Man Collapses after Allegedly Losing a $400 Loan at a Betting Shop

[Davidvictorson]

According to the story, a man collapsed after he lost $400(the equivalent 200k in my local currency) loan at a betting shop called Bet9ja. This money was borrowed from loan shark operators for pay for his house rent however. The man thought that he may be able to double it he took it to a betting shop. Sadly, he lost all the money to a virtual game. Now, he is mostly likely going to be kicked out of his apartment and wind up homeless on the street.

The football season starts today. Many folks who gamble see it as an opportunity to cash out or double their money. This is a great caution to never take out a loan to gamble and another way of saying this is never gamble with money you cannot afford to lose. Lastly, I believe we have a moral obligation, not to introduce any friend and family to gambling matter how much we may have won in the past or think we will win this season. You can share your thoughts.

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[TravelMug]

As we have been saying here in the community, 'gamble what you can afford to lose'. And this man didn't understand that and so now he has 2 problems, how to pay those loan sharks because for sure he will get a beating from them if he don't pay, and then probably homeless by now. Another stupid move by a individual and more likely he will continue to gamble as it seems that he is already addicted.

[nullama]

There's a reason why gambling companies are so profitable.

It's the millions of individuals that are spending a fortune to try to win some money. In reality they're all just basically donating their money to the rich people that run the casinos.

Behind all the bells and whistles of the casinos there's the cold hard math fact that in the long run the house always wins.

[swogerino]

Unfortunately these events happen all the time.People who are not that good at controlling self emotions and thinking far ahead will suffer from this.In my country there are some "loan operators" that for me they should be put to jail yet the country government let them like nothing is wrong with them,they give you 1000 EUR and ask for 1600 EUR in return after some months,if you don't pay in time the interest goes up to 280% or more.

The man in this story should have stayed away from gambling but since he took a loan from loan operators to pay the rent of his apartment says a lot of him being not so competent or financially literate so he was an easy victim to the gambling system.

[Rruchi man]

But why did he have to gamble with all, if he wanted to gamble so badly and was so sure he could double the money, why not split the money into two parts, one part greater in ratio than the other and use the lesser part to gamble seeing that he's already a problem gambler. In my analysis he is first a silly individual, and allowing himself to be a problem gambler without accepting it and wanting to change has made him more sillier. I doubt he will be without a roof over his head, even if he has to squat with someone for a while or make some payment to retain his accomodation...but this experience I really hope will serve as a lesson to him to make better decisions next time. If he doesn't, he collapsed today maybe tomorrow if he continues, he may have a heart attack, slump and just die.

[dothebeats]

I would never understand how people living from paycheck to paycheck and are on the brink of being homeless still think of using their last money to gamble. The chances of losing that money is extremely higher than doubling it. People should stop relying everything on luck and start doing things to turn their lives around. Nothing wrong with gambling if you can support your life without having to get a loan. Then again, the delusions of the poor and their greed would always get to them and that, IMO, is something that can't be fixed.

[Zilon]

One thing gamblers fail to know is that gambling involves taking from an unlucky bettor to pay a lucky one. Risking a loan taken for a specific purpose on bet is a risk that isn't worthy to take. And risking all $400 wasn't a good idea as well. And the sad story is gamblers keep falling into this over again making the gambling industry the most profitable amongst other industries. I feel many will still engage their greed in gambling so for now this has become a norm

[fortunecrypto]

According to the story, a man collapsed after he lost $400(the equivalent 200k in my local currency) loan at a betting shop called Bet9ja. This money was borrowed from loan shark operators for pay for his house rent however. The man thought that he may be able to double it he took it to a betting shop. Sadly, he lost all the money to a virtual game. Now, he is mostly likely going to be kicked out of his apartment and wind up homeless on the street.

I just commented on a thread about not taking a loan to bet on an insider tip so this is the scenario if you gamble and the money comes from a loan, the sad part of this topic is, that it is coming from a loan shark, we all know how loan coming from loan shark generate interest if you fail to pay on time this is a big lesson for him and people should learn from this sad experience that only gamble excess money

The football season starts today. Many folks who gamble see it as an opportunity to cash out or double their money. This is a great caution to never take out a loan to gamble and another way of saying this is never gamble with money you cannot afford to lose. Lastly, I believe we have a moral obligation, not to introduce any friend and family to gambling matter how much we may have won in the past or think we will win this season. You can share your thoughts.

Unfortunately, advice or reading stories coming from people's experiences are not sufficient, for gambler's alibis are, it's not going to happen to them or they know what they are doing, for a loan shark they always on a look for people who are addicted to gambling because they are willing victim.

[Smartprofit]

As we have been saying here in the community, 'gamble what you can afford to lose'. And this man didn't understand that and so now he has 2 problems, how to pay those loan sharks because for sure he will get a beating from them if he don't pay, and then probably homeless by now. Another stupid move by a individual and more likely he will continue to gamble as it seems that he is already addicted.

I am currently reading The Three Musketeers by Alexandre Dumas. There is one interesting episode in the book.

Musketeers have very little money. Athos, Portos and Aramis give all their money to D'Artagnan and send him to play in a casino (gambling house). At the same time, Athos says that D'Artagnan will definitely win at dice, since he has a "light hand".

However, only in fictional novels do such stories end well...

