3rd Jan, 2025 @ 10:24 am

Online betting is increasingly popular, providing players with exciting entertainment experiences and attractive money-making opportunities. However, besides those benefits, online betting also has many potential risks that players need to be aware of to participate safely and responsibly.

Risks when participating in online betting

Financial risks

Loss: This is the most common risk when participating in betting. Players can lose money if they bet incorrectly or are unlucky. Losing money can lead to loss of control, causing players to try to unwind, leading to heavier losses.

• For example: A player bets all his savings on a soccer match and loses the bet. This can cause serious financial hardship for players and families.

Debt: Continuous losses can lead to mounting debt. Players can borrow from friends, relatives or even black credit institutions to continue betting, creating a spiral of debt that is difficult to escape.

• Statistics: According to a study, about 20% of bettors have debt problems.

Fraud: Some unreliable bookmakers may scam players by rigging results, refusing to pay winnings or stealing personal information.

• Warning: Players need to be careful when choosing a bookmaker and should only participate at reputable bookmakers that are legally licensed to operate.

Betting addiction

Betting addiction is a behavioral disorder that causes players to lose control over betting. They may spend too much time and money on betting, neglecting work, study and family.

Signs of gambling addiction:

• Loss of control: Unable to control the time and money spent betting.

• Cravings: There is always a craving to bet, even when losing money.

• Neglecting responsibilities: Spending too much time betting, neglecting work, study, family and social relationships.

• Debt: Borrowing to bet or using money for essential needs to bet.

• Irritability, anxiety: Becoming irritable, anxious, depressed when not allowed to bet or when losing money.

• Fraud and theft: You can even cheat and steal to get betting money.

Harmful effects of betting addiction:

• Mental health: Causes mental health problems such as anxiety, depression, stress, and can even lead to suicidal thoughts.

• Physical health: Insomnia, loss of appetite, physical weakness due to spending too much time betting.

• Relationships: Family conflicts, job loss, broken social relationships.

• Finance: Heavy debt, bankruptcy.

Legal issues

• Illegal betting: In Vietnam, betting has not yet been fully legalized. Participating in betting at unlicensed bookmakers may violate the law.

• Money laundering: Online betting can be exploited for money laundering activities.

Avoid risks when betting online

Choose a reputable bookmaker

• Check operating license: Choose a bookmaker licensed by reputable organizations such as PAGCOR, First Cagayan, Curacao eGaming...

• Find out information about the bookmaker: Read other players' reviews and comments about the bookmaker.

• Pay attention to security factors: Does the house use SSL encryption technology to protect player information?

• Customer support policy: Does the dealer provide professional, 24/7 customer support?

Personal financial management

• Set a betting budget: Clearly determine how much you can spend on betting and strictly adhere to that budget.

• Do not borrow money to bet: Avoid borrowing money or using money for essential needs (eating, living, studying...) to bet.

• Track spending: Record all the money you spend on betting to control your finances. Use personal finance management applications to track income and expenses.

Set betting limits

• Time limit: Determine the maximum time you can spend betting each day/week. Use time-limiting apps or features on your device to control usage.

• Bet limit: Set a limit on the amount you can bet per match/day/week.

• Stop when losing: When you have lost a certain amount, stop and do not try to recover.

• Self-exclusion: Some bookmakers offer a self-exclusion feature, allowing players to self-lock their accounts for a certain period of time.

Play betting responsibly

• Betting is a form of entertainment: Always remember that betting is just a form of entertainment, not a way to make money.

• Control your emotions: Don't let your emotions control you when betting. Bet based on reason and analysis, don't bet based on emotion.

• Learn from experience: Learn about betting strategies, analyze match information, manage capital... to increase your chances of winning.

• Life balance: Make time for family, friends, work and other activities. Don't let betting take up all your time and mind.

Identify and support people addicted to betting

• Pay attention to your loved ones: If your friends or relatives show signs of gambling addiction, pay attention, share and encourage them to seek help.

• Seek help: If you or your loved ones have problems with betting, seek help from organizations and psychologists.

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Online betting can be an enjoyable form of entertainment, but players need to be aware of the potential risks and participate responsibly. By taking risk prevention measures, you can enjoy exciting moments of entertainment without affecting your personal life and finances.