Rarely at risk of falling into a serious period of decline, gambling has experiencing a popularity surge over the past few years, with new online platforms popping up all the time and sports betting coming into its own after recent legislation changes. Since the pandemic started, many Americans have started, or increased, their play online and are losing more than just a couple of bucks.
Check Out: How To Borrow Money From Cash App: Your Step-by-Step Guide
Read Next: 9 Easy Ways To Grow Your Wealth in 2024
Online betting’s customer base has exploded in the U.S., due to its accessibility and ease of play, thanks to smartphones and high-speed internet. According to Statista, online casinos, lotteries and sports betting is projected to reach $24.98 billion this year. By 2029, the anticipated market volume is $39.8 billion and the number of online gambling users is expected to reach 95.8 million.
While many Americans see online playing as harmless fun, gambling can stimulate rewards in the brain like any chemical or substance, and can trigger behaviors as detrimental as any drug or alcohol product. Online games and sports gambling can lead to increased betting activity, higher credit card balances and debt and addictive behavior that can ruin one’s finances, health and family.
It’s never been easier to gamble. Politicians claim gambling brings in much-needed revenue to state governments, but it’s so in-your-face that betting in moderation can be difficult for many once they start. Bitcoin and cryptocurrency gambling has enabled instantaneous transfer of funds and the increased potential for massive financial losses.
When it comes to online betting, know your limit, your behavior and your game. Problem gambling can sometimes grow without people them realizing how their habits have changed. Here are seven of the most popular, and most fiscally dangerous, online gambling games that are taking their toll on Americans’ personal finances.
Earning passive income doesn’t need to be difficult. You can start this week.
It’s impossible to enter a real-life casino and not be attracted to the lights and cacophony coming from the rows and rows of slot machines. Online slots use the same exciting techniques to lure players and are by far the most popular mobiles games due to their similarity to in-person machines and the variety of games available to those who play them, be they novices or seasoned pros. Progressive slots and jackpots have helped increase the popularity of slot games online as players can cash in with bigger winnings.
Learn More: I’m a Bank Teller: 4 Reasons You Should Withdraw Your Savings Right Now
Since the pandemic, few online games have seen the increase in popularity than poker. The market for online poker increased by around 43% when lockdowns and social distancing took over, per SDLC Corp. Taking the exciting skill and luck combination of the popular casino table game, online poker is massive for those who prefer a more complex game. According to Casino.org, there’s the chance at better odds playing poker if you have an extensive knowledge base and experience.
According to CNBC, since the Supreme Court overturned a federal law prohibiting it in 2018, 38 states have legalized sports betting. The industry generated more than $120 billion in total bets and $11 billion in revenue in 2023 alone, buoyed by sports fans’ love of watching the action on the field while predicting the outcome off.
Other traditional casino games, like blackjack and roulette, adapt well to online versions, as do live dealer games, where players are stationed at game tables (just like at a casino) before a virtual dealer. Although people are sometimes intimidated by more experienced players, table games have much better odds than slots. Blackjack is one of the simplest games and has among the best odds of any casino game (along with baccarat), with a house edge of 1% in most casinos, per .
Like holding tickets in your hand, online scratch offs and lotteries are instant-win games where matching numbers or symbols trigger prizes. Online, players can click each covered panels to reveal winning visuals with a simple click of the mouse or touch of the screen. The odds on scratch cards and lottery-type games are long, but many gamblers searching for a dopamine release don’t care much about probability.
Craps — betting on the outcome of a roll of two dice by one of your fellow players, the “shooter” — is known to be one of the most exciting casino games to play. However, the fast-paced nature of this game can contribute to unrestrained playing and huge losses. Like all casino games, it’s good to check your site’s odds and payout tables before playing this addictive game.
The classic game of bingo can be traced back centuries and has broad appeal across generations. While in-person bingo halls provide social interaction and a sense of community, online games have breathed new life into the game. Although bingo is a slow paced game, ease of play, the ability to play many cards at once and advances in platform tournaments and rewards mean players can win and lose a lot of money in a short amount of time.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 7 Online Gambling Games That Are Making People Lose Millions
