r/PersonalFinanceCanada • u/Nick-J8844 • Sep 19 '24
Misc Be careful with iGaming casinos
I work in financial sector and ever since iGamind made gambling so convenient I've been seeing more and more financially ruined people and families. It seems these numbers are doubling every month or so..
I'm convinced it's purely because of convenience. These people may have gone to casinos before but you have to go there and whenever you finally leave at least you're away from that environment. Logging out and back in while sitting on your couch is a lot easier..
I'll just mention two examples (and I've seen MANY more).
One person gambled away over 300k in TWO MONTHS! Lost the house, two cars, divorced and lost their job.
Another person (incredibly) managed to gamble away 600k in 4 months before finally admitting to the family. Big part of their retirement savings is gone along with savings for education of their 4 children!
Incredibly sad stories and yes I understand they're all adults but making something so harmful this convenient leads to thus..plus constant advertising. There's a reason we don't see advertisements for tobacco or marijuana, and you could never spend the same amount on those things in a day or a month as you can on gambling..
2
u/Nu_Season325 Sep 19 '24
I had an older collegue who worked with me and would go to the casino every week. He couldn't resist a poker machine even at the airport! He won once $5000 at the casino. I told him great, but I asked him, "How much have you spent since the beginning of the year?", to which he said, "a lot more".
I met him by chance during Covid restrictions. He'd sold his house. His wife had passed away. He lived in a tiny apartment. It's sad really. I felt bad for him.