Is there any insurance service for gamblers to retain heavy losses....??? - page 2.

StartupAnalyst

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Quote from: imstillthebest on January 12, 2021, 06:52:52 AM

Quote from: StartupAnalyst on January 11, 2021, 10:56:58 PM

I don't think this economic model has any right to live. That is, from time to time a person risks very much or very little. I don't see how this can be put into a mathematical model. Undecided

if there are other types of insurances ex. car and health related. why not this , and no we dont have the rights to dictate if they can exist of not . we are no experts on this field , thats why we think it wont work but they can think better than us and maybe they can make this possible in the future if ever there isnt any available

Certainly I don't want to reject the possibility of creating this type of insurance company. But at the moment my experience and understanding of economics does not allow me to imagine how it could work

Quote from: imstillthebest on January 12, 2021, 06:52:52 AM

Quote from: StartupAnalyst on January 11, 2021, 10:56:58 PM

I don't see how an insurance company can knowingly calculate the risks of losing money from a person who regulates these risks himself.

this is the same on other types of insurances , how can they also know that the car will get damage or the person will get to an accident ? there is no way to calculate risk .

That's where you're wrong, buddy!
There are statistics, for example, depending on how many cars in the area where the person who insures the car lives and on what percentage of traffic accidents there is, the higher the percentage of traffic accidents, the more expensive the insurance for car.
The calculation of risk is made with the help of indicators, including those similar to those described above

Oilacris

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Quote from: AmoreJaz on January 12, 2021, 03:21:43 PM

Quote from: imstillthebest on January 12, 2021, 06:52:52 AM

Quote from: StartupAnalyst on January 11, 2021, 10:56:58 PM

I don't think this economic model has any right to live. That is, from time to time a person risks very much or very little. I don't see how this can be put into a mathematical model. Undecided

if there are other types of insurances ex. car and health related. why not this , and no we dont have the rights to dictate if they can exist of not . we are no experts on this field , thats why we think it wont work but they can think better than us and maybe they can make this possible in the future if ever there isnt any available

Quote

I don't see how an insurance company can knowingly calculate the risks of losing money from a person who regulates these risks himself.

this is the same on other types of insurances , how can they also know that the car will get damage or the person will get to an accident ? there is no way to calculate risk .

they have stats accumulated throughout the years. car insurance has been here for so long already. so basically, they have records and stats already. whereas in gambling, where do you pull those stats? casinos dont disclose such stats of their players. for online players, you can easily see your stats. but are these casinos willing to disclose these data to insurance providers?
right now, venturing in this type of insurance is very much complex. so they dont want to explore their opportunities in the gambling area.

You mean those statistics that showing up your total bets, wager, profit and loss? Majority of gambling sites now do display those kind of information on a certain player
but of course they do have some feature which you can hide off those statistics.

Even if those insurance company would able to see those numbers but still it wont really be them to be that dumb on making a business with gambling industry.
They are just trying to hammer out their own heads if they do able to do so.

Gambling do majorly involves losing and users getting wreck and they cant just afford to grant those claims actively.Its not sustainable.

AmoreJaz

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Quote from: imstillthebest on January 12, 2021, 06:52:52 AM

Quote from: StartupAnalyst on January 11, 2021, 10:56:58 PM

I don't think this economic model has any right to live. That is, from time to time a person risks very much or very little. I don't see how this can be put into a mathematical model. Undecided

if there are other types of insurances ex. car and health related. why not this , and no we dont have the rights to dictate if they can exist of not . we are no experts on this field , thats why we think it wont work but they can think better than us and maybe they can make this possible in the future if ever there isnt any available

Quote

I don't see how an insurance company can knowingly calculate the risks of losing money from a person who regulates these risks himself.

this is the same on other types of insurances , how can they also know that the car will get damage or the person will get to an accident ? there is no way to calculate risk .

they have stats accumulated throughout the years. car insurance has been here for so long already. so basically, they have records and stats already. whereas in gambling, where do you pull those stats? casinos dont disclose such stats of their players. for online players, you can easily see your stats. but are these casinos willing to disclose these data to insurance providers?
right now, venturing in this type of insurance is very much complex. so they dont want to explore their opportunities in the gambling area.

imstillthebest

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Quote from: StartupAnalyst on January 11, 2021, 10:56:58 PM

I don't think this economic model has any right to live. That is, from time to time a person risks very much or very little. I don't see how this can be put into a mathematical model. Undecided

if there are other types of insurances ex. car and health related. why not this , and no we dont have the rights to dictate if they can exist of not . we are no experts on this field , thats why we think it wont work but they can think better than us and maybe they can make this possible in the future if ever there isnt any available

Quote

I don't see how an insurance company can knowingly calculate the risks of losing money from a person who regulates these risks himself.

this is the same on other types of insurances , how can they also know that the car will get damage or the person will get to an accident ? there is no way to calculate risk .

