Gambling Corporations and Social Corporate Responsibility

Gambling Corporations and Social Corporate Responsibility

Anas Bouargane 18/11/2020 1
Gambling Corporations and Social Corporate Responsibility

The gambling industry is not usually associated with social responsibility as it is linked to negative impacts on society, such as poverty, addiction and family breakdown.

So is it possible for gambling corporations to be socially responsible?

The gambling industry is similar to that of the tobacco and alcoholic drinks industries as it offers a service that has to be used responsibly - play at Slotzo.

If you drink too much you could become an alcoholic and damage your health, smoke too much and the results are similar. Gamble too much and you could face financial ruin. 

In a free society we have plenty of choices and can spend our money on whatever we see fit. We can also choose our leisure activities at will. 

These industries offer a service to make themselves a profit but also supply as with products that are in high demand by consumers.  Should these corporations push their products without any limitations attached? 

They do after all have stakeholders to satisfy, staff, to look after, the competition to beat and profits to make. 

The answer is no, but it can be argued that responsibility should be shared between the provider and the consumer. The provider should consider possible problems and the consumer should stay in control at all times. 

Gambling can and does affect individuals in different ways. Some see it as a bit of infrequent fun, whilst others become highly addicted and can turn to crime, like drug addicts often do, to get money for their next fix. 

However, since the arrival of online gambling, these corporations have now become highly regulated entities and offer an arsenal of tools to help customers stay in control. 

There are deposit limits, loss limits, cool off periods and even self-exclusion options. It is totally up to the punter to use these to their advantage. 

Some gambling organizations are even taking the law into their own hands and banning those who they suspect of having a gambling problem. However, there will always be those that slip by undetected. 

Gambling is more popular than ever before because of virtual casinos and online slot machines. This has increased the number of people employed by the gambling industry and the amount of money that is returned to the government through taxes. 

Therefore, people not only depend on this industry for entertainment, but others also depend on it for their lively hoods and the upkeep of their families. 

Final Thoughts 

Gambling corporations can be socially responsible if they do not pursue profits and shareholder satisfaction at all costs. 

If you sell products like alcohol and gambling to the masses you must take into consideration the possible effects of your products on the local environment and communities, including the nation in general. 

The best way of doing this is to consider the possible side effects and plan in advance on how to counter them before you set out. 

Advertising should highlight the fun aspect of gambling and the help this industry offers to those who lose control and then the two can coexist responsibly.

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  • Irene Kimishis

    Thanks for the info

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Anas Bouargane

Business Expert

Anas is the founder of CEF Académie, a platform that provides guidance and support for those willing to study in France. He previously interned at AlphaSense. Anas holds a bachelor degree in applied economics from the University Paris Sud.

   

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