In fact, according to the mathematical theory of probability, losing in games of chance based on luck is more likely than winning. All the more crazy to play with credit money.

[aioc]

According to the story, a man collapsed after he lost $400(the equivalent 200k in my local currency) loan at a betting shop called Bet9ja. This money was borrowed from loan shark operators for pay for his house rent however. The man thought that he may be able to double it he took it to a betting shop. Sadly, he lost all the money to a virtual game. Now, he is mostly likely going to be kicked out of his apartment and wind up homeless on the street.

Getting kicked out of your house and homeless on the street is the worse that can happen to anybody but he cannot blame anybody but himself, I'm sure he already knows that we should only gamble money that we cannot afford to lose, I wonder why he takes the risk and did not think of the consequences, this is what happens if you want to take on risk and don't want think of the consequences, I hope his relatives will still help him based on the picture he seems to regret what happened to him, you seldom think of the consequences until it happens to you

. Lastly, I believe we have a moral obligation, not to introduce any friend and family to gambling matter how much we may have won in the past or think we will win this season. You can share your thoughts.

Unfortunately with the internet and ads online it's hard to stop them from learning about gambling, but once you discovered that your relatives are into it, we need to guide them and advise them on the harmful effect of irresponsible gambling.

[Yaunfitda]

Maybe he collapses not because of his losses, but he is afraid on how he is going to pay the loan shark. It's probably like 20% or more than maybe he was just give 2 weeks to pay for it. And now that he gambles everything, then his problems multiply as well.

Again, dumb decision because he didn't know to prioritize things. Or maybe he was really addicted already that's why he is willing to take a loan to disguise as payment but at the back of him mind, he is thinking that once he got the money, he will gamble it right away.

[Gozie51]

It has been repeatedly said not to gamble with money on loan or that money you can't afford to lose. Gambling is a strong force that always control an individual to only see possibility of winning but not for winning. As soon that you make the money out for bet, the money is no longer yours and you stand only in between to recover it above what it was or to lose in entirely. For the gambler who borrowed money to try his luck to multiply it against paying his rent, it is unfortunate that he may suffer the consequence of taking the risk of luck

[Beparanf]

This is hilarious. The guy seems from a country which money is very hard to earn, Loaning on whale shark and lost it all on betting will surely give you a distress because that money is very huge in his country. Although I’m just concern about the source because it’s from a social media post and video looks like a meme but focusing in the lesson of this kind of story, Gambling is already risky but involving loan sharks as source of money will just  worsen the risk involved because there interest is insane and huge than the house edge.

The player is already in lose the moment he get that money from the loan shark.

[Sanitough]

He was being responsible, he only believes in the positive outcome but did not see the risk of losing, now he is surely regretting as he suddenly becomes homeless. I think this guy does not have a stable job though, because if he has, he can still pay the lose since he is earning, so it will only fall to the violation of the principle in gambling which is gamble what you can afford to lose.

We should not wait this would happen to us, we have to learn from the experience of other people.

[Zlantann]

The picture got me laughing. Taking loan from those Sherlocks to gambling is not only disastrous but it might be suicidal. In few months the interest would be greater than the loan and they would get him arrested if he fails to service or pay the loan. Thank you OP for this great remainder and I would never secure a loan for gambling. I want to add that we should not also use income that have been budgeted for our basic needs, especially those that have defendants. Some women can turn the home to hell if their husbands looses feeding or other bills' funds.      

[Marykeller]

When I first saw the news on online news platforms, I was laughing out loud at his insanity. I wonder what makes people think that they can make good abundance out of online betting. Although he's not the first that has indulged in betting with loans or borrowed money.

Bet9ja has done so much harm to our youths. It's disheartened to see how millions of people partake in online betting with their last dime.  

[Vaskiy]

Same as this more incidents will be happening around, but very few gets revealed. This incident serves as example to users who think gambling as a way to earn. Not everyone will be lucky to double or triple the capital. What the person experience is really terrible. Gambling is for users who have excess fund in the wallet after meeting all their life needs.

[YOSHIE]

How sad, he should be able to relax a little more in that apartment, if he didn't follow his imagination and use the money to gamble.

Now the man has to face two of the most difficult big problems after he loses the bet.
He will be: A bum and he has to think to cover the loan sharks that have been set, that's the effect of not thinking clearly, just following lust that's what happened, this is really bad news for the guy.

In this topic I can draw one conclusion, gamble as much as we can, don't assume that gambling can double your money, what else borrow money, think of gambling as entertainment and make bets with money other than salary, loans, bets with bonus money good idea to bet gambling.

[masulum]

I was sad to read it, I also experienced the same thing, but it was different, the loan I did was not for gambling but for other needs. I want to stop the habit of borrowing that I do at online loan services that are easy to find in my country. I am now trapped in a cycle of debt. Of course I am still responsible for my actions, but this gambling and borrowing activity that I do at the same time, makes me worried. Few days back I've a chance to repaid, but I'm continued to playing slots and lose 80% of my winning. So, never do repaid after that.

[noorman0]

One of the negative effects of psychology when gambling is no longer entertainment is to come up with another stupid idea by placing too high hopes on gambling winnings, while betting the rest of the money.
I think every physical casino should start plastering their walls a lot with useful financial advice, so that players won't come in with a depressed economy.