Why Gambling Is Foolish

Before diving deeper into the industry’s concealed realities, it’s essential to address a critical point: gambling is foolish. Here’s why.

That 0 on a roulette wheel signifies that betting on either Red or Black grants you less than a 50% chance of winning, a concept known as the "House Edge."

Every time you engage in gambling—whether at a casino or via a smartphone—there’s always a house edge. Over time, that edge guarantees that the house will eventually take all your money.

The mere existence of profit for casinos is evidence that players typically lose. If casinos didn’t win more than they lost, they wouldn’t remain operational.

Here’s a glimpse of the average house edge for various casino games:

• BlackJack: 0.42% — 1.5%
• Baccarat: 1%
• Roulette: 5.26%
• Slot Machines: 5–10%

In the realm of sports betting, bookmakers determine the odds for each game. They dedicate their time to calculating which odds will yield the highest profit margins. Chances are, you don’t possess more insight than the bookmakers do, despite what you might believe. They have all the data; you don’t.

Your instincts regarding a football match are unlikely to outsmart professional bookmakers.

Humans aren’t biologically equipped to comprehend odds effectively. Distinguishing between 1/100 and 1/1000 can be quite challenging.

A small number of skilled gamblers may turn a profit, particularly in poker, where they are competing against other players rather than the house. Others might employ tactics like card counting or matched betting, and only a very limited number of individuals genuinely possess superior knowledge about a specific team or sport compared to the bookmakers.

Unless you’re a professional gambler who treats it as a serious job and acts sensibly, gambling is a foolish endeavor for you. Furthermore, even professional gamblers face significant risks, as it’s alarmingly easy for anyone to develop a gambling addiction (which will be discussed further later).

A successful system is what leads to wealth creation (similar to running a thriving business), but gambling is definitely not a successful system. You might experience occasional big wins, but it is not a sustainable means of profit over the long haul. Ultimately, gambling is a game for the naïve.

Despite the inherent foolishness of gambling, millions across the globe engage in it daily. In fact, technological advancements have spawned an entirely new challenge.

How Online Gambling Has Changed Everything

Historically, gamblers had to visit a physical casino or bookmaker. Now, gambling is available at your fingertips, anytime and anywhere, courtesy of smartphones—devices that have become almost indispensable in modern life.

Gambling has become instantaneous, discreet, and effortlessly accessible. In 2022, those struggling with gambling addiction find themselves in an inescapable nightmare. An alcoholic can clear their home of alcohol and avoid establishments that sell it, but a gambling addict lacks such an option.

Moreover, gambling addicts are bombarded with advertisements every time they log online. During my research for this article, I found myself inundated with ads from gambling companies repeatedly. YouTube algorithms began showing me "big win" videos.

It felt as though the internet was conspiring to push gambling addicts toward relapsing into their addiction.

However, it’s not a conspiracy. Social media algorithms analyze users’ online habits and determine if they are inclined toward gambling, subsequently directing gambling-related content their way, knowing they’re likely to engage with it. These algorithms are simply designed to maximize clicks and keep users on their platforms longer.

Today, online gambling encompasses numerous forms. Live dealer casino games are now accessible, allowing players to enjoy the experience without stepping foot in a casino.

You can also play slot machines online without a casino visit.

The variety of games available online is virtually limitless.

Even more concerning, the rise of cryptocurrencies has led to the emergence of “crypto casinos” that operate online with minimal regulation. These platforms, like Stake.com, establish their operations in countries such as Curaçao, where gambling regulations are more lenient, allowing them to engage in practices that would be prohibited in many other nations.

Crypto casinos target younger audiences by collaborating with streamers on platforms like Twitch. These streamers receive substantial payments to gamble live in front of their viewers.

They play for hours, often hitting remarkable wins. However, what they fail to disclose is that they aren’t betting with their own funds. Online casinos provide the capital they gamble with in exchange for free promotion of their platforms.

These streamers may retain a percentage of their winnings, losing none of their own money. This enables them to gamble recklessly, thereby normalizing such behavior for their viewers. The act of wagering $1000 on a single bet becomes commonplace, prompting their audience to mimic this behavior.

Even celebrities like Drake have participated, gambling online in front of their audience. At one point, he won an astounding $20 million, only to lose most of it by the end of the stream. Watching a public figure like Drake gamble in front of impressionable youth can encourage many to try online gambling, potentially leading to addiction.

