The Temptation Of Gambling Hit Middle Aged Men And Women In Their 40’s

“People who have fallen into a sense of helplessness called corona blue become immersed in alcohol or gambling, and the second circle of helplessness is felt by addiction, creating a vicious circle.”

It turns out that Corona19, which changed the daily life of Korean society, intensified the problem of gambling. The number of gambling counseling, including illegal sports betting, stock addiction, and private FX margin trading, increased compared to the previous year. This is even more remarkable considering that the sports market around the world has stopped with Corona 19, making it difficult to wager illegal sports.

According to the Korea Gambling Problem Management Center on the 25th, there were 2,508 people receiving gambling counseling from the center’s counseling program, ‘Helpline’, from March to May this year. This is an increase of 16% compared to 2,162 people in the same period last year.

Director Lee Hong-sik said, “Social distance has reduced the way to relieve stress while exercising or face-to-face activities.” It had also been thought that gambling would be reduced, but rather targeted isolated people in the house through online gambling (judi online) which most of the time is illegal and prohibited by law.” By age group, the increase was at least 12.5%, excluding teenagers and older people in their 60s and 70s. In particular, the number of patients receiving counseling is in their 40s, increased by 39.2% from 273 in March to May last year to 380 in the same period this year.

“As Corona 19 has increased the time spent at home and the frequency of smartphone use has increased, an environment prone to exposure to gambling advertisements has been created,” said Seoul Information Center Director Seoul Information Center. “This change also helped to deepen the gambling problem.”

One of the peculiarities is the increase in counseling related to finance such as stock addiction and private FX margin trading during the Corona period. In particular, after the World Health Organization (WHO) declared a pandemic (a pandemic) in March, the number of stock addiction counseling surged.

According to data from the Gambling Problem Management Center, about 214 people filed with the center for counseling regarding stock-related problems this March-May. It was close to three times the same period last year.

Investing In Legal And Proven FX Margin Trading

Many people have lost money through a private FX margin transaction that is sometimes fraudulent.

According to the Financial Supervisory Service, a total of 158 cases of private FX margin transaction damage counseling were received from January to May this year.

“If game-type gambling was popular in the past, gambling that gives immediate rewards in a simple way like sipping is popular recently,” said Lee. “The recent problem of FX margin trading is a kind of sibling sipping so that young people can easily fall into it. I’m promoting it through SNS.”

FX margin trading conducted by private companies is different from normal FX margin trading, a high-risk, high-yield financial investment product aimed at foreign exchange gains. If an investor bets on whether the exchange rate of a specific currency will go up or down, it gives a big profit, and if it is wrong, it loses the investment. Private FX margin trading companies continue to operate illegally. In order to conduct normal FX margin trading, you must obtain a financial investment business license from the Financial Services Commission, but private companies operate without permission.

On the other hand, while gambling is illegal in Korea and other parts of the world because of the risks of loses and addiction, there is no doubt that gambling is still one of the biggest industries that contribute significantly to our economy.

Is POGO Good for The Philippine Economy?

The Philippine Offshore Gaming Operators a.k.a. POGO represents a contentious sector of the Philippines’ business process outsourcing (BPO) industry. Since 2016, when incumbent Phillippine President Rodrigo Duterte assumed office, POGO companies flourished and had fueled the growth of online gambling in the Asia Pacific Region.

The years thereafter had marked the phenomenal increase in participation among Asian gamblers in the world of online sports betting and casino gaming. It was noted that in 2017, global industry statistics reported that about 40 percent of the total bets wagered across all global betting sites, came from the Asian market.

Inasmuch as the foundations of the POGO outsourcing business are mainly gambling-related, the Philippine Amusement and Gaming Corp. (PAGCOR) was tasked to oversee the licensing and supervision of POGO companies. The purpose of this is to ensure that the gaming technologies, products, and gambling services offered by the POGO sector, met the global standards of fair, equitable, and responsible gambling.

Moreover, PAGCOR makes sure that the high-end land-based casino establishments of foreign investors will not suffer from stiff competition potentially posed by online gambling firms. An important licensing condition for POGO firms is to confine their outsourced gambling operations to countries outside of the Philippines.