StartupAnalyst

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I don't think this economic model has any right to live. I don't see how an insurance company can knowingly calculate the risks of losing money from a person who regulates these risks himself. That is, from time to time a person risks very much or very little. I don't see how this can be put into a mathematical model. Undecided

South Park

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Quote from: MCobian on January 06, 2021, 06:43:36 PM

In the end, the gambling industry is not very suitable for insurance companies, because it is very unlikely that the insurance company will make
a profit in the gambling industry. According to statistics it is clear the number of gamblers who experience losses when playing gambling is more,
compared to the number of gamblers who win gambling games.

So if there is an insurance company that dares to provide insurance to gamblers who experience losses, then the amount of money spent by
the insurance company will of course be more than the premium payments received. Logically, it is clearly not profitable, so the conclusion will be
that no insurance company will dare to bear the losses experienced by gamblers.

And there is no more telling evidence that this is correct than what we see in the market already, is there any insurance company willing to take that kind of business right now? And the answer is no which should make clear that there is no money to be made there despite the fact that insurance companies will try to insurance anything as long as there are profits they can get, and example of this is the covid pandemic, at least where I live medical insurance already covers medical costs if you get covid and yet they will not touch gambling no matter what.

ethereumhunter

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Quote from: ?? on ??

I do not if they have insurance that they offer once you lost a huge of money because first of all player is responsible to their money rhat their spend for every bet they do in gambling and they need to use a money that they can affors to lose so it will not gone all the money that they have. If gambling sites offer that kind of offer it is really good for the addict players because they are the one who losinh big amount of money.

If the casino have that feature, it could attract the gamblers to play longer because they will think thatt if they lose the money, they can ask the insurance from the gambling site, and they will get their money back. It can make gambler become addicted to gambling because they will not worry if they lose their money, and the casino will get more profit from the losing gamblers.

kramchers

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Quote from: romero121 on February 13, 2017, 11:57:04 PM

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.

Your intention is good actually for the gamblers, where there is a cashback similarity in the insurance you are talking about.
But just like what the other said, never gamble what you can't afford to lose this was most often mentioned. But who knows if some of the
gambling owner read your opinion to this, this might gonna be a good tips.

hulla

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Quote from: ecnalubma on January 04, 2021, 12:20:56 PM

Quote from: covfefe_ on January 04, 2021, 07:08:26 AM

Some sites do provide cashback on your loses. Betfury is one of them. Users gets 2 to 25% of their lost money. That's one of the highest I've seen on gambling website for new users as well as for whales.
You may argue, that is much less than you lose but all of the insurance works on the same way. The higher the risk, the lesser would be the insurance and lower the risk, the higher would be the insurance.

Yeah its cool for online casinos to have this nice feature, cashback is such a big deal for gamblers because probably most gamblers suffer big losses. Though its not big but will definitely help gamblers restore some dignity and confidence in betting. Its primary example that online casinos treat their loyal users as an asset.

Cashback feature is used by almost all online gambling sites mate not only by the mentioned gambling site, it not something new and there's also some terms and conditions used by casinos before they give cashback to their user. However, the cashback fund is not equal to the total fund gambler spent on the site.

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Quote from: robelneo on January 06, 2021, 11:06:29 PM

Quote from: ice098 on January 06, 2021, 09:49:29 AM

Well if its the case i guess it is much better to have a cashback even a small amount but on the other hand these cashback wouldn't cover what you have lose and these was a simple easing the feeling of losing while gambling.

I don't think I'm going to lose a big amount of money and if there's a cashback even for a small loss, I'll still take it I cannot blame gambling site if I lose and I consider that cashback as free spins and free bets they offer as a bonus not in an anyway as a consolation for losing a big amount of money, you should always feel comfortable on the amount of money you are playing with online gambling, it will cause depression if you do not.

For sure you'll feel that way once you lose a lot. You need to make sure that each time you play your favorite gambling games you are ready to spare the money, in case you lose your money then you can just let it go and move forward.

Insurance is good if there's a company that will cater this service, though it's very tough as there are many gamblers who are addicted and unable to handle this vice.

Rakeback is something that the house is giving as a token of appreciation playing
in thier platforms not an insurance but something that being shared with your wagered
money.

