Income statement: can it be used to mitigate huge losses due to addiction.

[Familian]

Reflecting on income statement I thought about it how it can be used by gambling companies to deter the growing rate of gambling addiction among online gamblers which has led to massive wreckless loss.

Don't you all think that if gambling sites are charged by the authority to through KYC verification requirements call for income statement of every gambler to set a percentage limit to how much money as maximum amount they can deposit either in a day, week or month for gambling.

I understand some of us hate KYC but Can this help eradicate gambling addiction if gambling companies consciously swing into it.

[btc78]

Don't you all think that if gambling sites are charged by the authority to through KYC verification requirements call for income statement of every gambler to set a percentage limit to how much money as maximum amount they can deposit either in a day, week or month for gambling.

I understand some of us hate KYC but Can this help eradicate gambling addiction if gambling companies consciously swing into it.

Honestly it can be very helpful because it lessens the chances of a gambler losing money he or she does not have. However I believe both the gamblers and the casinos would not be too in favor of this policy.

Any gambling addict will not be deterred but instead will look for other ways so they can continue gambling. As for casinos, they want to be able to make as much money as possible and doing this would not give them that.

[Oshosondy]

It will only promote lack of freedom. If I am paid certain amount of money, it is not the government that will teach me how to spend the money because they did not helped me to work for the money. I worked for the money myself.

Some people will still see ways to bypass it and gamble with the amount of money they like to gamble with. Even that gambling sites prefer to work on their own and not collaborate with the gambling sites and making it in effectively. Even if it is effective, it will only promote offshore gambling.

[SamReomo]

I understand some of us hate KYC but Can this help eradicate gambling addiction if gambling companies consciously swing into it.

No, it won't help in eradicating gambling addiction but could be cause of severe addiction. Let's say if a casino implements something like that then the gambler will have deposit limits on that single casino and these days gamblers can choose between 100's of casinos and even if each casino does that then again the gambler will be able to gamble on each casino with those limits and it won't help to remove that addiction if he/she develops.

[Darker45]

You make it sound as if casinos actually care if their gamblers go bankrupt. They don't. While casinos have certain features protecting their players from getting addicted or spending too much, they're only that out of compliance. They're not doing that because they're responsible. They have no choice. They're obliged to follow regulations. But they don't really care.

They're not thinking of how to protect their players. On the contrary, they're thinking of how to make sure their players spend more and more time and money on the table. The truth of the matter is that they love to see the gamblers losing.

[Frankolala]

Who told you that casinos want such thing to happen, it will limit their profit and gamblers will still gamble with the amount of money that they want to use but they will change to a different channel. Assuming it will be effective on the life of gamblers then it is a good thing to implement but it wouldn't change anything.

However, gambling for adults and everyone knows that adults are the ones to be held responsible for whatever they are doing in the sense that you don't control them on what to do otherwise, there will be riot on the streets. In a country where gambling is banned people still gamble illegally.

[Distinctin]

This is not fun anymore. I understand the concern, but asking for the income statement of every gambler is stupid. It's our privacy, and we can't entrust that to the casino as that is too risky. You know, if that information leaks, then our lives will be at risk as we might be getting robbed.

Why can't we be responsible so we will not bother the government in making stupid rules like this? I think it's enough warning that we should know the risks and therefore we should manage ourselves very well. Gambling addiction is really a problem, but that's because of us. Casinos can't do anything about that as they are in the business of entertainment; they accept bets without knowing our financial situation.

[Familian]

Don't you all think that if gambling sites are charged by the authority to through KYC verification requirements call for income statement of every gambler to set a percentage limit to how much money as maximum amount they can deposit either in a day, week or month for gambling.

I understand some of us hate KYC but Can this help eradicate gambling addiction if gambling companies consciously swing into it.

Honestly it can be very helpful because it lessens the chances of a gambler losing money he or she does not have. However I believe both the gamblers and the casinos would not be too in favor of this policy.

Any gambling addict will not be deterred but instead will look for other ways so they can continue gambling. As for casinos, they want to be able to make as much money as possible and doing this would not give them that.

Like you read my mind on this that made me to use the word consciously in my op about gambling companies taking it into action even after knowing it will affect their profit rate with the implementation. Casinos shouldn't focus only on how they maximize profits from gamblers with the exponential growth of gambling addicts it's high time they also demonstrate they care about their customers' and not only by the statements they flag on their platform about gambling responsibly. They should also play a supportive role in gambler's gambling responsibly.

