Could there possibly be gambling insurance? - page 2.

aioc

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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……

An insurance company is a profit-driven company, so if they are going to insure your losses, they will make sure that they are not on a losing end and that they are going to make a profit from what you are going to insure. This is why insurance companies will not insure high-risk people like stuntmen.

The only people that insurance companies will cover in the gambling industry are developers and casinos
https://gginsurance.net/insurance-quote.

But they are unlikely to cover gamblers because of the high probability of losing compared to their winnings.

summonerrk

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I don't think there can be a mechanism that will later financially compensate the gambler for losses if he loses control over himself and completely loses his not small deposit.
In this case, you need to rely only on yourself and keep in mind that you will only be responsible for your actions to yourself. Or to your family if family money is spent. And for this, you need to work on your fortitude and the ability to control yourself.

Kelward

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I've never heard of gambling insurance before and I won't be surprised if nothing like that exists because it'll be a big lose for the insurance companies and the gamblers. I know that insurance companies collects money in the form of premiums from many insurers and compensates the unfortunate few insurers who are eligible. Being that we have more losers than winners in gambling, there's no way that insurance companies will not go bankrupt in compensating majority of gamblers who will be losing their money. Even if the insurance companies wants to be collecting high premiums from the gamblers to cover their loses, it won't make sense for gamblers to pay it. Why pay huge amount of money to insure where you're losing your money, that'll be double lose for any gambler and not worth it.

giorgione

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Quote from: TopTort777 on August 22, 2024, 05:26:22 AM

To me gambling insurance sounds like more gambling on top of gambling ...

Gambling insurance? But whoever does it does it! Do you throw money away first and then throw away more to cover yourself in case you lose? I don't really agree. You have to play to pass the time, you can't make a business out of it. So i agree with you

bitbollo

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I think that it could be possible to have such insurance even for gambling activity.
but it would really be profitable? I think no. And I think there will be enough limits and terms that would serious limit their use.
Gambling is a risky activity and no one would take such risk (or maybe will take but with a decent profit already secured).

TopTort777

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Quote from: coolcoinz on August 21, 2024, 02:25:21 PM

Quote from: TopTort777 on August 21, 2024, 02:34:47 AM

Gambling insurance sounds like a bs. Because a gambler seems to be a very smart guy. He wants to win, but if he looses, then insurance should cover his loss. That isnt fair towards other gamblers. That is going to cost hell of a tonns of money (I cant even imagine how to calculate that amount. Probably bet size = insurance cost + something extra, but nobody would agree for that) Insurance isnt a thing that gives money for nothing.

To me gambling insurance sounds like more gambling on top of gambling Cheesy

You put some money at stake before playing, so that if you lose the money you bet in subsequent games, that first stake (insurance) can make you square. But if you win, that insurance money is lost, because they will never pay it back to you and that's where the insurer profits. A bit counterproductive if you ask me because if you lose you get insurance, but if you win less than you paid for the insurance, you're going to be at a loss. So you want to win big or not win at all?

To me this idea of gambling insurance looks stupid, as if such exist, people would run to place huge bets with a though that they loss will be repaid. It will look like paying for insurance 100k, placing 1kk bet, loosing and getting 999k back. It will make insurance companies in no time. It will kill the idea of gambling as a game of luck, random and risk, as we get out of risk and luck. If someone is so scared to lose money, dont get at all.

betswift

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Quote from: lovesmayfamilis on August 22, 2024, 02:55:15 AM

Insurance in case of loss of all your finances, if it were supposed to be, you would not be paid assistance, but a specialist, paid in advance by the insurance company, would start working with you. This would be much more useful. That moment when a person is on the edge of his finances so that he does not completely lose his mind from games, he needs to be treated. And if the insurance is simply paid, it will also be quickly spent on continuing the game.