Ucy

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Quote from: Mahanton on January 06, 2021, 06:28:26 PM

Quote from: South Park on January 06, 2021, 02:13:48 PM

Quote from: iTradeChips on January 04, 2021, 06:27:45 AM

That is an interesting concept. Having insurance for gambling money. My question I think on this, my only question really is how does the company profit from this? There is really nothing to lose if such a company will be setup. Then do most in enticing gamblers to gamble and make sure that they win and not lose. I think if they pay a fee , a very big fee then that would ensure that the business will survive. Good luck setting it up.

I do not see how a profit could be made out of this unless gamblers gave their houses as collateral to the insurance company, which would speed up the demise of any savings they may have but even that could not be enough for an insurance company because as we know you can get easy credit everywhere and it is possible a gambler could rake up gambling debts higher than the value of their homes, so this is a concept that I do not see working no matter what.

This is what people been saying on this thread about insurance company profitability which is impossible for it to be tied up into this industry.
If we do try to balance or check out regarding gambling losers' and insurance claims then it isn't a sustainable business.So theres no point for this
thing to insert out into this industry.Lots would really be claiming but those premiums wont really be that on typical amount that you
would be paying just like into those normal insurances that you've known.

The main problem with the idea is that it will be hard for any company to insure people who intentionally take big risk. It's not a sustainable thing to do, especially if they are habitual big risks takers.
It will however be possible to insure bettors who are responsible and/or are consistently profitable.

btc78

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Quote from: South Park on January 06, 2021, 02:13:48 PM

Quote from: iTradeChips on January 04, 2021, 06:27:45 AM

That is an interesting concept. Having insurance for gambling money. My question I think on this, my only question really is how does the company profit from this? There is really nothing to lose if such a company will be setup. Then do most in enticing gamblers to gamble and make sure that they win and not lose. I think if they pay a fee , a very big fee then that would ensure that the business will survive. Good luck setting it up.

I do not see how a profit could be made out of this unless gamblers gave their houses as collateral to the insurance company, which would speed up the demise of any savings they may have but even that could not be enough for an insurance company because as we know you can get easy credit everywhere and it is possible a gambler could rake up gambling debts higher than the value of their homes, so this is a concept that I do not see working no matter what.

There's no need to use Houses as collateral because Insurance is an Obliged payment either Monthly or quarterly or semi annually in which if they fail to pay the obligation then their Policy will be porfitted and they will lose everything they put in application .

and besides Gamblers that wanted to have a Good returns from insurance company will comply to this or else they will lose everything .

robelneo

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Quote from: ice098 on January 06, 2021, 09:49:29 AM

Well if its the case i guess it is much better to have a cashback even a small amount but on the other hand these cashback wouldn't cover what you have lose and these was a simple easing the feeling of losing while gambling.

I don't think I'm going to lose a big amount of money and if there's a cashback even for a small loss, I'll still take it I cannot blame gambling site if I lose and I consider that cashback as free spins and free bets they offer as a bonus not in an anyway as a consolation for losing a big amount of money, you should always feel comfortable on the amount of money you are playing with online gambling, it will cause depression if you do not.

Timelord2067

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You'll probably find if anyone who thinks this half baked idea were to work were to actually phone up an insurance broker and outlined that you wanted to take out insurance to cover your losses through gambling they would either hang up, or, get your contact details (to pass on to other companies) and then hang up.

STT

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If you kept your money from the start of this thread until now, even if you had lost half the cash then you'd be in profit from the overall gains occuring in BTC. I think that was a hidden secret to using BTC to gamble that actually once you transfer that amount and commit to keeping to that as your budget then you are within an overall growth system and for the last few at least and to be fair in BTC overall its given back gains to people who just hold it.
Just thought I'd mention what we all know, not saying I had this master plan exactly and sometimes I accidentally left accounts with BTC in there and this is what happened it regained my losses via value appreciation. Some companies do gift back in various ways or loyalty to big gamblers, I've seen that more then once also but otherwise my idea about covers it.

MCobian

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Quote from: Mahanton on January 06, 2021, 06:28:26 PM

Quote from: South Park on January 06, 2021, 02:13:48 PM

Quote from: iTradeChips on January 04, 2021, 06:27:45 AM

~snip~

This is what people been saying on this thread about insurance company profitability which is impossible for it to be tied up into this industry.
If we do try to balance or check out regarding gambling losers' and insurance claims then it isn't a sustainable business.So theres no point for this
thing to insert out into this industry.Lots would really be claiming but those premiums wont really be that on typical amount that you
would be paying just like into those normal insurances that you've known.

