Topic: Income statement: can it be used to mitigate huge losses due to addiction. - page 2. (Read 445 times)

I highly doubt it would happen. Businesses at the end of the day aim to profit and no way in hell would they let the govt infringe on that specific right of theirs. At least from what I see now, no way they would.

But lets assume it would. 100% it would limit users but I reckon there'd be illegal casinos on the rise that wouldn't have those limits and gamblers would simply switch over. A playground without limits is a lot better than another that has one after all.

And then there's the issue with income statements not being accurate at times.

Income statements on gambling sites make sense. But there's a sizeable portion of people that earn outside of their income statement.
Earning income that you don't put on your tax statement is legal in most jurisdictions. For example maybe one year you have a yard sale, this income doesn't necessarily have to be declared because it's just goods being exchanged between individuals in small quantities in a one time event. It would be a huge time waste to declare this both for the state and the citizen.

Other small business processionals get lots of undeclared income by offering serviced to their friends and family. They give a good price and in exchange get paid in cash only. Also many labourers work with cash only to avoid paperwork and just declare a small portion of their income every once in a while when they take a big job. Generally there's lots of undeclared income to go around.

So where are all these people going to go? Should they drastically cut down their gambling or just start declaring all their income? Of this was implemented then many more people would start gambling in crypto I think

KYC or an abbreviation for know your customer, is a way in which companies can identify who their gamblers are as well as ascertain their financial capabilities. In other words, having this knowledge enables them to tailor realistic and sensible limits that would be appropriate on each individual based on his or her financial capability.

Also through KYC, companies will be able to monitor what gamblers are doing and easily spot any risky behavior while gambling. When such signs are noted (for example addiction), companies may choose whether action involves warnings provided or resources availed towards help or finally limiting the gambler’s access through the account.

Though there are individuals who are averse to the KYC process due to privacy concerns, its benefits in shielding gamblers from falling into addiction and huge financial losses are quite significant. Only those gambling companies that exhibit responsibility while being mindful of their social impact can contribute towards fostering a safer and sustainable gambling environment; hence, despite challenges in adoption (such as KYC and profit/loss reports) need for implementation is seen to have good impact on fighting gambling addiction.

You're right, this is the same case with cigarette addicts, but despite a lot of appeals and surveys on how harmful cigarettes are and some embedding of images of the effects of smoking, it won't diminish anything because addiction will make anyone forget about the negative effects that will occur.

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And about the income statement explained by the OP, it cannot be a benchmark to reduce losses due to gambling, just like the simulation about cigarettes earlier.
Those who gamble will continue to play and those who become addicts will remain the same and even more aggressive without appealing to the income statement.

Profit and loss statements will also not be available on private Online Casinos because some of the Online casinos are not officially registered, and it may also depend on the regulations of each government.

But maybe with the Profit and Loss simulation recorded by yourself as a reminder, maybe it will be an important note.
Records every transaction that occurs such as Deposits, Any bets on Matches or on the type of games played in such casinos and also records for each withdrawal.

So it can be seen from the records made in several periods, whether there are more profits or even more losses.
It will be a guideline and measure whether someone is addicted or not with a manual record of profit and loss made for themselves.

Despite how companies that produce cigarette publicize the negative side of their products, we have not seen any survey record saying numbers of smokers have reduced because of the fear of lungs disease etc. So if gambling companies or casinos release records of how much gambler bet from time to time, it won't matter anything. Even if they are limited on how much to bet on or deposit, they could bypass the system or open other accounts. The point therefore is that you can not really guide gamblers from not gambling to their satisfaction but you can earn them of such negative impacts on TOS and addiction is one of such effect. Casinos have such information in there terms and conditions and I think that is enough for a responsible gambler.

The same way people are able to manipulate KYC documents for verification, invade tax even in a strong system, and do all manner of things just not to be affected by whatever the government wants to limit them on, that's the same way they will look for a way to manipulate that income document and make it look real in order for them to increase their daily limit that the casino can permit them to deposit in a day or week.

It will never be implemented at all, rules like that will actually cause more and more illegal casinos to emerge and all gamblers affected by those rules will definitely stop playing in legal casinos anymore = legal casinos revenues will decrease = taxes will decrease.
Even many legal casinos will close their business, because their players are allowed to win and withdraw as much as they can/no limit, but the deposit from their players limited by that rules.
That idea is not to eradicate the gambling addiction but to eradicate the online casinos.

When a gambler willingly hands over his income statement to a casino he basically gives them the keys to the kingdom in how much they can legally take from him & all they have to do is crunch a few numbers and viola they know exactly what this guy is worth to them. Its kind of wild honestly, no doubt this is how finance managers in casinos see these KYC regulatory requirements of providing an income statement with wild swing gamblers. Maybe they are actually using it as more of a tool and its more of a positive thing for them instead of a burden.

