An Omaruru-based man became an instant millionaire after his bet slip paid off handsomely, winning him little over a million dollar last week.
His newfound fortune was made through Moola Betting, a local betting establishment.
Moola Betting marketing manager Jane Weaver confirmed the winnings.
The man, whose identity may not be revealed due to fear of , “luck strikes once in a million times”.
He says he plans to help those close to him better their livelihoods with his winnings.
“. . . especially those who are studying,” he says.
He warns fellow betters, however, to remain cautious and responsible when betting.
“Fellow betters must continue to do so responsibly, not allowing the amounts they hear other people winning to influence their decisions,” he says.
Weaver says although there has been a notable decline in the gambling industry after the Covid-19 pandemic, it is still a fun and social activity many enjoy.
“Our focus is to create a platform where people can socially engage and have fun,” she says.
Moola Betting has a system in place to support their winners and offers big winners financial counselling, she says.
“To ensure our winners benefit the most from their winnings, we have a framework in place to offer them financial advice and counselling,” she says.
Weaver says the recent N$1 041 150 win was the highest payment they have had to make to one client since the betting establishment started operating about two years ago.
She highlights a good working relationship between the establishment and its clients, noting fast payment.
“We pride ourselves in the ability to pay our winners immediately.
“However, in cases where we have big winners, we enter into an agreement with them to pay them over a period of time, a strategy we believe helps them,” she says.
THE FLIP SIDE OF THE COIN
In 2023, The Namibian published a story about several gamblers struggling to overcome their addiction to betting.
For psychologists, these stories are all too familiar. In the field of behavioural finance, researchers have found the pain of losing money is greater than the pleasure experienced when gaining the same amount.
Clinical psychologist Cynthia Beukes of Saffron Psychologists at the time said this often leads gamblers to “chase their losses” by doubling bets to quickly make up for previous losses.
A report by Charles Schwab Asset Management, the third-largest asset manager in the world, says: “This bias occurs when investors (people) focus on the outcome of a process rather than on the process used to attain the outcome.
“Behavioural finance is a growing field that challenges the traditional economic theory that presumes customers are rational.”
The asset manager says human behaviour is rather driven by “fear and greed”, and that people can be self-destructive.
Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for
only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!
