Could there possibly be gambling insurance?

[Ultegra134]

It is unreasonable as an idea a business model itself, so I doubt one could turn it around somehow for the insurance company to take advantage of it some how. Actually, there must be some articles within the contracts of insurance companies which specifically say whatever is under insurance is not coverred by loss by gambling. Imagine you hire an insurance plan for your house or your vehicle, that contract will likely protect your goods from being stolen or destroyed in a natural catastrophe, but if you decided to use your own house or vehicle as a gambling collateral, the insurance company would turn you away and say gambling is not part of the cover. If that was not part of the standard contract of those companies, people would have already committed insurance fraud to the extent of bankrupting those insurances for millions of dollars. 

Expecting insurance coverage for gambling is similar to expecting coverage for drunk driving; it's not going to happen, and the reason why is pretty sensible. The reason behind this is very simple: it's an act that we put ourselves in, knowing it has a major risk of losing our money. Just like you mentioned, insurance covers natural disasters or accidents to protect your assets, such as housing or vehicles, that couldn't have been avoided otherwise, not our own carelessness that comes through gambling.

[Jody.Drummer]

An insurance mechanism built for covering a huge loss. Maybe you incurred a losing bet say on a gambling trip with your buddies (group gambling insurance would be interesting too) or maybe purchased as a hedge against a bad habit for some addicted gamblers? I don’t think such a thing exists but if it did it would surely save you if you lost too much money or all of your money. Surely it would be much too expensive. I wonder if something like this is out there though or ever been discussed……

I never imagined that there would be insurance in gambling, because gambling is a risky thing and I think everyone knows about it, so those who gamble are definitely taking risks with a guarantee that they will definitely lose money, while insurance is intended to protect but it is impossible in this case because the risk taken is clearly intentional by one's own desire. On the other hand, when there is insurance in gambling, I think more and more people will gamble because they feel there is a protector behind them when they experience a loss, so most likely everyone will try their luck by risking the money they have. But unfortunately I think insurance in gambling will never exist. Besides, casinos don't care what happens to their players because their main goal is to make a profit.

[Poker Player]

If it is about insurance, no insurance company will have that option. The reason is because gambling is highly risky and most people that are gambling are losing money (in a short time) than they are winning. I do not think there is any existing gambling insurance. No insurance company is foolish.

And if there were, hypothetically speaking, it would be very expensive.

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.

I too think the question is rather stupid and is based on the OP having no actuarial knowledge whatsoever.

If there was such insurance it would insure you up to certain limits and paying $10 a month I doubt very much that it would insure you for more than a few dollars loss. Plus the insurance companies would try to somehow investigate your gambling habits. It would not be the same to insure a professional poker player who wins millions every year against a possible bad streak than a degenerate gambler, who would not even be offered a policy.