A recent report from The Lancet Public Health Commission predicts that the online gambling industry will result in losses of $700 billion by 2028, and it advocates for more stringent regulations to safeguard consumers.
Globally, the internet gambling sector is expanding at an alarming pace, resulting in substantial financial losses for consumers. It is anticipated that online wagering will cause consumer losses of up to $700 billion worldwide by 2028, as per a recent report published by The Lancet Public Health Commission. The report underscores that the absence of regulatory measures in low- and middle-income countries exacerbates the issue, despite the fact that numerous countries have legalized wagering.
The report emphasizes that wagering has been legalized in more than 80% of countries worldwide; however, this rapid expansion is exacerbated by a lack of robust regulatory infrastructure, particularly in low- and middle-income countries. In these regions, the wagering industry’s expansion is particularly noticeable, which in turn elevates the risks that consumers encounter. Despite the fact that the production and operational models of online wagering have been significantly altered by the introduction of digital technology, the potential consequences of these changes have not been adequately addressed, as noted by The Lancet.
Typically, online gambling products are designed to be “fast and intense,” enabling consumers to engage in a significant quantity of gambling activity in a short period, thereby increasing their risk of experiencing greater harm. The report notes that the gambling industry employs strategies that are similar to those used by other sectors that promote potentially addictive or harmful products. These strategies often downplay risks while emphasizing financial benefits, particularly tax revenues. This practice not only exposes consumers to financial losses but also can lead to unemployment, family dissolutions, and a variety of health issues, such as elevated risks of suicide and criminal activity.
In addition, the report suggests that these consequences are not exclusive to the gamblers themselves, but also affect their families and acquaintances. Globally, 46% of adults and nearly 18% of adolescents engaged in some form of gambling in the previous year, with 10% of teenagers engaging in online gambling, according to the Commission’s estimates. Undoubtedly, this data attests to the significant societal influence of online wagering, particularly on the younger generation.
The Lancet Commission recommends that countries impose more stringent prohibitions or restrictions on online wagering, its promotion, marketing, and sponsorship in order to address this escalating issue. The Commission specifically advocates for the enforcement of minimum age requirements and the provision of identification to prevent juveniles from accessing online gambling. Furthermore, the Commission recommends that UN agencies and intergovernmental organizations prioritize the prevention of gambling-related ills in their strategies to enhance health and well-being in order to create more effective countermeasures.
It is impossible to ignore the expansion of the online wagering industry and the issues it introduces in the context of globalization and digitalization. It is imperative that governments, social organizations, and the public prioritize this matter and implement effective measures to safeguard the general welfare of society and consumer rights. The only effective way to curtail this trend and mitigate its detrimental effects on society is through collaborative endeavors.