Sports Betting

Nowadays, millions place sports bets from their smartphones while watching live events. It has become entirely customary for football fans to bet on their phones while in the stadium. The AFL (Australian Football League) has come to depend on gambling for its financial sustainability.

Bookmakers utilize fractional odds, like 1/11 or 17/2, instead of straightforward percentages, complicating players’ understanding of their winning chances.

While sports betting has always existed, three emerging technologies have significantly altered the landscape: 1. Artificial Intelligence 2. Big Data 3. Account profiling. By leveraging these technologies, gambling companies have reaped enormous profits in recent years. For instance, Bet365 reported profits of £2.98 billion in 2021.

Sports betting applications now employ artificial intelligence to monitor gambler behavior. Upon signing up, your actions are closely scrutinized. The app begins collecting data about you: age, sports interests, income, location, average deposit, and betting habits.

In a short span, the app can discern whether you are a casual bettor or a seasoned pro. If it detects reckless gambling behavior, the app will continually entice you to return. The AI analyzes your gambling patterns to see if they align with those of other users who have lost money.

If you fall into the “fool” category, you’ll receive free bets, marketing emails, and constant notifications on your phone.

Conversely, if the AI identifies you as a skilled gambler employing a feasible strategy, you may face restrictions or even a ban from the platform.

Is this unfair? Absolutely. Generally speaking, you can assume that the entire gambling industry is designed to ensure that 1. You don’t win money from them 2. You become addicted to gambling. They will resort to any manipulative and deceitful tactics to achieve these objectives.

Advertising for Gambling

Why do gambling companies consistently offer promotions like free bets? Because a new user who eventually becomes an addict could be worth thousands in profit. Even the average recreational gambler typically ends up losing more than they win. They provide free bets because it ensures long-term profitability.

Given the immense profits generated by the gambling sector, companies can afford to enlist some of the most recognizable celebrities to promote their brands. For instance, Jose Mourinho was chosen for his image as a savvy businessman with substantial wealth.

Dressed in a sharp suit, Mourinho’s presence in the advertisement suggests that gambling with Paddypower could be a shrewd financial move (which, of course, it is not). The implication is that he himself profits from betting with Paddypower (which is highly unlikely, as no one builds lasting wealth through gambling).

Athletes endorse gambling companies for one of two reasons: 1. They are indifferent to the fact that they are influencing their fans, often aged 18–25, toward potentially harmful gambling behavior, or 2. They are simply unaware of how the gambling industry operates.

Advertising for sports betting usually attempts to create a connection between gambling and masculinity:

Consider this: does placing a bet on sports make you more masculine or strong? Will it enhance your attractiveness? The answer is: No.

Young men are led to believe that gambling is an adult activity, when in reality, betting on sports with the expectation of substantial returns is, in fact, quite juvenile and naive.

Let’s temporarily overlook the image of Floyd Mayweather and focus on the bright yellow gambleaware.co.uk disclaimer at the bottom of the advertisement.

British law mandates that gambling advertisements must include a gambleaware disclaimer, which serves to remind viewers about the risks of gambling addiction.

However, take a moment to observe how this disclaimer is presented. The word “FUN” is in large, bold letters—reinforcing the idea that gambling is enjoyable. The bright yellow color typically symbolizes excitement and positivity. This presentation of the disclaimer is deliberate, not coincidental.

How Gambling Addiction Ruins Lives

Gambling addiction is as genuine as substance addiction. Instead of seeking a high from an external substance, the thrill comes from the chemicals released within your brain.

Gambling addiction ranks among the most brutal forms of addiction. The worst possible scenario for a new gambler is to experience a significant win. Many individuals find themselves hooked after winning a mere £200 on a slot machine, and from that moment on, they are ensnared.

Gamblers often describe entering a “trance” as they succumb to their addiction, feeling as if they are in a dreamlike state while draining their bank accounts.

One of the most pernicious traps of gambling addiction is the "double or nothing" mentality. After losing £1000, many believe they can win it back by continuing to gamble. They double their bets, only to lose £2000. In a panic to recover their losses, they may wager £4000, leading to a relentless cycle.

Gambling addiction is a unique form of suffering. Companies profiting immensely from this addiction can rightly be viewed as malevolent, and gambling advertisements that contribute to the creation of more addicts should be outlawed.