, medical records & bills.

In my opinion, all the requirements above are not included in gambling, so clearly insurance is not needed in gambling, what's more, in some countries gambling is illegal and in others it is not allowed.

Jawhead999

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Having insurance in gambling is simply telling the casino how to ruin their project, any businessmen never want to destroy their business instead they will try everything they can to make their business survive.

Although what discussed in this thread sounds bizarre, your thread reminds me with my country who have idea to give financial aids to gamblers who're in loss. It's not an insurance, but it's still related with money. Cheesy

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Quote from: tread93 on August 20, 2024, 12:19:12 PM

An insurance mechanism built for covering a huge loss. Maybe you incurred a losing bet say on a gambling trip with your buddies (group gambling insurance would be interesting too) or maybe purchased as a hedge against a bad habit for some addicted gamblers? I don’t think such a thing exists but if it did it would surely save you if you lost too much money or all of your money. Surely it would be much too expensive. I wonder if something like this is out there though or ever been discussed……

Then imagine how many companies will shutdown their operation if they allow to cover up those gambling losses. We don't see any company doing that since its not profitable in their side if they accept such type of coverage. For sure more whales take advantage in their plans since provably they know that they can still something even though if they lose. And to bad for the company if there are multiple claims will come in their side since maybe they go bankrupt in that state. Gambling is fast moving so provably there's bad things will happen in their company if they allow this plans.

So maybe this is the reason we don't see this exist since casino know that declining it would beneficial to their company and they can get huge profits for other plans. So expect that they deny or won't allow to have this option

Topic: Could there possibly be gambling insurance? (Read 816 times)