That's a good idea I got from this thread. It sounds a lot better than what was offered as insurance initially Grin

But it would be hard to implement, indeed.

lovesmayfamilis

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Insurance in case of loss of all your finances, if it were supposed to be, you would not be paid assistance, but a specialist, paid in advance by the insurance company, would start working with you. This would be much more useful. That moment when a person is on the edge of his finances so that he does not completely lose his mind from games, he needs to be treated. And if the insurance is simply paid, it will also be quickly spent on continuing the game.

betswift

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Quote from: coolcoinz on August 21, 2024, 02:25:21 PM

Quote from: TopTort777 on August 21, 2024, 02:34:47 AM

Gambling insurance sounds like a bs. Because a gambler seems to be a very smart guy. He wants to win, but if he looses, then insurance should cover his loss. That isnt fair towards other gamblers. That is going to cost hell of a tonns of money (I cant even imagine how to calculate that amount. Probably bet size = insurance cost + something extra, but nobody would agree for that) Insurance isnt a thing that gives money for nothing.

To me gambling insurance sounds like more gambling on top of gambling Cheesy

You put some money at stake before playing, so that if you lose the money you bet in subsequent games, that first stake (insurance) can make you square. But if you win, that insurance money is lost, because they will never pay it back to you and that's where the insurer profits. A bit counterproductive if you ask me because if you lose you get insurance, but if you win less than you paid for the insurance, you're going to be at a loss. So you want to win big or not win at all?

You are kinda right, there were also thoughts about the insurance being the person that would help you through the sessions, I think that was a better interpretation of it than a gamble for gamble, as you said Grin

Julien_Olynpic

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For an insurance company, this would be an absolutely unprofitable business. After all, every addicted gambler could buy insurance and go to a casino to lose any amount, and then demand compensation from the insurance company. Basically, insurance companies deal with such insurance events that occur beyond a person's will or do not depend on him in any way. Or they depend, but in such a way that no normal person can or will not contribute to the occurrence of such an event. Such events can be fires, floods, earthquakes, car accidents, loss of life and health, and other events that depend little on a person's will or do not depend on it at all. At the same time, these must be statistically rare events for it to be profitable for the insurance company. Addicted gamblers constantly lose money, take out loans, lose it again, and this goes on for quite a long time.

ethereumhunter

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Gamblers will be like if there is insurance for their losses because they don't have to be afraid if they lose as they can get their money back. But that makes the company insurance in trouble because many gamblers will playing gambling without control and that can makes a gambling addiction problem to many people. They will not thinks about controlling themselves in playing gambling.

Gambling is business so there is no insurance for gamblers who lose their money. That will gives bankrupt to the company if they give that program to gamblers so that will not possible for gamblers to have insurance because of their losses. That will makes gamblers don't learn anything from their losses because they thinks they will get their from the insurance if that is exist.

Oasisman

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

An insurance mechanism built for covering a huge loss.

Nah. Even an idiot business man won't do that. Gambling losses are inevitable which occurs more frequently up to 80%-90% of the gamblers every single time. So, that basically means you are going to cover that percentage on the total policy holder registered to your insurance firm. That obviously sounds very unprofitable, right? lol.
If there's such thing like an insurance in gambling, that, will never going to be something that covers losses, but it's more of a preventive tool to avoid further losses.

crwth

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I don't think a lot of people would really invest or buy policies for gambling because it's too volatile IMO compared to other stuff. It has factors like the mindset of the person and the ability of gambling of the person and it's not always going to be predictable and insurance policies are doing it because it can be quantified with calculations.

famososMuertos

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I don't know very well what you are trying to "raise," but... anyway...

I'm going to mention what does exist and what I know:

Back in the first decade of this 21st century it was very common to have a community bankroll to play poker, so when someone in the group "blew" their deposit (money-wallet) a user send them a tip so they can start again, obviously with the return of that deposit or internal shipment on the platform.

Nowadays there are poker players so good that they can play a tournament spending "0$," they just playing, and they charge for it the established "%", which goes by phases in the percentage according to the prize they receive, that is, there is a percentage for the final table and another for outside it.

