Technology is arguably the greatest innovation of all time, but it comes with a price. You are either leveraging it to your advantage or losing out completely.
The gambling industry has benefited greatly from technology. It has become more accessible, with quality graphics, AI embedded, and improved image quality, amongst other features.
From the perspective of online football betting, technology has had an impact. Many Nigerians no longer need to visit betting shops to place bets. Betting companies have Apps that are both on the Google Play Store and the Apple Store. Anybody who has these betting Apps installed on their smartphone can start betting. It’s as easy as that.
These betting companies are growing from strength to strength. They run advertisements on social media and have succeeded largely in gaining the attention of young people. They offer free bonuses just to gather more customers.
Virtual Sports Gambling
Virtual sport is often used to describe software simulations of sports used for betting purposes. Some betting houses and racinos use this kind of software because clients use to bet more than with normal sports.
A virtual betting game can be played at any time of day, giving players the flexibility to place bets anytime they wish.
The procedure is putting wagers on computer-generated (simulated) games that your preferred bookmaker has set up. Results are always algorithm-based, and the winner is chosen objectively.
Many of these sites offer ‘free-to-play versions of their games, where members can play with pretend money. When playing with pretend money, the odds will be typically in the player’s favor, and they will assume that they can then win with real money.
Win and Loss
Some Nigerian youths see virtual betting as an opportunity of making money instantly without really doing anything. Yes, it is very possible to make some cash within minutes. It is the same way you lose money.
All of these have been facilitated by technological advancements. Game results have been programmed before playing. The results are usually based on data. Let’s say, if Manchester United is doing well on the pitch, in real life – it will also do well in virtual games. The results in virtual games are replicas.
Gambling harm goes beyond only financial loss. Self-esteem, relationships, physical and mental health, professional performance, and social life can all be negatively impacted by gambling. Gambling harms not only the gambler but also their loved ones, friends, coworkers, and communities.
Narrating his ordeals, a young man in his 30s who spoke to TechEconomy revealed how he lost almost N1.5 million on virtual games.
“It wrecked me,” he said.
He said it was very easy to credit his betting account from his bank. “I lost over N1 million in 30 hours. My bank account is linked to my betting App. So, it’s easy to just transfer money and stake.
According to him, the losses grew as he attempts to recover.
“It looks so easy and addictive. I had the belief that I was going to recover. I mean, I have lost over N600k before and ended up recovering it and went N200k higher.”
“I still feel disturbed to date that I lost such an amount of money. I could have applied caution but I didn’t.”
Ban in Anambra
Governor Charles Soludo banned betting outfits, casinos, and others in Anambra State a few weeks ago.
He claimed operators of casino games machines and owners of hotels and bars of non-transparency in the payment of game winnings, which it said were serious violations.
The statement read in part: “The Ministry of Culture, Entertainment, and Tourism receive several petitions for manipulations of casino game machines and non-transparency in payment for game-winning which are serious abuses of global best practices.
“Consequently, the Ministry of Tourism in collaboration with the A, Anambra State Internal Revenue Service, AIRS, and Ministry of Homeland Affairs hereby direct operators of casino games in hotels, restaurants, and bars to suspend all game and casino operations with immediate effect pending the conclusion of investigations.”
Technology aids gambling. It is now easier to place bets as long as you have an Internet connection and a smartphone. Your chance of becoming rich through gambling is very slim.
Gambling requires a great deal of discipline and caution. It is also a game for those who have attained financial freedom.
You are probably going to lose your life savings on gambling if you haven’t attained financial independence.