Online gambling is huge worldwide, and we can expect more licensed gambling sites to pop up thanks to more relaxed laws and regulations. Faster internet and smartphone use also increases the industry’s growth, bringing gambling closer to players. Casino bonuses, especially low wagering casino bonus packages, are provided by operators to attract new customers and retain existing ones.
Also, online casinos now integrate local e-wallets, and some accept cryptocurrency for payments if it is allowed by local regulations, further popularising gambling in different regions across demographics and socioeconomic classes.
From time to time we hear or read about some players who hit the jackpot at a casino or online, and the idea can be exhilarating. So for some it’s tempting to consider gambling as a source of income, so they invest their time, efforts and money in this activity in their attempt to win big. This is not a smooth road, as record winnings rarely happen. And, sure, it leads to some problems. So what are the pitfalls of relying on gambling as a source of income?
Gambling as a source of income is always problematic
Responsible gambling is about playing for entertainment’s sake, within limits. And when players see it as a source of income, it becomes problematic. Gambling can never be a source of income, whether for part-time or full-time engagement, and the reasons are apparent.
Firstly, gambling can be a costly leisure activity. You need a sizable bankroll to play several game variants or even to start winning cash prizes. Let’s use popular games like blackjack and baccarat as illustrative examples. In a typical round or hand, you’ll need to wager at least $1, and assuming you’ll want to play for an hour, you’ll probably need at least $50 as your bankroll. Just imagine how much you’ll need if you plan to play several games, with higher betting limits, for a longer time!
Secondly, gambling doesn’t offer guarantees of winnings. The outcome of every spin or a throw of dice is random and doesn’t guarantee returns. Gambling can be unforgiving; even if you have already wagered over $1k and played for hours, your next bet isn’t a guaranteed win!
So, what happens if you see gambling as your source of income?
For these reasons, it’s never a great decision to use gambling as a source of income. Players who still insist on gambling to earn money may end up with a lot of problems. Here’s a look at some of the pitfalls and adverse effects of gambling to earn income.
Increased debt and financial strain
You’ll have more debt if you’re playing to win and generate income. Many players who gamble beyond limits chase their losses to regain what they have lost. For some, there’s a common thinking that a long losing streak will eventually result in a win in the next round. So, some players reload their accounts, ask friends for money, or take out a loan, which in turn causes financial strain. This gambling myth of a ‘sure win after a streak of losses’ strains the player’s finances.
Emotional strain on the player and his family
The negative effect of considering gambling as a source of income isn’t just on the player; it also strains his relationship with his family, friends, and co-workers.
Partners and family members who share finances with the players also feel the pressure. According to studies, these reported harms were financial, like financial strain and increased debt. These financial issues can cause everyone involved to go beyond without access to quality food, cause delays in payments of utilities, or worse, in the ability to afford treatment and medication.
Loss of time for self, family, and friends
By investing much of your time in gambling to earn money, you’ll have less time for yourself, your family, and your friends. Relationships may suffer if you let gambling control you; instead of vice versa. Anecdotal records tell us that some avid gamblers often lose friends and families because they depend on these games. Because they spend too much time gambling, they forget their essential life requirements.
Final thoughts
Compulsive gambling and relying on it as the primary source of income has financial, social, and emotional costs on multiple levels. Players who are after winnings and not fun, end up losing their money because the house always gets the advantage. Jackpots can be thrilling, especially if you’re a lucky player. But it doesn’t happen in each round, with every spin, or throw of the dice.
So as a responsible player, it’s always better to see gambling as an entertaining activity you can play within limits and not as a source of income. If you gamble and lose your seed money, just exit the game, and value it for entertainment. Now, if you bet and won, congratulations on your lucky spin! But don’t think that you’ll win again and again. It’s the reality of gambling, and be glad you beat the house this time.
