At last, the Grand National is happening this weekend, and it is a 100% British institution. Indeed, even the people who hardly ever gamble through a bookmaker do consider putting down a bet or joining the workplace sweepstake for only a day. However, while to the vast majority it is a tad of fun, the individuals who do not have the money to make a wager, having a little money progresses toward becoming a cause for worry.
In a new survey by a betting news site, TheNominant.com, 37% of individuals would take the risk of using a payday loan to place a wager on a Grand National bet on the off chance that they did not have little or no cash. It did not ask the participants whether they would need to take out the payday loan, but the willingness to borrow is alarming in itself.
It is easy to get reasons from people why they might be enticed to think it is an acceptable act. Anyone who has watched daytime TV is aware of the endless cycle of payday loans and gambling adverts. This makes it seem that taking out payday loans to gamble is reasonable to many people, and so the culture of borrowing to gamble has become ingrained in their brains.
However, the thought of obtaining cash to gamble is alarming. This is clear evidence that the people borrowing to place bets have a gambling problem. Eventually, this problem leads to the victims lying to their friends and family about their finances.
There is an increase in gambling platforms, and they are full of stories about how other gamblers used payday loans to turn their luck around after losing their money. Such narratives strike a chord in the heartstrings of the individuals on a losing streak, and they believe that injecting more money in the dangerous habit will increase their chances of winning. The outcome, however, is different from the stories on the forums. Many of these individuals end up losing more money and left with none to pay back the loans, causing the pile up of interest rates, and sinking into more debt.
Taking out payday loans to gamble, especially something as uncertain as the Grand National is perplexing. Records show that only the top seven picks have won in the last 50 times the Grand National has taken place. This is not the sort of race where the gamblers can decide on the favorite with the end goal being to increase their chances of winning. It is not surprising that bookies in Britain make more than £600 million from the Grand National.
Alexander Kostin from TheNominant.com says, “As it has been shown that many gamblers are falling back on payday credits to finance their gambling habits, it is worth a second thought before taking the chance with borrowed cash. Albeit taking an interest and putting down a bet is a lot of fun, considering the unpredictable nature of the Grand National, it is not worth wallowing in debt for it.”
What would you be able to do?
So by all methods participate with the British institution of gambling on the Grand National. If you have the extra money to spend, you can place a few bets worth a few pounds with a bookie. If not, you can run a free sweepstake with the family for an opportunity to win a bigger portion of the pudding at teatime.
As the Grand National rolls in and you feel the pressure of applying for a loan to gamble, it is not worth the time and the effort. Gamble with money that you can afford to lose.