Is there any insurance service for gamblers to retain heavy losses....??? - page 13.

JL421

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Quote from: serjent05 on February 17, 2017, 04:13:37 PM

Quote from: Monnt on February 14, 2017, 04:01:54 AM

Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

There is a big problem with this while most of the insurance are for life and valuable things and people cannot die just because of money. While if they get insurance for gambling then they will simply bet all of their money on max odds, if lost they insurance and get their money back. So ultimately insurance company will go in loss mate.

Yeah this is definitely the flaws of the idea. I also think of this scenario and insurance company will then be exploited and the only winner here is the person who have this kind of insurance and the Casino. So I think no sane person will run this kind of insurance policy.

If you see I think it is definitely possible but of course It won't be unlimited coverage there will be many terms and conditions and also there may be a limit of amount will insured or maybe number of gambles per day allowed to be covered for insurance.

serjent05

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Quote from: Monnt on February 14, 2017, 04:01:54 AM

Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

There is a big problem with this while most of the insurance are for life and valuable things and people cannot die just because of money. While if they get insurance for gambling then they will simply bet all of their money on max odds, if lost they insurance and get their money back. So ultimately insurance company will go in loss mate.

Yeah this is definitely the flaws of the idea. I also think of this scenario and insurance company will then be exploited and the only winner here is the person who have this kind of insurance and the Casino. So I think no sane person will run this kind of insurance policy.

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Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

Idea of gambling insurance is welcome and I have seen this on betballer and something similar on 1xbit ,but am certain they can not compensate when a result is declared! Remember to do your due diligence before placing any bets, GL.

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Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

A brilliant and a dumb idea at the same time.
They would work out great if only gamblers had money to pay the next premium.After getting the insurance back,I doubt any addicted gambler would stop,I'm afraid he would put that money on the games too!However this can server as a really nice alternative wallet for gamblers,if they lose everything they always have their savins stacked up here.

eternalgloom

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Quote from: Qartersa on February 15, 2017, 11:29:13 AM

Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

This would be a stupid service! That would just bankrupt the service immediately. People availing the service will be just super reckless and just yolo bet everything because they know that there is an insurance. Casinos have this, called loss back. But that is just a very small percentage which is less than 1%. I don't think there is a chance for this kind of service.

The loss back service that casinos offer is usually more than 1 percent, just saying.
Some even offer full refunds, but usually as some kind of bonus.

That said, setting up an external insurance service is just not something that would work.

FlightyPouch

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That is a good idea for but it is also a bad idea. If you have a casino or a gambling site and, well lets say that you are a very good, trusted with a very high reputation and everyone is really gambling in your casino or gambling site.
If you are having that type of casino, giving insurances everytime a gambler loses they will take advantage on that system and it will also have an effect in your casino or gambling site.
There are gambler that her really big and so if they lose everytime and they did was to save all their losses or insurance in your casino, there will come a time that all his savings from insurances will be big that you cannot pay it.
The good thing about it I think well is that there will be really a lot of gamblers that will visit your casino, thats a given.

gabmen

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Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

Ssriously though, indon't think anyone would be foolish enough to set up an isurance firm for something as risky as gambling. I mean we're talking about people whonare more likely to lose money that earn money and an insurance comoany for gambling would most likely go bankrupt in a short span of time

Red-Apple

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there are some casinos that offer something like that, it is similar to insurance and i think it is what you are looking for but if a third party service is what you want then i doubt that it is such a good idea because that would mean losing twice, once in the gambling bet you made and once when you pay the insurance to insure you but don't do it in the end.

philiveyjr

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Some sports betting sites have the insurance button in there. Only one of the sportsbooks has that though when it comes to bitcoin gambling and that is 1xbit. Whenever you bet on a game and you are not that sure, you can insure the bet partially or full or even cash out the bet. I'd like to see more sportsbooks use that but as on now, I think its just 1xbit.

carlisle1

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I guess, It can only be possible to have an insurance if only the serivce has encountered a trouble regarding to their security and your account was hacked(web based gambling). But in terms of your losses, I don't think it will be covered by the insurance as they are not responsible of the huge losses made only by you .

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Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

this is the funny thing that i've know because the gambling sites don't care about our loss in gambling games and they only thinking about how they can reach big profit from gamblers. i don't think that website owner will thinking about this but maybe the gambling sites will give back our loss money in bonuses if we make deposits again. so if there is any gambling website that give this service for their members, then i will always playing gambling in their sites and no matter i am win or loss, i still playing gambling games in their site.

