Topic: Could there possibly be gambling insurance? - page 4. (Read 816 times)
Insurance companies are thread to Incure for your loss, but not in something like gambling. Yea it looks much like what they offer but they won't be so stupid to offer such services to customers. If they do, alot of reckless gamblers would use this idea to rub their company as they have it in mind that there's always a backup Incase they loss all their money in a single bet so the word being careful would be far away from their taught while they play. Others no such insurance company our their, non that I've heard of. As a gambler, our loss is our responsibility to Incure for having an insurance for gambling loss is like taking loan for a company so you can continue your gambling activities.
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.
I think it's bad business, imagine if you are the one who owns that company. How are you going to get some profits? Then, will the gambling sites agree with you that the losses of those people will be given back in some manner? Nah, I don't think so.
What they want is to keep on taking, not giving. It's called gambling for a reason. I do like the idea but how will the mechanism work? It's nice to hear getting back a possible amount of money if you are the gambler and lose but I don't think the business owners will like it too.
I think this is where the feature "rakeback" comes in. It's much better if they will just increase the percentage of rakeback instead of an insurance.
What they want is to keep on taking, not giving. It's called gambling for a reason. I do like the idea but how will the mechanism work? It's nice to hear getting back a possible amount of money if you are the gambler and lose but I don't think the business owners will like it too.
I think this is where the feature "rakeback" comes in. It's much better if they will just increase the percentage of rakeback instead of an insurance.
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……
Well, my take on this idea is a losing business. Of course, I expect the price to be too high, which is not affordable for the majority, making gamblers just ignore it. Of course, if I am a gambler, I don't spend money on this insurance; I'd rather spend it wisely on a platform that would multiply my money, not on a platform that only ensures our losses. Whether we like it or not, the money we lose can't possibly be taken back. Buying insurance like this is just accepting the situation that we are going to lose. If we have to spend time analyzing whether we can benefit from this insurance, we certainly don't; instead, we are losing more. Others might like the idea, but I don't think I buy that gambling insurance idea. It's likely, basically, that you are given an agreed sum of money to a third party to hold for you, and you will still pay them a fee for such service. If, by any chance, you blow up all your life saving, the money you save with them as insurance will come to your rescue.
Instead of that, why not spend some of that money on getting yourself a real specialist in terms of gambling who will be checking your gambling activities on a regular basis and you will have to pay them to prevent you from getting addicted to the game instead of being paid back your own money for losing everything to gambling?
Instead of that, why not spend some of that money on getting yourself a real specialist in terms of gambling who will be checking your gambling activities on a regular basis and you will have to pay them to prevent you from getting addicted to the game instead of being paid back your own money for losing everything to gambling?
I like the idea of paying someone to check on your gambling activities whereas limiting chances of becoming more of an addicted gambler,but about insuring ones money to a third party won't be nice at all but the both of them sounds alike interms of getting yourself a specialist to manage your gambling activities and insurance,they are almost the same cause you tend to pay the specialist also for doing so then for insurance you'll pay a certain fee for service charge or whatever.
So for me none of them is advisable it's just that the gamblers need to learn to be discipline with his dealings with money if really it doesn't want to loose anything for whatsoever reason.
Yep. It's all in our hands, question is whether we want to try to become more responsible or not.
Others might like the idea, but I don't think I buy that gambling insurance idea. It's likely, basically, that you are given an agreed sum of money to a third party to hold for you, and you will still pay them a fee for such service. If, by any chance, you blow up all your life saving, the money you save with them as insurance will come to your rescue.
Instead of that, why not spend some of that money on getting yourself a real specialist in terms of gambling who will be checking your gambling activities on a regular basis and you will have to pay them to prevent you from getting addicted to the game instead of being paid back your own money for losing everything to gambling?
Instead of that, why not spend some of that money on getting yourself a real specialist in terms of gambling who will be checking your gambling activities on a regular basis and you will have to pay them to prevent you from getting addicted to the game instead of being paid back your own money for losing everything to gambling?
I like the idea of paying someone to check on your gambling activities whereas limiting chances of becoming more of an addicted gambler,but about insuring ones money to a third party won't be nice at all but the both of them sounds alike interms of getting yourself a specialist to manage your gambling activities and insurance,they are almost the same cause you tend to pay the specialist also for doing so then for insurance you'll pay a certain fee for service charge or whatever.
So for me none of them is advisable it's just that the gamblers need to learn to be discipline with his dealings with money if really it doesn't want to loose anything for whatsoever reason.
