[Help] Gambling: The Unique Addiction?

[Pevenseagull]

This nailed on. Obviously at my worse and blowing a month's wages in a single "session" they are quite happy to take it. When you have a little win with the promotions they offer you they then limit promotions or exclude you from them. That was my experience and presume its still the same today?.

Fortunately I don't know about the first bit but as for the restrictions I'm almost proud of the number of bookies that now won't allow me more than 50p each way on races paying extra places.

 

[El Presidente]

Gambling companies are the biggest sponsors of...gambling charities, and that means that they are able to control/influence what is written and said.

In the literature put out by gambling charities you will see reference to 'responsible gambling' all the time, as if there is an appropriate amount that a gambling addict could/should spend. But you don't hear about 'responsible drinking' in relation to alcoholics, or 'responsible shooting up' for drug addicts...such concepts are deemed ludicrous, and rightly so.

The industry operates in insidious ways. Three years ago I spoke to the APPG on gambling and detailed how much Bet365 generated in wagers per year (and I appreciate that wagers are one of a variety of metrics used) per their accounts. It was £65 billion, over half the annual NHS budget. The following year Bet365 stopped showing the data in their accounts.

We don't take gambling adverts or sponsorship on the podcast, (cue virtue signalling accusations) not because I'm opposed to gambling (I gamble myself) but because of the practices in the industry which target the vulnerable and extract a disproportionate amount of money from the poorer part of society. We were offered a lot of money to sell the naming rights for the show but turned it down, as everything comes with strings attached. Since then have been offered hospitality by the industry (who don't seem to get that offering tickets to a 'big match' which coincides with the Albion playing is going to be automatically turned down) and one or two legal threats when I've said things they don't like.

A problem gambler for the industry is one who wins more than they lose, and those gamblers quickly have their accounts closed or are given very small wagering limits.

IMO the approach to gambling should be the same as that for tobacco, a complete ban on advertising. Gambling does not enhance your personality or make you punch the air with regular wins as suggested in the adverts, it's a recreation, which is fine, but can be an addictive one, which is not. The NHS will ultimately pick up the tab in terms of depression, domestic violence and suicide that are part of the collateral damage of gambling. The companies themselves will come out with the weasel words, commission research which 'proves' that the amount spent marketing their products does no harm, and entertain MP's of both sides to spout the soothing words of the white collar Escobars.

 

[dazzer6666]

Former colleague of mine took on a 12 month contract with a major betting firm after we’d left banking to set up a Compliance function for them. The job was fine, but he was actually disgusted at the immorality of the firm the more he saw of it - he told me they have all the sophisticated tools, technology and surveillance in the world to be able to detect people getting into a mess (and could easily stop them at a fairly early stage), but don’t use them other than to maximise their profits. They also pay lip-service to the ‘gambleaware’ stuff and other regulations, doing the absolute minimum necessary to stay within the rules. He ended up walking away from the job as a result.

 

[Tom Hark Preston Park]

Former colleague of mine took on a 12 month contract with a major betting firm after we’d left banking to set up a Compliance function for them. The job was fine, but he was actually disgusted at the immorality of the firm the more he saw of it - he told me they have all the sophisticated tools, technology and surveillance in the world to be able to detect people getting into a mess (and could easily stop them at a fairly early stage), but don’t use them other than to maximise their profits. They also pay lip-service to the ‘gambleaware’ stuff and other regulations, doing the absolute minimum necessary to stay within the rules. He ended up walking away from the job as a result.

From TB's wiki page:

'Bloom's wealth has been accumulated primarily through proprietary or value betting on sports events. Bloom heads a private betting syndicate which is believed to have been continuously successful year on year for a sustained period of time'

Just saying

(and immediately somewhere down in deepest darkest Chailey the red phone starts ringing in the botcave )

 

[KZNSeagull]

From TB's wiki page:

'Bloom's wealth has been accumulated primarily through proprietary or value betting on sports events. Bloom heads a private betting syndicate which is believed to have been continuously successful year on year for a sustained period of time'

Just saying

(and immediately somewhere down in deepest darkest Chailey the red phone starts ringing in the botcave )

Value betting is very different from gambling and is the only long term way to win.

 

[Tom Hark Preston Park]

Value betting is very different from gambling and is the only long term way to win.

Still a losing punter on the other end of the bet tho eh?

 

[KZNSeagull]

Still a losing punter on the other end of the bet tho eh?

Bookmaker or a punter acting as a bookmaker.

 

[dazzer6666]

From TB's wiki page:

'Bloom's wealth has been accumulated primarily through proprietary or value betting on sports events. Bloom heads a private betting syndicate which is believed to have been continuously successful year on year for a sustained period of time'

Just saying

(and immediately somewhere down in deepest darkest Chailey the red phone starts ringing in the botcave )

Not sure what you’re saying - nothing new there. Bloom’s syndicate, though, is exclusively verified HNW individuals who have to deposit their sum with his firm and then leave them to it - it’s more akin to a portfolio management operation. They look for smaller average returns (1-3% annually I’ve read) over a long period - they’re not taking overly risky bets, just huge ones at small margins. Whilst technically the same nature of business it’s a world away from the likes of you or I lumping our wages on the nags or fruit machines using an easy-to-use phone app.

