Online betting is an activity that is gaining more ground around the world due to people looking for ways to gain more money. However, out of the people who invest in online betting, only less than one percent can confidently say that they are making a regular profit from online betting and that they could easily fend for their selves from the proceeds of online betting. This one percent includes those who defraud others by claiming they should pay them money to help them stake or forecast games only to end up disappointing them. Here are some of the dangers of online betting.
Losing all your money
A major danger of online betting is that you could lose all your money. A lot of people have been into betting and have lost money over time. In a lot of cases, not only do they lose the money they planned to spend on sports betting but they also lost all the money they had then. Perhaps they had just exactly what they would have carried them through the month or a little more than that. However, after losing the first stake, they decided that they would try to recover the lost stake and then stop. Within a few hours, they would have lost everything they have in their account and then become as good as stranded. Some people who invest money equivalent to what some of their friends lost to gambling few years ago have seen such investments grown to tens of thousands of dollars.
Another reason why online betting is bad is addiction. A lot of people have decided that they would quit gambling but they are always back with the hope that they are going to win big. The ease with which betting websites can be accessed on phones and computers also make escaping from the addiction very difficult. In most cases, they have to go for therapy before they can successfully stop online betting. Those who are not careful enough, even after such therapy, sometimes go back to continue online betting at the slightest temptation.
Going into debt
Online betting or gambling has made a lot of people to go into debt. On the one hand, it has discouraged them from working hard as they strongly believe that it should be easy for them to make money from sports betting. Day after day they spend the little they have without really working to earn money. In a short while, they have emptied their accounts and cash. They would be forced to borrow from people or loan companies. The problem with this is that if they ever manage to win anything, it all goes into paying back debt. They subsequently take more debt and within a short time, they already have a huge debt they would need to work for years to clear up.
Depression and suicide
When they get to this situation where they have a huge loan and then realize they would never have had the loan if online betting can sort out the loan in the first place, they might be forced to commit suicide to escape the loan. Some people have become depresses because a singular game keeps making them lose their stakes of hundreds and thousands of dollars. They could commit suicide out of frustration.