Proposed Federal regulations would limit the dollar amount of losses that a casino player would be required to pay in the event of excessive losses. The legislation is in response to the ever growing number of casinos in the United States.
In most cases involving substantial loss, the gambling establishments will be required to first attempt to re-negotiate the debt and in the most extreme cases, to forgive the debt entirely.
And during the renegotiation procedure, the casino will NOT be allowed to force the gambler to stop playing!
In cases where gambling losses are put on a credit card, the bank issuing the card will be required to participate in the loss mitigation of the unlucky player. They enabled the gambler to dig themselves into a deeper and deeper hole!
No one walks into a casino EXPECTING to lose! And the gambling companies accentuate winning with bells and whistles, making it seem that every player should be a winner.
After all, there should never be any risks in life. No one should EVER have to lose money. That is, except the greedy businesses that exploit poor innocent citizens with their get rich quick schemes.
Oh, and the new regulations will not apply to states that have lotteries in place. They can continue to rake in millions of dollars in cash from the most desperate members of society. After all, the income from lottery LOSERS is essential to keeping state budgets balanced!
Okay, you got me. I made this all up. To my knowledge, there are no proposed regulations to limit gambling losses.
Because it would be silly for the government to create victim status for people that lose money because of poor decision making.
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