In the end, the gambling industry is not very suitable for insurance companies, because it is very unlikely that the insurance company will make
a profit in the gambling industry. According to statistics it is clear the number of gamblers who experience losses when playing gambling is more,
compared to the number of gamblers who win gambling games.

So if there is an insurance company that dares to provide insurance to gamblers who experience losses, then the amount of money spent by
the insurance company will of course be more than the premium payments received. Logically, it is clearly not profitable, so the conclusion will be
that no insurance company will dare to bear the losses experienced by gamblers.

Mahanton

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Quote from: South Park on January 06, 2021, 02:13:48 PM

Quote from: iTradeChips on January 04, 2021, 06:27:45 AM

That is an interesting concept. Having insurance for gambling money. My question I think on this, my only question really is how does the company profit from this? There is really nothing to lose if such a company will be setup. Then do most in enticing gamblers to gamble and make sure that they win and not lose. I think if they pay a fee , a very big fee then that would ensure that the business will survive. Good luck setting it up.

I do not see how a profit could be made out of this unless gamblers gave their houses as collateral to the insurance company, which would speed up the demise of any savings they may have but even that could not be enough for an insurance company because as we know you can get easy credit everywhere and it is possible a gambler could rake up gambling debts higher than the value of their homes, so this is a concept that I do not see working no matter what.

This is what people been saying on this thread about insurance company profitability which is impossible for it to be tied up into this industry.
If we do try to balance or check out regarding gambling losers' and insurance claims then it isn't a sustainable business.So theres no point for this
thing to insert out into this industry.Lots would really be claiming but those premiums wont really be that on typical amount that you
would be paying just like into those normal insurances that you've known.

South Park

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I am terrible at Fantasy Football!!!

Quote from: iTradeChips on January 04, 2021, 06:27:45 AM

That is an interesting concept. Having insurance for gambling money. My question I think on this, my only question really is how does the company profit from this? There is really nothing to lose if such a company will be setup. Then do most in enticing gamblers to gamble and make sure that they win and not lose. I think if they pay a fee , a very big fee then that would ensure that the business will survive. Good luck setting it up.

I do not see how a profit could be made out of this unless gamblers gave their houses as collateral to the insurance company, which would speed up the demise of any savings they may have but even that could not be enough for an insurance company because as we know you can get easy credit everywhere and it is possible a gambler could rake up gambling debts higher than the value of their homes, so this is a concept that I do not see working no matter what.

ice098

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Quote from: ?? on ??

Quote from: acener on December 31, 2020, 05:02:15 PM

I don't think that there would ever be such service it is like convincing people to be a gambler without a fear of losing.
If they couldn't control their own bets then they should stop gambling or they would justbe destroyed due to addiction.

Exactly, that is the basic philosphy they need to follow because who can give insurance to people who are gambling, it is not possible on the earth to provide insurance for the gamblers, it is their wish whether to gamble or not if a person doesn't have controls how can sustain his family needs.

As much as we wanted to have a privilege to cut our loses or save our loses by having such insurance company that can save our loses but then there is no such thing like this. It isn't possible to happen and isn't possible that an insurance company may provide such chance.

Quote from: chaser15 on January 04, 2021, 12:39:22 PM

There is a certain condition or requirement for this. It's not an automatic payout of the supposed percentage of what is lost.

A good feature but we can't hide the fact that this isn't an attractive one.

Well if its the case i guess it is much better to have a cashback even a small amount but on the other hand these cashback wouldn't cover what you have lose and these was a simple easing the feeling of losing while gambling.

OgNasty

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Quote from: ecnalubma on January 04, 2021, 12:20:56 PM

Quote from: covfefe_ on January 04, 2021, 07:08:26 AM

Some sites do provide cashback on your loses. Betfury is one of them. Users gets 2 to 25% of their lost money. That's one of the highest I've seen on gambling website for new users as well as for whales.
You may argue, that is much less than you lose but all of the insurance works on the same way. The higher the risk, the lesser would be the insurance and lower the risk, the higher would be the insurance.

Yeah its cool for online casinos to have this nice feature, cashback is such a big deal for gamblers because probably most gamblers suffer big losses. Though its not big but will definitely help gamblers restore some dignity and confidence in betting. Its primary example that online casinos treat their loyal users as an asset.

Seems like it's all the same in the end. They could get the same result from adjusting their odds, but by targeting certain losers with a higher cashback reward they have the ability to steer users to gamble on a game with a higher house edge under the guise that they will lose less funds overall. The opposite of course being true. This is just one potential use case of such a reward system. I'm not saying that there can't be other reasons also, like to get attention on new games.

Topic: Is there any insurance service for gamblers to retain heavy losses....??? - page 2. (Read 6957 times)