Others might like the idea, but I don't think I buy that gambling insurance idea. It's likely, basically, that you are given an agreed sum of money to a third party to hold for you, and you will still pay them a fee for such service. If, by any chance, you blow up all your life saving, the money you save with them as insurance will come to your rescue.
Instead of that, why not spend some of that money on getting yourself a real specialist in terms of gambling who will be checking your gambling activities on a regular basis and you will have to pay them to prevent you from getting addicted to the game instead of being paid back your own money for losing everything to gambling?
Instead of that, why not spend some of that money on getting yourself a real specialist in terms of gambling who will be checking your gambling activities on a regular basis and you will have to pay them to prevent you from getting addicted to the game instead of being paid back your own money for losing everything to gambling?
That sounds better, but I think it will be even harder to implement
I can not imagine if there is insurance exist for people who lose their money in gambling. That will makes the company lose their money too to gives back the money to people.
That is not the way to help people who lose their money or have gambling addiction because that will only makes them still playing gambling. They will not cares with their lose because they can gets their money back and keep playing gambling.
The thing that must be done is gives explanation and help people who lose their money in gambling so they can aware that gambling can make them lose their money. People must realizes that gambling can not be the way to make money but only for have fun so they don't have to trying to make money from gambling.
That is not the way to help people who lose their money or have gambling addiction because that will only makes them still playing gambling. They will not cares with their lose because they can gets their money back and keep playing gambling.
The thing that must be done is gives explanation and help people who lose their money in gambling so they can aware that gambling can make them lose their money. People must realizes that gambling can not be the way to make money but only for have fun so they don't have to trying to make money from gambling.
Even investment has no insurance, how can gambling has insurance? 
There's no insurance in gambling, but usually the casino offer cashback, rakeback, membership reward, VIP reward etc which give you some return from your total wager.
The only insurance that possible in gambling is covering up rehabilitation cost for gambling addict. So let's say the insurance will work after someone gamble more than what they earn annually.
It doesn't cover the losses, but it does prevent you to end up being a homeless.
There's no insurance in gambling, but usually the casino offer cashback, rakeback, membership reward, VIP reward etc which give you some return from your total wager.
The only insurance that possible in gambling is covering up rehabilitation cost for gambling addict. So let's say the insurance will work after someone gamble more than what they earn annually.
It doesn't cover the losses, but it does prevent you to end up being a homeless.
Could there possibly be gambling insurance? gambling insurance would be a f*cking crazy concept in my opinion. Lets just Imagine buying a policy that kicks in when you've blown your bankroll after a you play crazily on weekend. and insurance company kick in and you get your money back hahah.
I don't think this kind of insurance would exist in the real world because it would big loss for the insurance company and winning for the gambler. I mean just stick to the old-school settings: Set a budget to play gambling and probaBLY you are not gonna blow up your account
I don't think this kind of insurance would exist in the real world because it would big loss for the insurance company and winning for the gambler. I mean just stick to the old-school settings: Set a budget to play gambling and probaBLY you are not gonna blow up your account
Insurance companies are businesses, they will not want to get involved in something that has a high potential to harm them, since gambling is an activity with a high risk of someone experiencing a loss, and no insurance company wants to cover the losses of these gamblers. Insurance companies have their own calculations in their business, they do not want to lose, so they will only get involved in things with a lower potential for loss, such as health insurance, vehicles, cargo, etc. As for gambling itself, they probably wouldn't want to get involved in it.
I don't think something like that exists, put yourself in the insurance company's shoes, let's say you charge a mensual amount to cover the loss, let's say $1000/month to cover a loss up to $10,000, then the gambler goes and loses $10k, that way the insurance company would be losing 9k and it would take 9 months to recover the amount for them. And if the gambler is addicted and he loses another $10k the next week the insurance company wouldn't be able to pay that because they are already in red numbers.
Since it is not a business for them, then it's impossible to create a product like this.
Since it is not a business for them, then it's impossible to create a product like this.
I don't think there is any gambling insurance anywhere, even in countries that legalize gambling I don't think there is any insurance. because this is a business for the owner and for the players they only need to spend money to be able to play, but from the many players who are addicted if there is insurance it could be an encouragement for them to continue gambling without worry, while I think there is no responsibility that must be done other than from the player himself.
gambling is just a risky game but it will not be risky for us to do it healthily with the limits set so that addiction does not occur.
in my country gambling is prohibited, with currently many cases that have occurred because online gambling is quite a scene making news that for those who are addicted and have lost a lot of money will get social assistance from the government and I think this is the same as insurance, but the public's response is not to be aware not to gamble anymore but they will continue to gamble because they feel there is help that will be received when they experience financial ruin, this is completely unreasonable.
gambling is just a risky game but it will not be risky for us to do it healthily with the limits set so that addiction does not occur.
in my country gambling is prohibited, with currently many cases that have occurred because online gambling is quite a scene making news that for those who are addicted and have lost a lot of money will get social assistance from the government and I think this is the same as insurance, but the public's response is not to be aware not to gamble anymore but they will continue to gamble because they feel there is help that will be received when they experience financial ruin, this is completely unreasonable.
