Betting was not known in Ghana a few years ago. It was the European countries who used to bet on their league games. There were stories of people betting with their houses and some even used their living room furniture to bet.
The introduction of betting in Ghana has also brought both good and bad news. So we ask, is betting an addiction or is it a money-making venture?
Betting is an addiction.
Many think betting is an addiction. Many have taken to betting and have nothing to show for it. They have lost huge sums, but only managed to win a pittance. Betting works on the principle of gathering money from many and allowing only a few to win. If everyone who bets wins on average, the betting companies will not survive. We can say that in a specific bet, only 10% of the people will win their bets.
There is a pathetic story of a man in Ghana who used one million cedis of his company's money to bet. If this is not an addiction, tell me what it is. He did not win after the first thousand, the second thousand, and he continues to bet. Who does that?
I strongly believe that betting is an addiction and I know many people will agree with me on that score.
Betting is also a business and a money-making venture.
It is an undeniable fact that betting has created huge businesses for many individuals since its introduction in Ghana. From the number of people employed by betting companies to the contributions they make to banks and telcos via their payment methods,
Many young men have also made a fortune in betting. Some have won huge amounts, and they have been able to create other businesses out of the money they made through betting.
However, most bets' money eventually goes back into betting again. If you won GHS100.00, you might have bet two times or more than that. Since you will continue to bet, that amount, or even more of it, will eventually go back into betting.
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