Could there possibly be gambling insurance?

[danherbias07]

I think it's bad business, imagine if you are the one who owns that company. How are you going to get some profits? Then, will the gambling sites agree with you that the losses of those people will be given back in some manner? Nah, I don't think so.
What they want is to keep on taking, not giving. It's called gambling for a reason. I do like the idea but how will the mechanism work? It's nice to hear getting back a possible amount of money if you are the gambler and lose but I don't think the business owners will like it too.
I think this is where the feature "rakeback" comes in. It's much better if they will just increase the percentage of rakeback instead of an insurance.

[TopTort777]

Gambling insurance sounds like a bs. Because a gambler seems to be a very smart guy. He wants to win, but if he looses, then insurance should cover his loss. That isnt fair towards other gamblers. That is going to cost hell of a tonns of money (I cant even imagine how to calculate that amount. Probably bet size = insurance cost + something extra, but nobody would agree for that) Insurance isnt a thing that gives money for nothing.

[Hatchy]

Insurance companies are thread to Incure for your loss, but not in something like gambling. Yea it looks much like what they offer but they won't be so stupid to offer such services to customers. If they do, alot of reckless gamblers would use this idea to rub their company as they have it in mind that there's always a backup Incase they loss all their money in a single bet so the word being careful would be far away from their taught while they play. Others no such  insurance company our their, non that I've heard of. As a gambler, our loss is our responsibility to Incure for having an insurance for gambling loss is like taking loan for a company so you can continue your gambling activities.

[stomachgrowls]

Insurance companies are thread to Incure for your loss, but not in something like gambling. Yea it looks much like what they offer but they won't be so stupid to offer such services to customers. If they do, alot of reckless gamblers would use this idea to rub their company as they have it in mind that there's always a backup Incase they loss all their money in a single bet so the word being careful would be far away from their taught while they play. Others no such  insurance company our their, non that I've heard of. As a gambler, our loss is our responsibility to Incure for having an insurance for gambling loss is like taking loan for a company so you can continue your gambling activities.

If there's one then it would really be that something which is really that too expensive or insurances would really be just only set up a % of overall loss or making those clear rules on how
they would really be able to make use of those insurances. Just like the rest been saying that this is indeed a business and it would really be that impossible that they would really
be that having no advantage into their clients. This is why it would really be that impossible that there would really be insurance on which it is really that been set for gambling.
Insurance companies wont really be that dumb enough for them to run a business on which they do know that they would really be that on great disadvantage.

It is really that important for them to make money or profits and not really that trying out to build one on making those losers in gambling would be always having those claims. 

[MAAManda]

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……

Remember that insurance companies are also companies, they also need profits to cover everything they do such as operational costs etc. Where do they get these profits from, from people paying for things they cannot control (force majeure) such as death, or accidents. So how can this insurance company be willing to provide insurance for things that can actually be controlled? they will lose their profits if they do.

[m2017]

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……

If gambling insurance were profitable, it would have existed long ago, but the insurance company would go bankrupt if it paid out money to gamblers for their losses. Theoretically, the opposite effect could work here - paying out insurance for winnings to gamblers. Because it is the least likely. But the winner needs insurance payments the least.

Insurance companies insure those insurance events that are the least likely, because their goal is to collect money for the service and not pay (to pay fewer clients). This is what their profit is based on.

[libert19]

I have seen something similar on Hive based casino named Kryptogamers, to be eligible for insured bet, you had to get in club by wagering certain amount — higher the club, higher the number of insured bets.

I liked the idea, wish to see it on more casinos.

Topic about Kryptogamers: https://bitcointalk.org/index.php?topic=5434940.0

[coin-investor]

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 don't think any insurance company will accept that coverage because the risk is very high for them to lose; they are on a losing end if they accept such coverage because they know the house always wins, and whenever the house wins, they lose.

And why do we need such an insurance company when losing is inevitable? The easiest way is to gamble with money you can afford to lose, and you will never worry about losing a lot of money.
You want to get insurance so you will have a reason to go on betting because your losses are covered, but that won't happen because no insurance will and can cover your losses.

[GigaBit]

Insurance companies are businesses, they will not want to get involved in something that has a high potential to harm them, since gambling is an activity with a high risk of someone experiencing a loss, and no insurance company wants to cover the losses of these gamblers. Insurance companies have their own calculations in their business, they do not want to lose, so they will only get involved in things with a lower potential for loss, such as health insurance, vehicles, cargo, etc. As for gambling itself, they probably wouldn't want to get involved in it.

Insurance companies would certainly offer their insurance to gamblers if they could but it is not possible for anyone to do. No one has yet been able to produce a formula that would be willing to offer insurance benefits to gamblers. If the company was profitable then of course they could offer it through a policy but this is not possible yet. General insurances that we usually get the facility of insurance in various fields including life insurance, cargo insurance, fire insurance etc. In the case of life insurance, not everyone dies at the same time. An accident may happen to one or two people, but not everyone. The same is the case with fire insurance or cargo insurance but if gamblers are insured only the gamblers who lose will have to pay through the insurance. No one wants to lose their money so insurance companies will take on the responsibility of paying those gamblers' losses which is never possible.

[Awaklara]

I don't think any insurance company will accept that coverage because the risk is very high for them to lose; they are on a losing end if they accept such coverage because they know the house always wins, and whenever the house wins, they lose.

