The Costs of Gambling
Gambling is a social activity where individuals wager on a game or event in the hope of winning something. This prize may be money, property, or even a chance to play more than once. The costs of gambling are divided into two categories: personal and interpersonal, and societal. Personal costs are those that are not easily quantified, but still contribute to societal cost and benefit analysis. Societal costs include the effects on general and individual health and well-being, as well as the costs and benefits related to problem gambling.
In the United States, the amount of money wagered on gambling has reached more than $10 trillion annually, but the amount is likely even higher. The main forms of gambling are lotteries, which are state-regulated and organized. In Europe and the United States, organized lotteries grew rapidly in the late 20th century. In Australia and South America, organized football pools are widely available, and most countries have legalized sports wagering. Other forms of gambling include online gambling, casino games, and other forms of betting on sporting events.
Although gambling has many positive benefits, the economic consequences of gambling are often less clear. While it is a leisure activity, problem gambling may be a significant drain on time and money. It can also cause a person to become bankrupt, which impacts the finances of his or her family and society. The social care costs associated with a problem gambler’s demise can make the overall financial situation of society unsustainable and can affect the economy of society.
Aside from lowering the cost of gambling, other factors are associated with its positive effects. While gambling is fun and enjoyable, it is also a form of self-soothing, allowing a person to socialize and relieve boredom. The more time a person spends gambling, the greater the chance that they will develop a gambling problem. When a person’s gambling is a source of happiness and relief, it is imperative to have an adequate support system around them.
Individuals with problem gambling should seek treatment to address the root causes. Medications, therapy, and lifestyle changes are available. It is possible that the problem gambling is part of another medical condition, such as bipolar disorder. Cognitive-behavioral therapy focuses on changing unhealthy thoughts and behaviors that lead to gambling. In addition to medication, therapy can teach coping strategies and encourage a person to make rational, responsible decisions. If these strategies do not work, it may be time to seek out a gambling specialist.
A loved one with a gambling problem is likely to experience conflicting emotions. For example, the family might be frustrated and angry about their loved one’s excessive spending and inability to control their own actions. The person may have gotten involved in illegal activities or borrowed money, sold family belongings, or racked up huge debts on joint credit cards. Even if the gambling is temporary, underlying issues may surface once the gambler ceases to gamble.