Gambling vs real estate investment in reference to the 2018 World Cup
Gambling has taken our youths by storm, a majority have ventured into it believing that the quickest way to get rich is by depending on luck. The dictionary defines gambling as the activity or practice of playing a game of chance for money or other stakes. Gambling is a concept that includes a range of different activities such as betting on games, casinos, and lottery among others. For the vast majority of gamblers, it’s an activity pursued to win chunks of money by placing bets of smaller amounts.
The 2018 FIFA World Cup is football’s biggest event globally according to Geopoll Survey, the event had 64 matches played and were the most influenced by Technology compared to the other World Cups. No other World Cup tournament was impacted by digital technology like 2018’s FIFA World Cup, held in Russia fromJune 14th to July 15th. Figures released by International media ratings measurement service Conviva indicate that in the first week of the World Cup 393 million plays of matches were successfully streamed, the equivalent of 6.9 billion viewing minutes, via 59 million unique video streaming apps.
In Africa, the craze for football has been epitomized by a fanatical following due to the growing youth population and mobile phones penetration, that has significantly increased the availability of online betting platforms and also betting tips. Kenya is in record for having the highest number of betters standing at 76 percent, followed by Uganda at 57 percent with Ghana having the least number at 42 percent. 54% of millennials between 17-35 years have tried a hand in gambling and on the estimate at least five million young Kenyans are involved in sports betting according to Kenya’s Betting Control and Licensing Board which regulates all forms of gambling in the country. In the 2018 World Cup there were individuals who kept on placing bets for the various team and majority of those teams lost of whom did not win. Overall, urban dwellers had bet more than the rural dwellers across the three countries.
Amount Spent and Sources of Betting Funds
Those who had placed bets on the ongoing matches during the World Cup season either spent their salary or pocket money, with 52% indicating they had spent pocket money on bets and 59% saying betting money came from wages, salary, or profits. It is estimated that young people spend a minimum of Kshs 5000 on betting every month.
Betting has continually exalted quick and primitive accumulation of wealth at the expense of other values such as hard work and effort to achieve wealth rather they have been made to believe in luck forgetting that easily come easy goes.
Betting has enriched the betting companies and a few winners at the expense of millions of young people who make voluntary contributions to the winners through innocent bets with their hard earned cash with the motivation of a mega jackpot.
Causes of betting
Many individuals are blaming the rise of betting to lack of employment, however, if we analyze the issue of betting we need to ask ourselves this question if someone is not employed or have no source of income where do they get money to place bets? A study conducted in 2017 by Amani Mwandime from USIU, sampled 100 random Nairobi residents and the study discovered that majority of those who bet are in stable jobs while others are students who are betting with their pocket money. In my opinion, betting is more of a moral issue than a financial issue, young people have been misled to believe that by placing a bet of whichever amount can automatically make you an instant millionaire without having to work and invest in any tangible asset.
Why should the young generation consider property Investment?
- Gambling involves risking money on the outcome of something involving a chance. In betting you win and lose at the same rate and in most cases you lose more than you gain. Real estate is a long-term investment and a sure bet of reaping interests in the near future. Investing in real estate comes along with a sense of ownership and cultivates a culture of hard work and genuine ways of acquiring wealth.
- Property investment comes along with proof of money spent. When you invest in a land you are issued with a title deed which is a proof of ownership and can be used as a collateral to acquire a loan or even give you the ability to resell your land in future. When a young person bets every day for a whole year and another one invests in a property after five years the difference between the two individuals will be clear. One will have a title deed and the other will be in agony for losing their money.
- Property investment comes along with peace of mind because once you purchase a property you are assured of ownership unlike betting where you are not sure of the outcome. Property investment has a sense of certainty with an increase in the value of land you purchase.
- Betting comes along with addiction, the urge to spend more and more to win, on the other hand, property investment has no addiction it brings along prestige, security and a lifetime achievement.
In conclusion, young people are encouraged to choose the right investment at an early age and cultivate a culture of hard work rather than rely on luck. It is only in real estate where you are assured of your returns unlike betting where you win and lose at the same rate and end up in depression that ultimately result to suicide among the young generation.
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