Topic: Could there possibly be gambling insurance? - page 5. (Read 805 times)

Insurance services for gamblers are definitely an innovative plan. But there is no such thing at present in the world. If one plans something like that, it must be difficult to manage. If it is possible to determine its exact parameters and policies then it will definitely add a different dimension to the gamblers. But I think it is definitely challenging. If such insurance is in place, the financial instability of gamblers may increase as they feel they have no risk of losing. Rather, they may behave aggressively toward higher stakes. Moreover, how those who will run the organization will take premium from the gamblers is also an important issue which no one seems to be able to provide any solution. While insurance is a good idea for risk mitigation, I find it implausible to think this way when it comes to gambling. Gamblers will never be able to pay high premiums as winnings in gambling are uncertain.

I think it's all about individual choices. If the policy is implemented some people would choose the gambling insurance and some others would not because, on a normal note, it doesn't make sense to me at all. However, it's a personal decision. There might be benefits in it because it will help reduce gambling stress.


I like the idea a lot. It will help so many gamblers, what they need to do is to employ someone who tracks their gambling activities and get paid monthly. If you look at it properly you will find out that gambling without control how more expensive than employing a gambling aid personal.

I get your idea but I don’t think paying someone to help monitor your gambling activities is a healthy one because at the end of the day, you might not even stay true to yourself and the person you’re paying to monitor you because we already have the online casinos helping to cut the bridge of physical casinos.

I think I’ve seen a casino offering insurances and the last time I checked, it was really expensive and at some point, I think the insurance is already a good option if the rate will be reviewed as I think some casinos or third party agents might want to take upto 80% of your winning if I’m not not and maybe give you some % of your capital if you loss.

When a risk is both highly likely and potentially very damaging, it becomes extremely costly and challenging to insure. Only those willing to gamble would take on such a risk, as it’s almost like putting a knife to your own throat. In situations like these, no one else is likely to step in to cover that kind of risk

i have not heard of any of such thing, in as much as this may sound really beautiful and interesting that it should be done, i don't think its going to make a lot of sense or even going to be a profitable one for those in the insurance business at all. because, insuring a gambler is not looking profitable as he's chances of not loosing a game are almost not there so he will be needing the policy to stand in for him almost every time,  such situations will not allow the insurance policy to thrive enough so its not going to be a good deal for the insurance company.

i believe if there was any of such, most gamblers would have explored the option so as to get one because for them it will sound like a sure bet for them to getting their funds back even after suffering loss at the casino.

Hmmm, I don't think insurance is built for stuff like that? Not to mention that I don't think losing money in a gamble counts as a valid reason for insurance in the first place. It's not going to save you money that's for sure. Instead, it's probably going to lose the insurance company a LOT of money. I'd just imagine insurance companies receiving calls from their customers every single day about them "accidentally" losing money when gambling lol.

At the end of the day insurance companies are still businesses and I don't think venturing into gambling as an insurance would provide them profit, if any, at all. Otherwise, we would have probably seen companies offering them in the first place! That, or we would've already seen countless scams about it lol.

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.

Indeed. How could they possibly make money on such a policy? Not to mention I don’t know how they’d properly investigate claims. People always need to remember that gambling is a form of entertainment that you pay for, not a job. Insuring against gambling would be like trying to insure against spending too much on merchandise at Disneyland.

I did a brief search on the internet, checking for any insurance that offers policies on gambling losses and found none. What is popular is the insurance policy for gambling firms against unforeseen losses. I don't think insurance firms will make a profit if they offer such services since gambling is risky and unpredictable. Such a gambling policy can make someone gamble recklessly and incur losses that are far above the premium they contribute. Maybe an innovative insurance firm can consider such a service in the future. The policy might include the amount of premium and a limit to the amount of loss that the policy will cover.