The condition means POGO firms are barred from granting access to Filipino citizens whether residing locally or abroad, as well as to foreigners visiting the Philippines. Still, Philippine-based players are allowed to engage in online gambling, for as long as their betting or casino gaming sites are not operated by PAGCOR-licensed POGO firms.

The Magnitude of POGO Contributions in the Philippine Economy

At the height of the COVID-19 pandemic, when President Duterte ordered a lockdown on non-essential businesses, PAGCOR did its part by suspending not only land-based casino operations but also POGO operations. However, a short while later, POGO operators made an appeal to PAGCOR Chief Andrea Domingo, to allow them to continue their foreign online gambling operations, even partially.

Margarita Gutierrez, spokesperson of the Accredited Service Providers of PAGCOR (ASPAP) had presented compelling arguments. Most of which were based on the revenues that POGO firms generate in helping the government raise funds needed, in addressing economic challenges faced by Philippine citizens during the COVID-19 lockdown.

Ms. Gutierrez argued that POGO companies are contributing as much as ₱94.7 billion per year to the country’s coffers. Aside from local taxes, which in the year 2018 and 2019, amounted to P22.40 billion, POGO firms make the following additional economic contributions:

  • ₱34 billion to PAGCOR for BPO licensing and other fees.
  • ₱9 billion to the Department of Labor and Employment for worker employment permits and other fees;
  • P16.4 billion in wages paid to local staff plus the annual rental fees for offices and worker housing provisions, as well as the cost of living expenses incurred by foreign POGO workers.

Naturally, the arguments presented by Ms. Gutierrez on behalf of POGO companies had easily convinced the Philippine government to allow partial operations during the lockdown period. PAGCOR, once again dutifully carried out its role as regulator, by enumerating restrictions and prerequisites that must be in place as conditions to granting of its approval.

Aside from implementing measures to ensure the safety of workers, and from preventing the spread of the COVID 19 disease, PAGCOR required all POGO firms to update their licensing fees and to settle outstanding tax obligations.

Compliances with monetary requirements should be supported by a certification from the Bureau of Internal Revenue.

Thanks to POGO, gamblers in countries like Brunei, Indonesia, Malaysia, Thailand, and Singapore were furnished with online casino games during their trying lockdown period. Among the most accessed are those furnished by the 918Kiss mobile gambling platform, which features more than 30 exciting casino games, with the mega88 brand seeing the most number of application downloads.

Bandar Online – How Lottery Revenue Is Spent?

Each time the Powerball jackpot increases, ticket sales increase accordingly. Every day, a lot of money comes out of regular citizens to try their luck in the lotteries. As outlined by data from the North American State and Territory Lottery Association, People in the United States spent more than $73 billion on lotto tickets in the year 2015 alone.

With this much money going into the lotteries, regardless of the region like the Bandar Online Lotteries in Malaysia or the Powerball in many States in the United States, the question arises as to how the revenue from lotteries is spent? Is it going to private companies, government funds? Who truly benefits from lottery money?

How Revenue From The Lottery Is Distributed?

Generally, lottery revenue is divided into three categories: payment to winners and commissions from ticket sales companies, air ticket fees, and distribution to ticket sales states.

Most of the funds raised in the lottery (usually about 50% – 60%) are allocated to the winners, including sizeable jackpots and smaller prizes for corresponding to lesser lottery figures. Retailers likewise get ticket sales commissions and cuts from sales of jackpot lottery winnings, which is still 5% of lottery revenue.

Approximately 10% of the lotto revenue is used to pay for the management and general expenses of lottery operations and management. Advertising, employee wages, legal expenses, receipt printing, and other needs are all covered in this category.

All the other lottery income will flow to the participating states. For example, in Powerball lotteries, funds are allocated based on ticket sales-states that sold more tickets to get a higher percentage of income. The proceeds from the national lottery are used exclusively for the host country.

In the year 2015, the United States Census Committee approximated that state-owned lotteries placed more than $21 million in state coffers2, and did not even consider income from huge multi-state lotteries such as Mega Millions and Powerball.

How do the participating States use the money?

What Do The States Do With The Revenue Coming From The Lottery?

Every State participating in the lottery can choose how to implement the funds raised via the lottery fund and other legal betting systems such as sports betting.