[Cantsay]

I understand some of us hate KYC but Can this help eradicate gambling addiction if gambling companies consciously swing into it.

It won’t it will only help gambler look for more creative ways to bypass it - and if they are not able to they’ll look for a different gambling site where they’ll have more freedom, I can’t even imagine any government telling their citizens not to spend more than this percent of their money in a certain service, it doesn’t sound smart to me.

To be honest, the casino doesn’t need any bank statements to realized that a user is addicted- if they truly want to get rid of addiction or help reduced the amount of addiction victim then they can simply just monitor their customers activities and limit those that have been gambling excessively (whether they are losing or winning) that way it will help them calm down and realize their problems. The idea of using bank statements should be taken off the list of means to curb gambling addiction.

[Apocollapse]

Many casino already ask to submit KYC, but there's no action either the government or the casino to limit or exclude the gambling addict, so even the casino will ask every gambler to verify their account, I doubt they will take care with those addicts.

Both casino and government are making money from the gamblers losses, casino will earn money from the loss and the government will earn since the casino need to pay tax.

[shivansps]

Reflecting on income statement I thought about it how it can be used by gambling companies to deter the growing rate of gambling addiction among online gamblers which has led to massive wreckless loss.

Don't you all think that if gambling sites are charged by the authority to through KYC verification requirements call for income statement of every gambler to set a percentage limit to how much money as maximum amount they can deposit either in a day, week or month for gambling.

I understand some of us hate KYC but Can this help eradicate gambling addiction if gambling companies consciously swing into it.

Today I saw a post where a person writes that in the UK there is a similar regulation and when a person wants to deposit a large amount of money in the form of a bet, he needs to prove that he can afford it and his income corresponds to his desires.
Yes, I think that in general this will have a positive effect, especially for people who lose control of themselves and try to win back a loss. For such people, this rule is very necessary, because in this way they can be protected from spending money that they cannot afford to spend, be it money that needs to be paid for bills, for renting an apartment or for loans.

[YOSHIE]

Income statement: can it be used to mitigate huge losses due to addiction.

I have used the method of calculating my profits and losses in gambling, I do the calculation once every three months, but it's all just a means of calculating, for now I really can't stop gambling, let alone sports betting with my favorite club.

You can calculate profits and losses, but it doesn't guarantee you can stop being addicted, even though the calculation of expenses is greater than profits, that's the world of gambling, you are really hypnotized to continue playing, The fact is that wins can be counted on one hand and losses cannot be counted again, believe it or not, just try it, conclusion: profits and losses are not a factor for someone to overcome gambling addiction or reduce losses.

Example:
You can find those who are addicted to the lottery, ask them, generally they calculate profits and losses, the fact is they don't care about losses, the lottery continues to be placed, they are aware of losses, but who cares about that.

[acroman08]

Don't you all think that if gambling sites are charged by the authority to through KYC verification requirements call for income statement of every gambler to set a percentage limit to how much money as maximum amount they can deposit either in a day, week or month for gambling.

going through KYC alone can feel like your privacy is being violated already, and if it has become a requirement that you have to provide an income statement, I feel like a lot of people would further feel violated. I am certain a lot of people would disagree with this.

anyway, gamblers could simply just create another account on another casino if they reach the maximum amount they can deposit on the casino they were previously gambling on.

[iv4n]

The more corrupt the state, the more numerous the laws.”
― Tacitus, The Annals of Imperial Rome

I have shared this many times on the forum, and I agree with this. There are too many laws and rules, and everyone is still breaking them... Instead of working on education, and showing how to control some urges that we all have, the state prefers to control people and implement various types of restrictions. Let me add that they also have a baton for all those who are disobedient.

I simply do not want someone to control and limit me in any way, I think that every normal person knows their limits and possibilities. So I avoid KYC whenever I can, I know that nowadays "privacy" and "freedom" is almost impossible, but I still want to have them as much as I can.

[_act_]

Many casino already ask to submit KYC, but there's no action either the government or the casino to limit or exclude the gambling addict, so even the casino will ask every gambler to verify their account, I doubt they will take care with those addicts.

