Assess the odds correctly

Online wagering has changed the perception and face of gambling industry.  The trend is prevalent all over of the world because of ease of access and large spectrum of offered casino games. Through hand held device and personal computer players can play varied games anywhere anytime, but this also tends to increase gambling related issues.  The online gaming portals like fun888 develop their apps through which you can bet round the clock. The popularity of online casinos has increased manifolds in covid-19 crisis due to precautionary measures like social distance and travelling restrictions.

A survey conducted by the Australian Gambling Research Center  among two thousand gamblers have shown the average  weekly time spent on online wagering have increased from 23% to 32% in mid 2020. The major portion of gamblers consists of men aged from eighteen to thirty-four, and their average expenditure on online wagering enhanced from A$687 to A$1,075 monthly. Most investors and speculators in equity market and bettors in gambling make poor assessment of the prevailing odds. Most individuals apprehend plane crash though the risk is so negligible the US National Safety Council does not take into account. On the other hand a possibility of car accident is much more about one in one hundred seven in one`s lifetime.

Selective identification

Gamblers intently overlook the chance of losing and focus on the slim probability of winning. This feature still ignored knowing the fact the odds in game of chance are calibrated in such manner the house always have the edge in long run.  Players most ignore this odd and starts believing in an alternative result favoring them.  Feedback plays a crucial role in erudition.  When the feedback is precise, timely and well targeted, it can reduce many cognitive features that hampers decision making. Unfortunately gamblers cherish their trivial winds and forget the mammoth loss. This selective remembering of wins by bettors, strengthen their belief system of winning.

Feedback is crucial

But a constant feedback about the losses can counteract this self belief system. This is the prime reason why many online gaming service provides does not provide accurate feedback about their losses. The long activity statement send by service providers to players does not clearly state how well or more probable poorly they are performing. A precise report on the performance of the gambler can make him/her conscious about the spending habit on digital wagering.

To find a feasible solution to this issue of feedback the federal Department of Social Services bespoke Behavioral Economics Team (BETA) of Australian government to mail feedback about online wagering to players. The trial was launched showing time spent, total loss/win, net profit or loss of the online wagering activities of a player. The report was depicted in two different manners, one in table format like a bank statement and other in graphic mode. BETA mailed these reports to one thousand five hundred horse race bettor participants.  Each participant was given a token money instead of real money, those who reviewed the graphic statement betted less than one who studied table format.

Caitlin Valiant

The author Caitlin Valiant