The majority of states spend small amounts of money from lottery tickets to manage issues of gambling addiction. Some have likewise invested a certain proportion of lottery funds in the general fund, which can be useful to solve budget shortages in crucial to public use such as roads, police, and social works.

The remaining is generally invested in public functions, in most cases the educational structure. Fourteen states require that all lottery earnings be invested in education, possibly through community school financing or in school scholarship grants or programs.

Online Sports Gambling and the State

The PASPA Act of 1992 implemented the approval of sports wagering. The escalation of the legalization issue is up to the federal stage. Subsequently, it opened the discussion of such legalization at the state level.

Drafting laws about sports betting legalization and licensing already began in many states. While there are states that totally banned its activity.

However, few are still in doubt of its legalization issue. This is because they are in doubt if the gambling industry provides economic benefit.

In the Philippines, the PAGCOR or the Philippine Amusement and Gaming Corporation authorized the LTO of some online sport betting platforms.

The Philippines approved the operation of the online betting site like the SBOBET. The Asian betting menu view covers the daftar sbobet88 for the country. The approval of such activity may be beneficial for the country’s economic state.

However, in the US, online sports betting platforms stole essential income of the state. This conclusion came up prior to the ruling of the tribunal in May 2018. The estimated lost amount with this is said to be around 150 billion dollars.

The truth of some states’ legalization lies behind the analysis of the odds on their side. The primary factor that gives a great impact on these odds is its effect on the economy.

The Economic Influence of Sports Wagering

Below are some possible influence of wagering on online sports in the economy.

Economic Influence #1: Taxes

The American Gaming Association revealed that legal sports betting will eventually give $22.4 billion. This amount will be added to the gross domestic products of the US.

Aside from this, the local governments will bring home at least 7% to 15% taxes. This is equivalent to around 3.4 billion dollars yearly.

UK’s betting profit in a year is only around 5 billion dollars. This is to take note that sports betting is approved in the UK. Considering these figures, it shows that the US will lead the annual revenue of the UK in the initial 5 years.

Economic Influence #2: Job Creation

Based on a similar study, sports betting will give about more than 200,000 employment. This employment covers the direct, indirect, and the induced employment category.

Economic Influence #3: Marketing

Due to increased revenue in advertising, the projected budget per year of the media industry is expected to be about $615 million. The $500 million profit in a year comes from the product charges. All in all, the total marketing revenue will be at least $3 billion per year.

What are the Advantages of Online Casino?

Online Casino Gambling has ascended from a little specialty to be one of the most well-known forms of entertainment worldwide. A large number of players from around the world sign on to a Situs Judi Online regularly to play, for entertainment only or for genuine cash, and appreciate the suspense of internet gambling.

All in all, what are these incredible online Casino benefits? Look at our rundown of the main reasons why online Casinos have delighted in such transient success and you’ll before long observe what gives betting on the web its edge.

1.  Convenience

The main online Casino advantage and the principal reason why individuals begin playing at online Casinos, in any case, is because it is convenient. With the web, Casino lovers would now be able to bet from their own homes regardless of what time of day it may be. You can decide to sit back with a couple of hands of Blackjack or develop your ledger with a long Slots meeting. You could play without anyone else or you could look over one of numerous incredible multiplayer online Casino games.

 

2.  Free Casino Games

Another online Casino advantage is the opportunity to play Casino Games for free. Most online gambling clubs these days will offer a free play variant of a few, if not the entirety of their games. The incredible thing about playing free online casino games is that it’s a completely chance free method of playing. Numerous individuals utilize free games when they’re just starting so they can get to grasps with the nuts and bolts before they begin playing for real cash; be that as it may, numerous online Casino games are likewise engaging enough in their own right that those without enough money to play for money can play for free for whatever length of time that they pick.

4. Loyalty Points

Loyalty points can be an incredibly helpful online Casino advantage, as they reward players not for the sum they win, yet for their faithfulness to that website. This implies that when you play at an online casino, regardless of whether you’re on a losing streak, you will even now be aggregating loyalty points that can later be utilized to purchase Casino credits or to win prizes.

5.       Deposit Options

Though a land-based Casino will just acknowledge a predetermined number of installment strategies for players to buy chips (generally money), an online Casino profits by having the option to acknowledge an enormous scope of installment choices.