Do Gamblers Really Understand the Risks of Betting?

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risks of gambling
Source: 123rf.com

Researchers at Warwick University are investigating whether Gamblers correctly understand the risk of today’s gambling products.

Currently, there is limited research into the perception of risk by users. By gaining crucial evidence, they hope to assist in developing how information is viewed and ensure gamblers fully understand the chances involved when betting.

Dr Philip Newall, Dr Lukasz Walasek, and Dr Elliot Ludvig are three psychologists from the University of Warwick performing the research and have stated:

We hope to develop evidence which could lead to more useful information about the risk of play being developed for modern gambling products.

The industry employs terms and is marketed to reduce the users’ awareness of risk, by instead promoting the possibility of success and underplaying the chance to lose.

An example would be ‘Return To Player’ (RTP) – the theoretical percentage a gambler can expect to profit or lose by. It is calculated using a simple math formula:

(total winnings) / (total bets placed) = RTP

To be considered relevant, it is ordinarily calculated over a million or more spins, which means that for the typical gambler, the short term volatility of today’s gambling products has a higher risk, which may not be understood by the user.

The risks of gambling
Source: 123rf.com

eCogra, a trusted online gaming regulator performs audits and issues certificates to gambling operators that pass its monthly inspections.

An online gaming survey conducted by Notting Trent University polled 11,000 gamblers and showed that 88% of players rate the RTP reports as “important”.

To complete the survey, please visit: http://warwick.co1.qualtrics.com/jfe/form/SV_6foVjxory98Uo7j

Concerned about your gambling and are worried you may have a problem? Receive help and advice here.

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