There were some actions taken by some governments but in a way that it is not effective. Like on some gambling sites, the gambling site would ask you to select the maximum amount that you can afford to deposit for a month. But if you have deposited up to the amount and lost it all while gambling on the complain site, the gambling site will not allow you to deposit more money but you can go and edit it after 24 hours that you set it and increase the amount and you will be able to deposit more. So we can still say that you are correct about this.

Both casino and government are making money from the gamblers losses, casino will earn money from the loss and the government will earn since the casino need to pay tax.

Which makes the government not to care. The regulations are towards generating more taxes but no concern about how people are losing.

going through KYC alone can feel like your privacy is being violated already, and if it has become a requirement that you have to provide an income statement, I feel like a lot of people would further feel violated. I am certain a lot of people would disagree with this.

Most gambling sites requires KYC now. But with KYC, this is not still possible because of how gambling sites are.

anyway, gamblers could simply just create another account on another casino if they reach the maximum amount they can deposit on the casino they were previously gambling on.

This is true.

[Eternad]

Don't you all think that if gambling sites are charged by the authority to through KYC verification requirements call for income statement of every gambler to set a percentage limit to how much money as maximum amount they can deposit either in a day, week or month for gambling.

I understand some of us hate KYC but Can this help eradicate gambling addiction if gambling companies consciously swing into it.

There’s no way a casino will do this because it will affect badly their income if gamblers will be limited on what they can play. Some country started to implement limits on players but this is not globally adopted since Casino business will be heavily affected which means government will have less taxes from them.

I think this is a good solution for country with severe gambling addiction that affects already the society. I remember UK or Australia are pioneer country who wants to imposed gambling limits to its citizens.

I doubt online crypto casino will follow this law anytime soon.

[stadus]

I think this is a good solution for country with severe gambling addiction that affects already the society. I remember UK or Australia are pioneer country who wants to imposed gambling limits to its citizens.

They can, but OP's suggestion about an income statement is not being used to limit people from gambling. I think proper education about the risks of gambling should be pushed more, so gamblers will not gamble beyond their limits. Instead, they'll just gamble to enjoy and focus on more important things in their aim to make money. It's wiser to believe that we can't win in gambling, rather than thinking we can be someone who could break the system. Although it's not impossible, it's too risky, especially for those who lack control over their emotions.

I doubt online crypto casino will follow this law anytime soon.

Because that is  gonna kill their income too.

[Wapfika]

Reflecting on income statement I thought about it how it can be used by gambling companies to deter the growing rate of gambling addiction among online gamblers which has led to massive wreckless loss.

First of all, Gambling company is not the who solves gambling addiction because they are the one benefiting on it financially speaking. They can easily just apply this limits long time ago if their goal is to decrease gambling addiction yet they just introduce responsible gambling terms to guide users on how to gamble properly.

Government is the one that should imposing this to the casino through license provider. The only problem with online casino was gambler can create multiple account on different casino just to bypass this limit so it’s a total nonsense law to apply online.

[coin-investor]

I understand some of us hate KYC but Can this help eradicate gambling addiction if gambling companies consciously swing into it.

Do you think casinos will do that? It will limit their profit, and gamblers will hate doing that because their level of enjoyment depends on the limitations imposed based on their statement of income.

Because of the restriction, there is no longer freedom to gamble, and there is no longer enjoyment; the casino will cease to be an entertainment portal if it tells one of its players that he can gamble only at a specified amount.
The casino has features for gamblers to use to control their game, and there is no need to impose this income statement thing.

[Fortify]

Reflecting on income statement I thought about it how it can be used by gambling companies to deter the growing rate of gambling addiction among online gamblers which has led to massive wreckless loss.

Don't you all think that if gambling sites are charged by the authority to through KYC verification requirements call for income statement of every gambler to set a percentage limit to how much money as maximum amount they can deposit either in a day, week or month for gambling.

I understand some of us hate KYC but Can this help eradicate gambling addiction if gambling companies consciously swing into it.

I'm not sure I follow? You want the regulators to come up with a new fee, that they force gambling companies to collect, in order for the gambling companies to be able to make vast profits? The gambling companies hate KYC and would rather it be done away with altogether, they don't want regulatory authorities to come up with any extra barriers to earning more money. For all their talk about encouraging sensible gambling, let's face it - they want to take as much money as possible from anyone who has the means to deposit it and would rather not ask any questions unless needed. Gambling companies would happily absorb any processing costs for vetting KYC documents because that is not where they make any money.