Loot boxes and gambling

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The impact video games have on children is more complicated than people usually think. Nowadays video games have reached a level of sophistication that require players to engage on a deeper physical and emotional level than other activities such as watching a movie or a TV series. Now that loot boxes have joined video games new debates have arisen about whether they might promote gambling in teenagers or not.

There are various studies that can show the benefits of playing video games. Many psychologists believe playing video games triggers structural changes in the brain, similar to the changes that are seen when someone learns how to play the guitar. However, many parents worry about the level of violence that’s represented by video games and their impact on their children.

This is a debate that requires a lot of time and energy to be fully discussed and doesn’t fit into the main purpose of this article. There are however some smaller aspects of the main discussion that we’re going to discuss.

What are loot boxes?

Game

There have always been different forms of virtual shops within video games that allowed players to make exclusive in-game purchases, to customize their gameplay. Ever since a few years ago some virtual treasure chests started appearing in video games that players could buy to enhance their gaming experience. They usually contain characters, skins, and equipment and are called loot boxes.

The only thing wrong with loot boxes is that players don’t know what they’re getting as they purchase a treasure chest. They work like a lucky dip; when purchased, one of the items inside is randomly rewarded as a result of paying for it. Over time they have become extremely popular in almost every video game even though players might have to make hundreds of purchases before they can get the item they want.

How much do loot boxes cost?

Loot boxes come in numerous shapes and sizes and have different price tags. Some of them can be won as rewards throughout the games, while others should be purchased and paid for with real money. They usually cost around £1 which doesn’t sound like a lot, but without correct observation can lead to spending hundreds of pounds on virtual items that are literally worth nothing.

This is one of the downsides of video games. Parents should be well aware and have enough control over their kids’ spending to make sure they don’t start on a destructive financial path at a young age. Financial mistakes should be corrected as soon as possible to prevent kids from making a habit out of them.

There are many approaches that accompany parents in implanting healthy financial habits in their kids. You can easily take advantage of money management systems that are designed for kids and can help them learn through practice.

Money management systems

YounGo Money app is one of the very few utterly free pocket money management systems that is loaded with amazing features to make it very easy to manage your kids’ money matters and create a clean atmosphere for you to work on their financial skills.

Some of the features include the following:

Set Spending Goals

A financial goal is any plans you have for your money. Without setting some well-optimised goals, you’ll probably keep feeling like all you’re doing is spinning your wheels without making any progress. As simple as it sounds, it is a valuable financial skill that your kids need to learn. 

YounGo Money offers you the right tools, built-in within the environment of the app to set spending goals for your children so they can steer off of paths that could lead to financial loss.

Monitor Spending

Not only don’t kids know how to manage their finances, but also the majority of adults are also fighting to survive the financial world. So, it is more than necessary for parents to be able to monitor their kids’ spending until it is clear they are safe to go without it.

YounGo Money merges both you and your kids’ accounts into one management system where you can easily access everything from one app.

Set Spending Rules

Rules and regulations are what keep the world in one piece! With that explained to your kids, you can use YounGo Money to keep them checked to follow the correct trail.

And so many other features that help you guarantee your kids’ financial safety as well as teach them about financial matters in the most practical way.

The correlation between loot boxes and gambling

Many critics believe loot boxes encourage gambling because they are involving kids in a game of chance as if you buy one, you’re gambling on what could be inside.

There’s also another concern that players’ spending might grow out of control and encourage terrible financial habits, which is also typical gambling behaviour.

What is the solution?

loot box 2

Video games alone aren’t harmful and can actually help children engage in an activity that allows them to exercise their brains. However, there are always some downsides to every story. If playing video games grow out of the parents’ control and consume every bit of meaning from the kids’ life, they can be dangerous. It’s important to have a hand on how the kids play the video games and even more importantly, who they play them with.

Bottom line

Too much of everything is bad!

Playing video games, in general, is not only fun and interactive but it can also simulate great brain activity. However, spending too much time and money on video games can encourage destructive behavioural and financial traits.

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