IS taking insurance itself not like gambling, because i don't even know the actual benefactor of this act the most, gambling organizations cannot make insurance because they know that in gambling, people often lose than they win, so taking insurance for them will be like when they gambling and lose the bet, there is still a backup means through which they can recover their money back, insurance can work in other settings or sectors built not in gambling.

This is interesting. Imagine if there were such a thing as insurance against the enormous losses resulting from a bad gamble. Perhaps this would give gamblers some feelings of security, particularly those who are big risk-takers or those who have fallen into heavy gambling. However, if such a product were available, the premiums would be very high ones because of the speculativeness. The risks are likely to be prohibitive in any case.

However, this kind of insurance can have some adverse effects, like making the gamblers up their risk so that they feel "safe" due to the insurance. This could lead to making gambling problems worse for individuals who are already unable to control themselves.

Gambling insurance is not currently in existence as a formal or commercial product. Yet, the very concept warrants some interesting conversations. If ever mooted or even developed, such an idea would have to be heavily regulated and very sensitively introduced to ensure the product was genuinely useful and did not actually make the problem worse for gamblers.

I do not think that there is a company in its right mind to issue insurance for gambling losses.  It would be a huge loss for the insurance company if they offered a gambling insurance since we all know that gambling if played recklessly always ends up at a loss.  Just imagine an insurance company paying more than what they receive from the insurance payment of the gamblers, the company will easily shut down due to early bankruptcy.

An insurance is meant to cover an emergency situation which is not expected to happen often, like a car accident, or a burnt house. An insurance to cushion the effects of addictive gambling will be run through faster than they can be saved up.

Best approach is to try and fix the addictive gambling situation

You want insurance? Keep your money in a savings account and earn 5% with zero risk on it. That is the equivalent of a 1.05x multiplier bet on a gambling site and there is no chance of losing your money (if the government in your country insures bank deposits). People get into sports betting because they are usually chasing a high reward to high risk ratio. There is insurance on various betting sites and it is usually connected with multibets/parlays, where you have to place a minimum of 5 legs and if one fails then you can still win on the remaining four. The thing with insurance is however, that it is going to eat away at your profits because the house is not going to give it away for free and charges you a price for that coverage (often in the form of lower odds).

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.

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.

Will this not just encourage gamblers to take more unnecessary gambling risk knowing that they have insurance that can cover up for them in case they loose? and how many times will be insurance company be able to provide support for losses. Insurance is usually for incidents or situations that do not happen every time, like an accident, or some kind of loss of property. Huge losses in gambling can happen more often than usual, so how many times will an insurance company be able to cover up for these loses?

Nope. there would be no such thing to be existing considering that gambling is risky then no insurance company would really be trying out to include gambling into their list on which it is really just that suicide
if ever they would be including it on which we know that gamblers do mostly that ends up on losing their money in the end when they do play gambling. If ever there would be some insurances in correlated or
in line with it then it would really be that truly expensive because we do know that these things are running business on which they would really be thinking up about their advantages and benefits on which they
would really be trying out to get advantage on but dealing up with gambling scenario then they would really be getting bankrupt on trying out to compensate all of those losing gamblers. 

On personal perspective or gamblers point of view then it would really be something that makes you that confident if ever these things exist because you do know that there's something behind that
will save you up just in case that you would really be that losing money and this is why they would really be continuing on playing even more. Just like been said if ever this one existed then
the premium that you would be paying up for such insurance would really be that just that too expensive and they would really be making up with those brackets on when they would
really be able to compensate or whatever terms they would really be setting on.

I don't think any insurance company would entertain such ad this is like giving a free license to gamblers to become addicted because there is a backup, truth is that even when they receive the insurance, they would still blow it up since a bad habit follows an individual like bad Oduor. Gambling addiction is not a rational tragedy to be insured against, it's such that a gambler can bring on himself whenever he wants, which defeats the motive of insurance.

It is pointless having such insurance and any insurance company that grants such would never be profitable from that line of business.

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.