Online Gambling is the act of placing bets on games and events through internet-based platforms. A variety of betting options are available, including traditional casino games and sports bets. Online gambling can be a dangerous addiction that can cause severe financial and emotional distress, as well as other health problems. Recognizing and treating gambling disorder can help individuals regain control of their lives.
Online gambling has the potential to lead to problem gambling due to the ability for larger wagers, continuous gambling and instant access to a vast number of betting options. It has also been linked to a range of negative effects such as social isolation, a decline in work or academic performance and financial losses.
Financial Crime Risks
Criminals exploit the anonymity of online gambling to fund illegal activities, including money laundering and terrorism financing. FIs must remain vigilant to avoid being exploited as conduits for these crimes, particularly when processing online gambling transactions.
Emotional Stress
The ups and downs of gambling can create a cycle of feelings, such as fear and depression. Combined with the stress of losing money, this can lead to relationships breaking down and individuals spending less time with friends and family. Behavioral therapy can help people deal with these emotions, as well as reducing the urge to gamble. During cognitive behavioral therapy (CBT), people work with a therapist to identify faulty thoughts, such as feeling “due to win” after a loss. And through motivational interviewing, people work with a counselor to examine their ambivalence about changing.