A good idea but it seems like no one wants to open insurance for gambling regardless of how much it costs because it is the same as legalizing gambling and providing a sense of security to the parties involved (gamblers) they will continue to gamble without having to worry about losing a lot of money because their losses have been covered
insurance parties and gamblers will increasingly fall into uncontrolled gambling.
Basically gambling is a risky game I think only they themselves are responsible for themselves don't expect too much that someone will create this idea because I think many people will disagree.
insurance parties and gamblers will increasingly fall into uncontrolled gambling.
Basically gambling is a risky game I think only they themselves are responsible for themselves don't expect too much that someone will create this idea because I think many people will disagree.
Insurance is generally for financial security of one's life, there are many categories of insurance but among them I don't think there is any insurance system for gambling loss. In developed countries, especially those countries where gambling is officially sanctioned, if ever possible, gambling insurance can be provided in those countries, but in other countries, this is not possible.
In my country people don't give much importance to insurance now because the insurance companies make a lot of trouble with the customer in times of need due to which the customer suffers a lot of harassment. But still some people take insurance but that category of insurance is that if the person dies while depositing the money or if he gets sick and gets hospitalized due to an accident then he promises that the insurance company will pay the expenses.
In my country people don't give much importance to insurance now because the insurance companies make a lot of trouble with the customer in times of need due to which the customer suffers a lot of harassment. But still some people take insurance but that category of insurance is that if the person dies while depositing the money or if he gets sick and gets hospitalized due to an accident then he promises that the insurance company will pay the expenses.
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……
Impossible!
All insurance works with the probability of profit in your favor, knowing that the amount of money that enters your coffers will always be greater than the probability of money that goes out to pay the insurance to one of your clients.
So I ask you: Do you believe this scenario exists in gambling?
Even if the insurance conditions involve paying a percentage of the profits too (when you win), the probability of loss is always greater than the gain, so the insurance company will hardly be able to make a profit and still pay all its customers.
But... thinking that this exists and is viable. In fact, it will be very very expensive and accessible to few people. Would these few people prefer to pay for expensive insurance or also bet that money on gambling? Certainly the second option.
In short... this would never work in practice.
Others might like the idea, but I don't think I buy that gambling insurance idea. It's likely, basically, that you are given an agreed sum of money to a third party to hold for you, and you will still pay them a fee for such service. If, by any chance, you blow up all your life saving, the money you save with them as insurance will come to your rescue.
(...)
Exactly, this will not be loved by gambling platforms or financiers because some of them are greedy to make money, but with this kind of insurance, it's just a hindrance for them to make more money, they love gamblers who keep losing and keep betting on their platform.(...)
This is not gambling works if there's some insurance.
Insurance programs are aimed to situations which are not likely to happen, like accidents. A gambling insurance program wouldn't work, because it's likely gamblers lose more than they win on long run, especially if there is an insurance program backing them. This concept would encourage gamblers into being more careless and unresponsible with their money. It's not profitable for insurance owners, neither for gamblers, rather it's going to be profitable only for casinos.
So, it's definitely not a working concept of business for real. Nobody would be crazy to invest their money to start a insurance company focused on gamblers. Maybe to offer an insurance plan for casinos would be more realistic, because they are the ones profiting on long term.
So, it's definitely not a working concept of business for real. Nobody would be crazy to invest their money to start a insurance company focused on gamblers. Maybe to offer an insurance plan for casinos would be more realistic, because they are the ones profiting on long term.
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 really think any insurance company would want to come into play here, gambling is risky and isn't something an insurance company would want to come on behalf of anyone, except if there's a clear track good gambling winning record, and it must be done for companies who are involved in gambling and not for individuals individual gamblers. 
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……
Insurance companies like to make money, they insure things that they know are unlikely to have disasters in which they will lose money. For example, they insure health insurance with various packages because they know that people do not get sick every year very often. They insure cars because they know that people will make an effort not to destroy their cars while they are paying the insurance company every month. Now, if they insured gambling, they would go bankrupt in a few months because most of the time when people are gambling, they are losing money.
Jump to: