As the UAE approaches the legalization of gaming, with the Ras Al Khaimah (RAK) casino poised to be the country’s first, interest in the topic has surged, according to data from Google Trends.
Nearly two years after the announcement of the Wynn Al Marjan Resort in RAK, scheduled to open in 2026, searches related to casinos have notably increased, peaking in June last year. Reports emerged last year about MGM preparing to establish a casino island in Dubai.
The highest volume of searches originated from Dubai, followed by Ras Al Khaimah, Abu Dhabi, Umm Al Quwain, and Ajman respectively.
While the surge in online activity may indicate anticipation for a new form of entertainment, experts have suggested methods to mitigate financial risks and manage overspending as the UAE prepares to regulate and legalize the industry for the first time in the Gulf region’s history.
‘Discipline is crucial’
“It’s a novel concept for the UAE, and people will naturally be curious and even excited about a new entertainment option,” stated Carol Glynn, a personal finance coach and founder of Conscious Finance Coaching.
Debt is a significant concern, she noted, fearing that many individuals in the region might view legal gaming as a means of earning money rather than as entertainment.
“With the opening of a casino, there are now more avenues for potential overspending,” Glynn cautioned.
She recommended establishing strict budgets for gaming, monitoring expenses, and resisting the urge to chase losses.
“Discipline is essential when it comes to gaming and gambling,” Glynn stressed. “Avoid falling into the harmful trap of the ‘sunk cost fallacy’.”
“Treat it as a recreational expense and a way to enjoy oneself, not as a money-making opportunity.”
According to Glynn, financial literacy programs can empower individuals and families to establish reasonable and sustainable boundaries for gambling activities. She proposed incorporating a designated line item in personal budgets for gaming expenses, treating it as a leisure pursuit rather than a potential income source.
“Understanding the constraints of their income and regular expenses on the amount they can allocate to gambling is crucial,” Glynn advised.
Mental health and self-regulation
As the UAE progresses towards regulating the casino industry, experts have emphasized the importance of self-regulation and individual discipline.
“While some may perceive the regulated environment as a safeguard, it’s crucial for individuals to take proactive measures to safeguard their well-being,” stated Nusrat Khan, a licensed psychologist at the Human Resilience Innovation Centre (HRIC) in Dubai.
The clinical psychologist recommended a variety of measures, including self-exclusion programs, responsible gambling tools, education and awareness campaigns, staff training, integration of mental health services, and collaboration between government agencies, mental health professionals, gambling operators, and community organizations.
“By implementing these measures, we can empower individuals to make informed decisions about their gambling behavior, reduce the risks associated with gambling, and promote the well-being of individuals and communities,” Khan remarked.
Glynn echoed the importance of financial education and contingency planning tools to assist individuals in managing casino activities as a leisure expense rather than a potential risk.
“Residents should approach this industry change sensibly by educating themselves about the risks of gambling, setting clear financial boundaries, and seeking support if needed. It’s essential to view gambling as a form of entertainment rather than a potential source of income, to avoid financial pitfalls,” she advised.
“Establishing a gambling budget, monitoring expenses, and having a contingency plan in place, such as an emergency fund, can help individuals avoid overspending and mitigate financial risks associated with gambling.”