ASHLIUSZ

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Quote from: Qartersa on February 15, 2017, 11:29:13 AM

Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

This would be a stupid service! That would just bankrupt the service immediately. People availing the service will be just super reckless and just yolo bet everything because they know that there is an insurance. Casinos have this, called loss back. But that is just a very small percentage which is less than 1%. I don't think there is a chance for this kind of service.

Very less chance is there to find insurance service for gambling. The outcome is always uncertain with gambling, but as mentioned above most ends up in loss. In such a manner if a service is started, soon in a short it goes bankrupt and functions as a scam.

babsalt1975

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I don't think there is any underwriter who will insure a gambler unless he is a crazy gambler himself. Everybody knows that 99% of gamblers end up losing and therefore if you insure a gambler, be ready to indemnify them every time. Nevertheless, insurance is made for unforeseen circumstances, gambling is foreseen- it is either you lose or you win, therefore you can not say that it an unforeseen circumstance.

Qartersa

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Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

This would be a stupid service! That would just bankrupt the service immediately. People availing the service will be just super reckless and just yolo bet everything because they know that there is an insurance. Casinos have this, called loss back. But that is just a very small percentage which is less than 1%. I don't think there is a chance for this kind of service.

BTCLovingDude

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any insurance service that tries to do that, will either end up having to put some ridiculous rules to let themselves from getting out of paying their customers (just like all the other insurance services for other things) or they will go bankrupt very soon because of all the reimbursements they have to make.

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Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

This is like saying to a stranger, "I'm going to jump off a building, but you'll pay for my hospital bills, right?" The gambling site don't care about how much money did you lose. Even better for them if you lost millions on their website.

There's a rake back on some website but it's not that much. It's just a small percentage of what you lost which is for me is not useful in any way. There's no way that you can multiply that small money and get back the huge amount of money that you lost. It's just another advertising strategy of these gambling sites.

stomachgrowls

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Quote from: Oilacris on February 15, 2017, 09:54:25 AM

Quote from: Oralmat on February 15, 2017, 09:33:32 AM

You are asking very good question about gambling. But in my view, it is impossible way, because it is really hard to build insurance service for gamblers to return their losses. First of all, Who make it?
Secondly, everyone know that in gambling losses number are always increased than winning numbers.
So imaginatively we think, someone make the insurance service for gamblers, But definitely this insurance service always get lose.

No one would make it and there's no point on making an insurance incase a gamblers losing out his own money maybe there's Cashback but insurance it's impossible and as you said that insurance will lose money instead.

Yes it's like cash back but we know Cashback aren't considered as insurance because those amounts are too little to consider and whose gonna think about gambling insurances?

Oilacris

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Quote from: Oralmat on February 15, 2017, 09:33:32 AM

You are asking very good question about gambling. But in my view, it is impossible way, because it is really hard to build insurance service for gamblers to return their losses. First of all, Who make it?
Secondly, everyone know that in gambling losses number are always increased than winning numbers.
So imaginatively we think, someone make the insurance service for gamblers, But definitely this insurance service always get lose.

No one would make it and there's no point on making an insurance incase a gamblers losing out his own money maybe there's Cashback but insurance it's impossible and as you said that insurance will lose money instead.

Oralmat

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You are asking very good question about gambling. But in my view, it is impossible way, because it is really hard to build insurance service for gamblers to return their losses. First of all, Who make it?
Secondly, everyone know that in gambling losses number are always increased than winning numbers.
So imaginatively we think, someone make the insurance service for gamblers, But definitely this insurance service always get lose.

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Quote from: romero121 on February 14, 2017, 12:57:04 AM

I have been thinking of an insurance service for gamblers, in which they were supposed to pay regular premiums. And while placing bets can get back at least a small amount back if the lost amount is a huge one. Myself too haven't come across such services. What you people think of an insurance for gambling.

If the capitalist have seen that as a good business, they would have done it before considering the huge volume of gamblers in this world not only in bitcoin community. Insurance are only for those unforeseen events such as accident or death and gambling is a venture, we can lose or win but we expect are refund with our loses, that's insane. Maybe if we will force to make this happen, then we will also have to pay a bigger portion which we will find unjustifiable.

Topic: Is there any insurance service for gamblers to retain heavy losses....??? - page 13. (Read 6889 times)