As the UAE moves closer to legal gaming, with the Ras Al Khaimah (RAK) casino set to be the first of its kind in the country, interest in the subject has skyrocketed, according to Google Trends data.

Nearly two years on from the announcement of the Wynn Al Marjan Resort in RAK, which is set to be launched in 2026, casino-related surges have increased significantly, reaching their peak in June last year. Reports surfaced last year that MGM was also gearing up to launch a casino island in Dubai.

The highest number of searches were recorded in Dubai, followed by Ras Al Khaimah, Abu Dhabi, Umm Al Quwain, and Ajman respectively.

While the surging search engine activity might signal excitement for a new form of entertainment, experts have suggested ways to minimise personal finance risks and manage overspending as the UAE gears up to regulate the industry and legalise it for the first time in the Gulf region’s history.

‘Discipline is key’

“It’s a new concept for the UAE and people will naturally be curious and even excited for a new entertainment option,” Carol Glynn, a personal finance coach and founder of Conscious Finance Coaching, told Arabian Business.

Debt is a major concern, she said, as she worries that many in the region might approach legal gaming as a means of making money rather than as a form of entertainment.

“With a casino opening, there are now more outlets for people to potentially overspend,” said Glynn.

She recommends setting strict budgets for gaming activities, tracking spending, and avoiding the temptation to chase losses.

“Discipline is key when it comes to gaming and gambling,” Glynn said. “Do not fall into the detrimental trap of the ‘sunk cost fallacy’.”

“Treat it as a leisure expense and a way to have some fun, not as a money-making opportunity.”

Financial literacy programmes can play a significant role in empowering individuals and families to set reasonable and sustainable boundaries for gambling activities, according to Glynn. She suggested creating a dedicated line item in personal budgets for gaming expenses, treating it as a leisure activity rather than a potential source of income.

“Understanding the limitations of their income and regular expenses on the amount they can assign to gambling is key,” Glynn advised.

Mental health and self-regulation

As the UAE continues its path toward regulating the casino industry, experts have also called for self-regulation and individual discipline.

“While some may view the regulated environment as a safeguard, it’s important for individuals to take proactive steps to protect their well-being,” said Nusrat Khan, a licensed psychologist at the Human Relations Innovation Centre (HRIC) in Dubai.

The clinical psychologist recommended a range of safeguards, including self-exclusion programmes, 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 organisations.

“By implementing these safeguards, we can empower individuals to make informed decisions about their gambling behaviour, reduce the risk of harm associated with gambling, and promote the well-being of individuals and communities,” Khan stated.

Residents should approach casino industry change sensibly by educating themselves about the risks of gambling, setting clear financial boundaries, and seeking support if needed. Image: Shutterstock
Residents should approach casino industry change sensibly by educating themselves about the risks of gambling, setting clear financial boundaries, and seeking support if needed. Image: Shutterstock

Glynn echoed the need for financial education and contingency planning tools to help individuals manage 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.

“Setting a gambling budget, tracking spending, and having a contingency plan in place, such as an emergency fund, can help individuals avoid overspending and mitigate financial risks associated with gambling.”