 

[Tom Hark Preston Park]

Not sure what you’re saying - nothing new there. Bloom’s syndicate, though, is exclusively verified HNW individuals who have to deposit their sum with his firm and then leave them to it - it’s more akin to a portfolio management operation. They look for smaller average returns (1-3% annually I’ve read) over a long period - they’re not taking overly risky bets, just huge ones at small margins. Whilst technically the same nature of business it’s a world away from the likes of you or I lumping our wages on the nags or fruit machines using an easy-to-use phone app.

It's only a world away in terms of scale. Exactly the same level of degenerate gambling

 

[dazzer6666]

It's only a world away in terms of scale. Exactly the same level of degenerate gambling

Scale, approach, risk of loss, plus entry requirements and due diligence to ensure affordability all very different according to what I’ve read/heard. Outfits like Starlizard are closer to fund managers than they are to the likes of B365 in terms of how they operate.

 

[Tom Hark Preston Park]

cluScale, approach, risk of loss, plus entry requirements and due diligence to ensure affordability all very different according to what I’ve read/heard. Outfits like Starlizard are closer to fund managers than they are to the likes of B365 in terms of how they operate.

That's exactly the kind of spin FTX and SBF came out with cryptobabble sphere, right up to the point they went bust in the space of 24 hours t'other week.

My advice would never be a cheerleader for the owner of ANY club, including our own. Because every club owner has their own agenda...

 

[Paulie Gualtieri]

Former colleague of mine took on a 12 month contract with a major betting firm after we’d left banking to set up a Compliance function for them. The job was fine, but he was actually disgusted at the immorality of the firm the more he saw of it - he told me they have all the sophisticated tools, technology and surveillance in the world to be able to detect people getting into a mess (and could easily stop them at a fairly early stage), but don’t use them other than to maximise their profits. They also pay lip-service to the ‘gambleaware’ stuff and other regulations, doing the absolute minimum necessary to stay within the rules. He ended up walking away from the job as a result.

I’ve met many gambling firm staff members at financial crime
Conferences over the years and agree was astounded what level of tools and AI they had at their disposal, which could be used for the good as much as the bad but it simply isn’t. The frustration internally in the second line is the boards attitude of “they may as well gamble with us, as their going to gamble anyway” didn’t make the minutes obviously!

Poor

 

[dazzer6666]

I’ve met many gambling firm staff members at financial crime
Conferences over the years and agree was astounded what level of tools and AI they had at their disposal, which could be used for the good as much as the bad but it simply isn’t. The frustration internally in the second line is the board Ma attitude of “they may as well gamble with us, as their going to gamble anyway”

Poor

From a tech perspective they seem to be well ahead of the banks in many respects (newer businesses, more nimble, less complex all contributing to that I guess)……the fact they don’t use it responsibly to identify and limit/stop excessive gambling is criminal

 

[dazzer6666]

That's exactly the kind of spin FTX and SBF came out with cryptobabble sphere, right up to the point they went bust in the space of 24 hours t'other week.

My advice would never be a cheerleader for the owner of ANY club, including our own. Because every club owner has their own agenda...

Think I’ve seen enough to not take any of your advice thanks

 

[DJ NOBO]

It’s a disgrace that gambling companies are allowed, even encouraged, to advertise around TV sport.
”If the fun stops stop “ - how can they get away with a slogan like that? You could come up with the same bullshit to justify dabbling in anything.
Of course a little bet can be a gateway into behaviours than can mess up your life. I found this out the hard way and it took a long time to get back on my feet.

 

[Lenny Rider]

It’s a disgrace that gambling companies are allowed, even encouraged, to advertise around TV sport.
”If the fun stops stop “ - how can they get away with a slogan like that? You could come up with the same bullshit to justify dabbling in anything.
Of course a little bet can be a gateway into behaviours than can mess up your life. I found this out the hard way and it took a long time to back back on my feet.

But good you are back on your feet old boy

 

[Tom Hark Preston Park]

Think I’ve seen enough to not take any of your advice thanks

Maybe best just stick with the echo chamber then

 

[Zeberdi]

oops

 

[BadFish]

I've been lucky enough to be able to go to Oz on multiple occasions. Every pub, every RSL (Returned Services League) has a dedicated gambling area that is basically the size of yer average UK bookie. It's completely ingrained. The profits are absolutely massive, the pokies basically sub the clubs. Taking the scant positives, they also have a ban on in-play betting over there down under

The figures on the amount of money these parasites suck from communities (mostly the poorest) are staggering. Yes they enjoy so much influence in our governments. It is a f***ing disgrace.

Thankfully there is some movement in sporting clubs getting rid of the leeching 'pokies' to fund them. Trouble is finding alternative revenue streams is hard.

There are also a growing number of pubs that don't have pokies or a TAB (betting shop) attached.

 

[BadFish]

It’s a disgrace that gambling companies are allowed, even encouraged, to advertise around TV sport.
”If the fun stops stop “ - how can they get away with a slogan like that? You could come up with the same bullshit to justify dabbling in anything.
Of course a little bet can be a gateway into behaviours than can mess up your life. I found this out the hard way and it took a long time to get back on my feet.

I find it incredible that they are forced to add this cautionary tag line but are allowed to use it to advertise the 'fun' of gambling. Too much money and influence at a government level is my suspicion.