Perceived Risk & Gambling
Perceived Risk & Gambling
As of 2008, there were more than 2,000 internet gambling sites worldwide; with combined revenue of these websites being estimated to be north of $18 billion (Overview of Gambling Regulations, 2008). Due to its obscene rate of growth, potential harm to its consumers and growing ease of accessibility, internet gambling is viewed by many as a major cause for concern. Don’t expect the apprehension towards online gambling to ease up any time soon. Casinos, of both the online and brick-and-mortar variety are expected to aggressively increase their marketing budget over the next half decade. With online gambling recently legalized in Nevada, and many states preparing to follow suit, Simon Holliday, director at H2 Gambling Capital predicts that nearly $4 billion could be spent by the internet gaming sector over the next five years (Jackpot!, 2012).
The Gambling Act of 2005 was introduced to modernize gambling regulations. The act brought increased marketing freedom for gambling companies, but only along with responsibility regarding the advocacy of the potential dangers of addiction. It also required the implementation of Corporate Social Responsibility (CSR) policy and the anticipated goal was to introduce, acknowledge and bring to light to substantial harm which can stem from problematic gambling. According to the Gambling Act of 2005, in order for a company to obtain their license and legally operate in the marketplace they had to ensure that:
i. Gambling is conducted in a fair and open way;
ii. Children and other vulnerable people are protected from being harmed or exploited by gambling; and
iii. Assistance is made available to people who are, or may be, affected by problems related to gambling. (GamCare: gambling research, education & treatment)
With the changing landscape in the industry, it is fair to question whether these regulations are still relevant, and more even importantly, whether companies are
As of 2008, there were more than 2,000 internet gambling sites worldwide; with combined revenue of these websites being estimated to be north of $18 billion (Overview of Gambling Regulations, 2008). Due to its obscene rate of growth, potential harm to its consumers and growing ease of accessibility, internet gambling is viewed by many as a major cause for concern. Don’t expect the apprehension towards online gambling to ease up any time soon. Casinos, of both the online and brick-and-mortar variety are expected to aggressively increase their marketing budget over the next half decade. With online gambling recently legalized in Nevada, and many states preparing to follow suit, Simon Holliday, director at H2 Gambling Capital predicts that nearly $4 billion could be spent by the internet gaming sector over the next five years (Jackpot!, 2012).
The Gambling Act of 2005 was introduced to modernize gambling regulations. The act brought increased marketing freedom for gambling companies, but only along with responsibility regarding the advocacy of the potential dangers of addiction. It also required the implementation of Corporate Social Responsibility (CSR) policy and the anticipated goal was to introduce, acknowledge and bring to light to substantial harm which can stem from problematic gambling. According to the Gambling Act of 2005, in order for a company to obtain their license and legally operate in the marketplace they had to ensure that:
i. Gambling is conducted in a fair and open way;
ii. Children and other vulnerable people are protected from being harmed or exploited by gambling; and
iii. Assistance is made available to people who are, or may be, affected by problems related to gambling. (GamCare: gambling research, education & treatment)
With the changing landscape in the industry, it is fair to question whether these regulations are still relevant, and more even importantly, whether companies are