Came across this great PBS-sponsored video on "free" video games. It discusses how micro-transactions (especially lootboxes) are similar to gambling. It's a great video for those who are unaware of the connections between the two!
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Great video. Thanks for sharing.
Also, to note is that gamers are purchasing Skins (virtual goods) within a game, believing they enhance their online social status (they believe those who have attained many of these Skins must be better players) when they have no direct influence on the outcome of their game play.
In terms of reducing or avoiding financial disaster, besides never giving a child their credit card, parents can help a child create a budget and use the child's earned or gifted funds to purchase Google Play, X-Box, Playstation, Visa or Mastercard gift cards so that they can control their spending and remove the risk of the child stealing from others to play.