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Risk communication improvements for gambling : house-edge information and volatility statements
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Newall, Philip W. S., Walasek, Lukasz and Ludvig, Elliot Andrew (2021) Risk communication improvements for gambling : house-edge information and volatility statements. Psychology of Addictive Behaviors, 36 (4). pp. 358-363. doi:10.1037/adb0000695 ISSN 0893-164X.
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Official URL: https://doi.org/10.1037/adb0000695
Abstract
Objective: Some gambling product messages are designed to inform gamblers about the long-run cost of gambling, for example, “this game has an average percentage payout of 90%.” This message is in the “return-to-player” format and is meant to convey that for every £100 bet about £90 will be paid out in prizes. Some previous research has found that restating this information in the “house-edge” format, for example, “this game keeps 10% of all money bet on average,” is better understood by gamblers and reduces gamblers’ perceived chances of winning. Here we additionally test another potential risk communication improvement: A “volatility statement” highlighting that return-to-player and house-edge percentages are long-run statistical averages, which may not be experienced in any short period of gambling. Method: Gambling information format and volatility statement presence were manipulated in an online experiment involving 2,025 U.K. gamblers. Results: The house-edge format and the presence of volatility statements both additively reduced gamblers’ perceived chances of winning. In terms of gamblers’ understanding, house-edge messages were understood the best, but no consistent effect of volatility statements was observed. Conclusions: The return-to-player gambling messages in current widespread use can be improved by switching to the house-edge format and via the addition of a volatility statement. (PsycInfo Database Record (c) 2022 APA, all rights reserved)
Item Type: | Journal Article | ||||||||
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Subjects: | B Philosophy. Psychology. Religion > BF Psychology G Geography. Anthropology. Recreation > GV Recreation Leisure H Social Sciences > HC Economic History and Conditions H Social Sciences > HV Social pathology. Social and public welfare |
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Divisions: | Faculty of Science, Engineering and Medicine > Science > Psychology | ||||||||
Library of Congress Subject Headings (LCSH): | Gambling , Risk-taking (Psychology), Consumer protection , Gambling -- Psychological aspects, Internet gambling, Remote gambling | ||||||||
Journal or Publication Title: | Psychology of Addictive Behaviors | ||||||||
Publisher: | American Psychological Association | ||||||||
ISSN: | 0893-164X | ||||||||
Official Date: | 24 June 2021 | ||||||||
Dates: |
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Volume: | 36 | ||||||||
Number: | 4 | ||||||||
Page Range: | pp. 358-363 | ||||||||
DOI: | 10.1037/adb0000695 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Reuse Statement (publisher, data, author rights): | ©American Psychological Association, 2020. This paper is not the copy of record and may not exactly replicate the authoritative document published in the APA journal. Please do not copy or cite without author's permission. The final article is available, upon publication, at: https://doi.org/10.1037/adb0000695. | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Copyright Holders: | American Psychological Association | ||||||||
Date of first compliant deposit: | 30 September 2020 | ||||||||
Date of first compliant Open Access: | 2 October 2020 | ||||||||
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