Understanding the Effects of Gambling
Gambling involves risking something of value on an uncertain event in the hope of winning something else of value. The element of risk and uncertainty is what makes gambling different from other forms of recreation or entertainment. It can involve any bet, whether it be on a sports game or a horse race, or even playing cards with friends for fun and social interaction.
Although gambling is a popular form of recreation, it can also be harmful and addictive. People with gambling problems can have a negative impact on their physical and mental health, relationships and employment. They can find themselves in serious debt and possibly homeless. Problem gamblers can also cause stress and anxiety to those around them. It is important to understand how gambling affects people and how to recognize the signs of gambling addiction.
The risks of gambling depend on the person’s individual and environmental factors. The likelihood of developing a gambling problem increases with age and the more time a person spends on gambling activities. Some risk factors include family history, medical histories, genetics, environment and level of education. Problem gambling does not discriminate and can affect people from all walks of life. Children and teenagers are at greater risk of developing a gambling problem than adults.
A common approach to studying the effects of gambling is to look at it from a cost of illness perspective, which has been used for alcohol and drug research. However, this fails to take into account the positive side of gambling. A better approach is to use economic cost-benefit analysis, which measures changes in well-being (e.g., happiness) in common units (dollars), and attempts to discover whether increased gambling opportunities are beneficial for society [37].
In order to develop a healthy relationship with gambling it is necessary to understand the underlying causes of addiction. Some key factors include an early big win, boredom susceptibility, impulsivity, the need for escape coping and a high level of stress in the gambler’s life. Ultimately, these factors lead to the gambler believing that gambling is both rewarding and exciting, and provides a way to avoid reality.
People with a gambling disorder often become stuck in a cycle where they lose money and then gamble to try and make back the losses. This leads to them becoming obsessed with the possibility of a large win and losing control over their finances. Eventually, they stop seeing it as a recreational activity and start treating it like a job or source of income.
Gambling impacts can be observed at three levels: personal, interpersonal and society/community. Personal and interpersonal impacts are non-monetary and can have a significant effect on the gambler’s family members and other close relationships. They can also lead to petty theft and illicit lending between family members and, in more extreme cases, physical violence and homicide. It is essential to note that these impacts are often overlooked in economic costing studies because they do not have a monetary value.