That last one is an "insurance" of spending not 100% of buy-in it on the payment of a tournament, and you will think, there are inexpensive tournaments, well, this weekend a $300,000 buy-in tournament is being played and most likely half of the players are only paying a percentage of that entry.

junder

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Quote from: Juse14 on August 21, 2024, 04:30:41 PM

It is tempting to picture insurance to cover gambling losses, but in the real sense, it would be an extremely difficult concept. Insurance is typically designed to protect against unexpected risks that are outside of what a person can control, while gambling is high-risk behavior that is knowingly engaged in. It would be next to impossible for an insurance company to underwrite premiums and take on the risk management of gambling risk. And insuring a bad habit like gambling would encourage people to take greater risks—precisely what insurance is not supposed to do in the first place. So, while the idea is attractive, such insurance remains highly unlikely.

that's right, gambling is one thing that is definitely risky and the risks that will occur will definitely be experienced by everyone who does it and for the future the decision is up to them whether to limit their behavior towards the risk or even continue to approach it. when someone gambles and experiences a big loss then they say they did it unconsciously it doesn't make sense, because clearly the actions taken are based on themselves so they definitely think about the risks but maybe they can still lose by their desire to win.
now if gambling companies face insurance for those who lose, of course I think this will make those who are addicted to have the opportunity to gamble again. I'm not sure many people experience big losses but I think there are many gamblers who experience losses and if they have to get insurance I think gambling companies will go bankrupt. Grin

Yatsan

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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……

So as far as i understand it, special insurance for gambling losses is an attractive and uncommon idea. All risks in standard convention insurance usually include damage to property or health or issues of liability but exclude gambling losses due to the high risk and individualistic nature. There hasn't been any kind of standard insurance covering the case of gambling losses, and discussion has become central around the concept. Some trade groups provide financial solutions, but insurance against losses from gambling is rare. Health insurers, on the other hand, do treat gambling addiction and provide help in various ways through therapy and counseling. Casinos and sportsbook products sometimes have features to manage losses, but these are more about managing risk than insurance per se. While the idea of group insurance over gambling with friends covering one another's losses, is an excellent one, it would prove very hard to maintain and adjust accordingly. On a holistic level, though insurance against gambling losses is rendered futile, help from professionals, while appearing intrusive can offer a feasible solution regarding finance advice and gambling behaviors.

passwordnow

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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……

That's a business charity then. But my thought on this if ever a company is planning to put up an insurance business for the gambling losses. This is the easiest business model that they'll do. For every $100 loss, they'll have to cover it for just about $50-$75 then there goes the 25%-50% mark up for the insurance business.

So, $100 worth of insurance can give that refund if ever a gambler claims his insurance. No one in the insurance business will put up a model that for a few bucks, they'll have covered thousands of losses. That's just the fastest way to bankrupt their company's fund.

Quote from: Frankolala on August 21, 2024, 05:02:05 PM

I don't understand is it the casino that needs the insurance or the gambler because if it is the gambler

He's talking about gambler insurance and yes, it doesn't really make sense at all. While a casino getting an insurance for their establishment and business, that's a normal thing but for a gambler's loss, it isn't.

wheelz1200

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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 don't think this is possible. If ypu want to hedge your bet either bet smaller or once ypu bet big before the game starts bet the other side a smaller amount to hedge your first bet. Otherwise no one would insure loses that would end up being bad for the insurer amd good for the gambler. Doesn't make financial sense for one of the 2 parties. If ypu are that afraid of losing bet small.

Ultegra134

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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.

Frankolala

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I don't understand is it the casino that needs the insurance or the gambler because if it is the gambler, it sounds funny because how will the addicted gambler be able to raise funds to pay the insurance company. He cannot take care of his family responsibilities because he is busy chasing his losses.

Gambling is not seen as a means of profit or business or a life time investment an d that is why no insurance company will fall so low to insure a gambler when they know the risk involved in gambling and some of them dislike gambling.

Topic: Could there possibly be gambling insurance? - page 2. (Read 805 times)