Casino games are basic games that involve gambling, while gambling takes you at the risk of either losing all or winning all – there is no middle ground – people still gamble anyway. The rate at which people gamble is quite alarming. You’d be surprised to know that people gamble on everything: they gamble on prediction, events, games, and so on. Little wonder why people spend days in a casino building, spend hours on their favourite casino websites, and hours on sports betting sites. A casino means involving in a game where the winner takes all and the loser loses all. There is no middle ground. Even with the high-risk potential of the game, the casino industry only keeps expanding day by day. Well, the psychological makeup of humans wants to make us take risks, wants to make us ask: “What if I win?”
Since casinos and gambling took hold in years past, and various countries legalized casino companies and online sites, gambling is now next to the most popular things people do. You’d be surprised at what people gamble with: assets, life savings, or loans. Due to the high risk of the game, some gamblers who lost everything while gambling and with no hope of getting back on their feet have resorted to suicide or suicide attempts.
What Does Everything Start With?
Everything may start with people just trying to entertain themselves. Looking for online casino slots real money people find a great variety of online gambling platforms that offer many bonuses and promotions. It is one of the reasons why we can’t resist getting involved in gaming and it becomes a part of us. However, it is still important to know if insurance can cover losses from a high-risk game like a casino. Since insurance covers unexpected but predicted losses, casinos and other forms of gambling should be on the list of things insurance should cover. Game enthusiasts have thought that there should be a balance between losing all and winning all. No one wants to lose all regardless of how huge the winning is. Keep on reading the article to find out how you can secure your losses through insurance.
Can Insurance Companies Insure Gambling Losses?
As much as players need a skill set, knowledge, and experience in gambling before playing casino games, there is no denying the fact that casino games are still based on chance. When playing, the best you can do is to predict but predictions are not always right. Here are some reasons why insurance won’t cover your gambling losses
- Insurance companies operate by ensuring and protecting people, entities, or bodies from unprecedented accidents on their assets. However, betting losses or casino gambling are not considered.
- Insurance deals with certainty and since there is no guarantee that players would win it all, then, ensuring your betting losses would be a great loss for them as well. Your betting history may be an impressive one, probably without any losses for years of gambling. However, insurance companies would count this as irrelevant because losses or wins from the gambling industry cannot be predicted. Simply put, there is no assurance of consistency in your winnings. The high risk in casinos is a part of the reasons insurance companies cannot insure your gambling losses.
- Also, gambling comes in handy, your losses might be far greater than the package of insurance you have with the company. Financial institutions don’t gamble blindly, they don’t even gamble at all and inspiring your gambling losses might make them go bankrupt. It is one of the reasons why insurance of gambling losses is a kind of a bad idea.
- No one trusts a gambler, especially if we are speaking about a problem player. Gamblers are known for their uncontrollable appetite for money. Insurance companies would need to take a longer time to investigate all the possibilities of winnings and losses. Due to the lack of trustworthiness that is predominant in the gambling industry, no financial institution wants to be a victim of fraudulent acts. On the other hand, insurance firms don’t work for free and not all gamblers could afford to pay.
- Finally, the insurance company cannot control your betting losses. In a loss, such as one caused by a hurricane, the company can control how much it spends by determining which losses are covered and how much the consumer must pay before the policy comes into effect. In this example, the company manages their losses. In betting, however, there is no way to control how much you bet at a certain time. This means that they could be required to pay the full amount of your policy without being able to assert any control over the situation.
Possibilities of Insuring Losses
Losses from casinos or sports betting cannot be insured by any firms. However, certain casinos provide in-house insurance on certain bet types as part of their amazing offers. In a bid to remain competitive, casinos furnish players with attractive offer and you can enjoy incredible rewards. The amount you are able to recoup upon losing your wager is determined by the percentage of the bet size you insured. The table below is a sample that explains how to insure your bets clearly.
| Odds | Bet Size | Percentage Insured | Insurance Charge | Total Wagered Amount | Amount recouped if a bet is won | Amount recouped if a bet is lost |
| 2.0 | $40 | 50% | $10 | $50 | $80 | $20 |
| 2.0 | $40 | 100% | $20 | $60 | $80 | $40 |
The insurance charge for each individual bet might be different, depending on the real-time odds and other considerations of the casino. You can buy multiple insurances for the same game but do not exceed 100%. This service is offered by only a handful of casinos online and you need to have read and properly understood their terms and conditions before placing such wagers. Some platforms allow you to insure a single bet, others might allow an accumulator bet insurance. Some online casinos provide this insurance for only sports bets and not slots or table games. Understanding the wagering requirement is key.
You can also insure your other assets. Since you cannot for sure predict when losses would come. It is then wise to secure and invest your other valuable assets which can be used to suffice gambling losses when they come. When you do, you have something to fall back on when unprecedented loss comes in.
However, insuring your properties means that you can not get a cashback until they are damaged. Resorting to damage these properties yourself is a violation of the insurance policy. This means it could take a long while to recover from your loss if there is any. Players are strongly advised to gamble responsibly and avoid gambling money which can be worth a big loss.
Conclusion
Although insurance policies vary from one company to another, they all treat insured properties with the same level of certainty. Even when your assets are secured with them, accidents or damages on these assets are duly investigated. Losses from betting or casino gambling are not considered as assets, therefore, putting them at risk of vanishing without any trace. Scientists can predict the weather in six years to come but no one can predict the result of a gambling game. In short, there is no accuracy in the number of losses you could make in a few days. When you play at casinos online that allows you to insure your bet, it is better to understand the rules as well as play it safe.