And why do we need such an insurance company when losing is inevitable? The easiest way is to gamble with money you can afford to lose, and you will never worry about losing a lot of money.
You want to get insurance so you will have a reason to go on betting because your losses are covered, but that won't happen because no insurance will and can cover your losses.

indeed no insurance company would think about that. just imagine when a gambler claims his losses to an insurance company. after succeeding, the money obtained will be used for gambling again and then lost again.
even if there is, the requirements requested will be quite strict. such as cooperation with a particular casino. time and minimum amount of money that has been bet. or becoming a VIP member of the casino. as well as the claim requirements.
it certainly will not be easy for insurance companies to make these adjustments. even if it does work, maybe the casino itself claims that it provides insurance to its gamblers.

[vs2014]

It will never accept the community of those gambling sites because it will cost them money. You need to know that gambling site owners make a lot of money. The more you bet, the more money you earn. On the off chance that you blow all your life savings, the money you save with them as insurance will not come to your rescue. If you want save some of your gambling money that you can spend on other things in the future. However the issue of insurance on gambling sites seems to be completely useless.

[Kavelj22]

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……

In practice, gambling insurance is not possible due to the inherent nature of gambling, which is based on risk and uncertainty. Insurance, as a financial service, relies on risk assessment and probability calculations to provide protection against potential losses, whereas gambling is fundamentally based on the unpredictability of outcomes, making it difficult or even impossible to accurately calculate risk.

If gambling insurance were offered, it would contradict with the concept of ​​gambling itself, as the presence of financial guarantees would reduce the risk that is an essential part of the experience. In addition, gambling loss insurance could encourage irresponsible gambling behavior, as players would have the feeling that they are protected from negative financial consequences, so as a direct result, contributing to gambling addiction rather than reducing it. For this reason, the idea of ​​gambling insurance is not considered practical or logical at first place. All analysis that would come after will be nonsense.

[Roseline492]

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 have not heard of such thing as gambling insurance and besides there is no way any gambling platform will agreed on such term because there would be a lot of loses for them that whenever any gamblers incurred any certain losses they would be compensated however if such thing were to be in a existence almost everybody would have venture into gambling and people would have been making a lot of money from it, imagine if gambling was like that so many gambling platform would have even crashed by now because of the money people would have been winning from there platform, so actually the only gambling platform that could possibly use insurance will be a charity platform and of course there is no such gambling platform.

[Davidvictorson]

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……

This is an idea that I have never heard of before. Although it doesn't sound right with me but it is good idea for a startup...an insurance package for gamblers. Someone should kind of explore this. On the other hand, I want to say that I think it will be a misplacement of priority for a small time gamblers however for a high roller, it could be wait they have been waiting for.

[CryptoHeadlineNews]

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……

Just as insurance is a guarantee by a company to offer compensation for a specified lose on a registered event,  and we all know that examples of the types of insurance include, Auto, Home, Health, Travel, Education, and Life insurance, when it comes to gambling, we all know that the risk in gambling is far more higher than any of the types of insurance listed above, of which an individual with the above could stay 1 to 2yrs without been insured by his/her insurance agency, when it comes to gambling, which is vice-versa, such person has a greater chance of losing money daily or weekly, due to the unpredictable nature of the gambling game. Which is why gambling can never have an insurance measure.

[yahoo62278]

Insurance period is a scam but they have thrown it down our throats for years. In the USA you cannot drive without insurance, you need medical insurance(not required but still suggested), if buying a house you gotta have house insurance etc.

Problem is, you pay into this shit and end up getting denied on claims. Insurance companies try to say no to everyone as quick as you file your claim. They have terms in there that make your claim invalid.

A gambler having insurance on his losses would be incredibly expensive. It's going to be based on how much you bet on average, your policy would limit your max bet, and they would deny the fuck out of every claim and screw the gambler over basically twice. The gambler loses his money, then gets denied his claim.

I feel like people would just be locked in court battles they cannot afford for year until a company goes bankrupt and noone gets paid.

[Ojima-ojo]

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.

I thought as much, because gambling insurance will be a bad choice of company because the company will always be on a steady pay out because gamblers must lose their bet and games, since the risk tendency in gambling is always high, so there is no profits in such a business.


If it car insurance, it will be less risky compared to Gambling which need more carefulness and on time approach to avoid loses in the long run because losses at that level is unavoidable.

[_act_]

This is an idea that I have never heard of before. Although it doesn't sound right with me but it is good idea for a startup...an insurance package for gamblers.

Not that you have not only heard of it before but also that it is not existing on this earth that we are. There are many things that you can have insurance on but gambling is not one of them. Insurance companies only go for what that is profitable for them but gambling is not part of it. I guess the gambler will be more reckless and lose more and be thinking that the insurance company will cover the losses for him. No insurance company will be able with that. They can not have such option of insurance.

[KTChampions]

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……

If I remember correctly, such things have already been discussed on the forum several times. The main problem is mathematics (or economics): insurance against such an event will cost more than the negative outcome of the event itself, that is, no one in their right mind will buy such insurance. Or, if you look at it from the other side, no insurer will sell you insurance with conditions that are unfavorable to him.

[coolcoinz]

Gambling insurance sounds like a bs. Because a gambler seems to be a very smart guy. He wants to win, but if he looses, then insurance should cover his loss. That isnt fair towards other gamblers. That is going to cost hell of a tonns of money (I cant even imagine how to calculate that amount. Probably bet size = insurance cost + something extra, but nobody would agree for that) Insurance isnt a thing that gives money for nothing.

To me gambling insurance sounds like more gambling on top of gambling

You put some money at stake before playing, so that if you lose the money you bet in subsequent games, that first stake (insurance) can make you square. But if you win, that insurance money is lost, because they will never pay it back to you and that's where the insurer profits. A bit counterproductive if you ask me because if you lose you get insurance, but if you win less than you paid for the insurance, you're going to be at a loss. So you want to win big or not win at all?