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

[btc78]

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 .

[Ucy]

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.

[Fredomago]

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.

[hulla]

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.

[kramchers]

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.

[ethereumhunter]

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.

[South Park]

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.

[StartupAnalyst]

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.

[imstillthebest]

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.

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

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  .

[AmoreJaz]

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.

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

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.

[Oilacris]

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.

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

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.

[StartupAnalyst]

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.

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

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

[Mauser]

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.

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

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.

The thing with insurance companies is that usually don't offer tailor made insurance policies. They work on an aggregate level and offer policies that are usually similar for everybody. Only small adjustments are usually being made based on age. For example retirement funds offer the same policies to men and woman even though the life expectancy of woman is higher and they will likely get more money from the policy. Making special policies die gamblers based on their track record seems to specific for me.

[Pamadar]

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.

Good point. If there's no data available then there's nothing to base whether the business will have a good profitable outcome.

Businessman always relied with possibilities and potentials before starting their ventures in any types of business, if this information is not available then it will be tough and very risky not knowing where to base your potential profits.

[jademaxsuy]

Good point. If there's no data available then there's nothing to base whether the business will have a good profitable outcome.

Businessman always relied with possibilities and potentials before starting their ventures in any types of business, if this information is not available then it will be tough and very risky not knowing where to base your potential profits.

This is what we called as the business risks. In the world of business this is just natural and life with business is reay tough and challenging. In so many cases, especially the start up business will fail but if the one who manage it endure and learn from the mistakes it will become successful over a period of time. This is really what happen to almost all in business that are successful nowadays starting from the scratch or small time.

[South Park]

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  .

In fact insurance companies are probably the best when it comes to calculating risks, when they give you car insurance they take into account your history as a driver, your car and your age to create a profile of what kind of risk you entail to them and then they charge you an amount of money, even if you end up costing them more money than what you paid to them on average they will profit from people like you with the money they charged you and if despite that they still do not insurance gamblers this tells you there is no money for them to make by trying to insurance people that have gambling issues.

[iTradeChips]

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.

That made me think as well, I mean no insurance company ever created an insurance for gambling money and these two, gambling and insurance, has been with us for a long time now. I mean anywhere in the world we do not see any insurance company setting that up and profiting greately from it. Someone might try that but he needs to do it in a country with a large population of gamblers paying a monthly fee and then try to make all the necessary mathematics to compute whether it is profitable or not. It is a must see.

[Janation]

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.

Despite this idea, I don't agree with it.

Yeah, it is a great idea but if we will be thinking about it, don't you think gamblers would just take advantage of these services and don't mind their health when it comes to gambling? Instead of supporting them to gamble their money, we should be doing something that makes them in control of their money that is for the better of their lives.

[Fundamentals Of]

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.

Despite this idea, I don't agree with it.

Yeah, it is a great idea but if we will be thinking about it, don't you think gamblers would just take advantage of these services and don't mind their health when it comes to gambling? Instead of supporting them to gamble their money, we should be doing something that makes them in control of their money that is for the better of their lives.

Of course they would take advantage of this service. Why wouldn't they? This is to their advantage and financial protection. If such a service is offered, it is first and foremost offered to the heavy gamblers.

This product does not mean encouraging the gamblers to gamble more. This is only in place so that these gamblers will have to reduce their losses. But it does not mean that other efforts such as taking care of their health or minimizing gambling is set aside. This is just another product for their protection.

[South Park]

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.

Despite this idea, I don't agree with it.

Yeah, it is a great idea but if we will be thinking about it, don't you think gamblers would just take advantage of these services and don't mind their health when it comes to gambling? Instead of supporting them to gamble their money, we should be doing something that makes them in control of their money that is for the better of their lives.

I agree, it seems the idea behind all of this is to help gamblers avoid losing all their money when they are gambling in the casino, which is a nice objective but this is not the way to do it, insurance companies are in it for the business side of it, they are not charities, but unfortunately despite the existence of many groups of people dedicated to help addicted gamblers to recover the first step still have to be made by them, if they do not recognize that they are addicted to gambling then they are never going to look for help.