Gambling addiction cannot be eradicated by anyone. We are not living in a Utopian society. What I think we need to understand about this is that there will always be reckless and irresponsible gamblers. Having mentioned this, requesting for an income statement is not a great idea. What about entrepreneurs. Even aside this, this is like spying on the individual and lack of freedom. Personally, I don't like it. What casinos can do if they don't already do it is to monitor the accounts of their users and place like a restriction if they notice that a player who used to bet $100 on a game suddenly starts betting >$500 or >$1000.

even if the casino try to implement this, gamblers are still goin to falsify the actual thing and try to get the best of limit for them to be able to gamble on higher stakes beyond their incomes so its look like its not goin to be a really good idea as to it working out really perfect but i know that there are limits for the amount you can use over a specific time gambling. some sites have made provision for such but all you have to do is to turn it on and custom it to your discretion but most gamblers don't bother to use it.

except for gamblers who wants the restriction so they can be bale to keep their gambling in check but then it turns out that only a few are really goin to keep to such and so it doesn't eventually work out really well as they end up not been able to get all of that fixed because they feel they will be restricted already before they get lucky to win.

Have you check on (Stake) ?

They have these option on their gambling responsible, a few good list on there:
- Gambling Limit (Lose, win, waggering)
- Budget Calculator (with your income, etc)

Mostly casino only have self exclusion, but stake put these 2 on their site. Feel free to tried check on there: https://stake.ac/responsible-gambling/

Casino love to get you addicted, whether you like it or not that's the fact. Even though they advise you in writing to control yourself in gambling, in reality they don't care and just want to see you bet more. The profit and loss report is not something that can be provided in detail, meaning that no matter how big the loss, as long as the casino is profitable, the gambler cannot limit himself. Moreover, gambling addiction is outside the jurisdiction of casinos, they will not deal with things that are outside the rules. Addiction is a risk for everyone who decides to bet consciously and does so without coercion.

It should not be implemented or practised. It is discrimination against casinos, and gamblers should not be discriminated too; gamblers should be free to play for as long as they want and for the money they want to play.

Casinos are entertainment portals. You never discriminate against people who want to enjoy the game, and casinos are profit-driven. If this is implemented, it will shut down small casinos.

The casinos do not have that in their main interest and it will be difficult to realize that every casino to call for source of income as that would lead like you say in going down for many people the reckless lost amounts of money for the simple reason that most people do not like to share their source of income.Sure some of them may do and I also think this can be a good idea relatively speaking for people who kept losing all of their money yet I think in the long term this is not doable at all for the simple reason that casinos are here to make profit and as long as something hinders their profit they will find a way to avoid it,even if it is forced by the governments,there are a lot of workarounds to many laws put in place by governments and online casinos are no exception,they can find a way.

Certainly it is. It will even add more gambling addicts in the process particularly for those big income earners as they will be more attracted to hit maximum of their gambling limit, when they can only spend on gambling on the amount they are comfortable of losing. Gambler’s individual freedom would be quite deprived and  for sure, gamblers won’t like it.

However, it could be helpful at some point most especially in limiting their losses but will also prevent big winnings knowing their betting amount is only limited. It could bring some advantages to the gamblers but it will also threaten the casinos future profits, so most likely they will certainly oppose or break this rule in order for their profits not to be compromised.

I don't see why casinos would do something like that when this would directly reduce their revenue and no business would want that happen. And I don't think something like that would reduce gambling addiction because someone who gets addicted to gambling would always find a way to gamble more if they aren't satisfied. What will stop a person from utilizing multiple platforms and spending more money that way?

A person can only prevent themselves from getting addicted to gambling if they practice responsible gambling from the beginning. A gambler cannot be reckless with their money when gambling and expect the casino to take necessary steps to save them from getting addicted because it's not their responsibility to do so. They can and will only warn you, the rest is on you.

So, I don't think this can reduce gambling addiction and gamblers wouldn't like to do that anyway.

It will be easier for awareness to be raised on the dangers of gambling addiction and the importance of responsible spending than to force it on people, because if you try to force people to change, they will only move to find out alternatives or other means to bypass the restrictions.

Note that some gamblers who are addicted are not just to online games and casinos, There are addicted gamblers who play in physical casinos uncontrollably. 

If online casinos and gambling platforms start making it difficult for some people to have the freedom to gamble as they wish and make decisions for themselves, many of these people who currently patronize these online casinos and betting platforms will shift their focus to the physical casinos and other betting places where there is no requirement for KYC or income statements of any kind.

What makes you so sure that it will help eradicate gambling addiction? Gamblers want satisfaction, and they will not be satisfied being limited; this will make casinos lose money because their profit will rely on the gamblers' income.

Gamblers should enjoy playing at the money they are comfortable playing. If they want to play with 50% of their income, then so be it; not all gamblers are the same when it comes to allocation, if casinos restrict then they will go to other casinos or even go underground; the present is ok there is no need for more restriction

           -    We can't take that away from other gamblers that if they don't want to have KYC implemented in a casino because they are a regulated casino business, and then it's the gambler's choice if they don't want KYC, there's no problem, and they know that's ours too.

And for me, it's okay to have KYC, and it can be said that a casino is even safer when it's regulated because we have chances to catch up if ever there is an issue or problem with the casino platform.

FYI, casinos will have deposit and withdrawal logs of their users but it doesn't mean they have access to their income and it's probably in the hands of Banks only if the person is getting paid via banking weekly/monthly.

But this is too much to ask even for people who is okay with KYC and it is not going to be effective either regarding the control of addiction the right way is to educate and create awareness to the people or else there is no way we can eradicate any kind of addiction from the society.