What needs to change in the gambling industry
Like any industry, gambling is far from perfect, but it occupies a large part of the gross domestic product of many countries around the world. In Bulgaria, for example, for 2018 the total revenues from the gambling market amount to about BGN 3 billion, which is 3% of GDP, according to Amadeus, one of the world’s largest databases for economic and financial data.
The problem
Governments and gambling regulators need to significantly improve transparency in the industry. It’s no secret that bookmakers have an advantage over their customers. They gain from the margin in the odds. It is public knowledge that this is their advantage and it’s like their service fee.
The problem is not in the mathematical advantage of bookmakers, but in the fact that they use dishonest tactics to further increase this advantage and make more money. Players are in a constant war with online bookmakers and casinos, arguing over who owes what. While gambling sites must be fully protected from fraud, they too often use this excuse for not paying legitimate customers for their profits. Only the relevant authorities can intervene to stop unnecessary disputes and build a more transparent industry.
The solutions
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The online gambling industry has somehow avoided the responsibility of fully informing gamblers of what they are getting themselves into. Just think, the board at McDonald’s shows the calories of each burger, the cigarettes say that smoking can cause cancer, but isn’t gambling a health risk? Where are the remarkable warnings about the losses one can make?
The online gambling industry has somehow avoided the responsibility of fully informing gamblers of what they are getting themselves into. Just think, the board at McDonald’s shows the calories of each burger, the cigarettes say that smoking can cause cancer, but isn’t gambling a health risk? Where are the remarkable warnings about the losses one can make?
Permission of winners
Imagine that you enter a restaurant and get a different menu from everyone else with the same items, but the prices are adjusted to higher because they know you have money. It’s not right, is it? It’s the same with winning players. They are limited to a low maximum bet. While gambling sites claim that too many profitable players can bankrupt their business, there are people who have completely ruined their lives because of gambling addiction.
How can they encourage the losing gambler to bet 5 times the maximum bet, but at the expense of limiting the winner to a small part of it or in some cases to close the accounts completely?
I would prefer the legislation to force bookmakers to explicitly show in their terms if they will not accept actions from bettors who actually win regularly.
Customer acquisition ecosystem
Increasing the cost of acquiring new customers means that product and customer satisfaction give way to marketing saturation, i.e. low quality at the expense of aggressive advertising. Reality also shows that we as a society set age limits on when someone can bet, but betting sites make almost no effort to prevent ads from appearing to people under that age.
I would prefer bookmakers to attract customers with the quality of their products, rather than with the costs of promotion and marketing. Rewarding affiliate partners with how much their users lose (accounts that have registered through their link) will only stimulate the supply of low-quality, high-quality content, to unfortunately catch those with the most addictive personalities. That’s why there are so many sites that offer free low-quality predictions. In my opinion, the reward should be simply by opening an account or by the turnover of the consumer, and not by losses
Promotional behavior that requires the customer to place another bet in order to take advantage of the bonus or a deposit bonus that encourages betting beyond your means should also be limited. Bonuses should not stimulate the placement of more and more bets, but add value to the betting point, such as increased odds.
In a world without free bets, deposit bonuses, and winnings of partnerships through losses, the relationship between the bookmaker and the customer will be much better and healthier.
Strict payment deadlines
Tactics for delaying payments are well known in flour. Betting sites must adhere to consistently strict payout deadlines, such as 100% of customer withdrawals being processed within 2 weeks, or facing an investigation that could lead to the suspension or revocation of their license.
Conclusion
These changes will definitely improve the user experience on betting sites and are very necessary.
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