Gambling is an activity in which something of value, such as money or goods, is put at risk in the hope of winning more money or a prize. Gambling may also involve wagering on the outcome of an event that is not under the control of the person placing the bet, such as a sporting event or a lottery.
While many people gamble without problems, some individuals develop a gambling disorder that can be devastating to their life and relationships. It is estimated that 2.5 million Americans (1%) meet diagnostic criteria for a gambling problem. A further 5-8 million adults (2-3%) experience some form of gambling-related harm.
Problem gambling can lead to emotional, family and work issues, as well as significant financial losses. It can cause depression, anxiety and substance use disorders. In addition, people who struggle with gambling can have trouble sleeping and can become irritable or short-tempered. They may withdraw from friends and family, avoid social activities and even become suicidal.
Most people who gamble do so for enjoyment and entertainment. However, some people who have a gambling disorder do not enjoy it at all. Often, these people have unhealthy motives for engaging in gambling, such as escaping stress, boredom or problems in their lives. In addition, they might think about gambling all the time and cannot stop thinking about it.
Gambling involves a high degree of risk and low reward. People who bet on sports events, for example, are likely to lose more than they win. In some cases, the ‘house’ (the bookmaker or casino) has a built-in advantage over the gamblers. This is called the house edge. This advantage can be predetermined, such as the odds on a football match, or it could change over time – for example, when the odds on a scratchcard fluctuate up and down.
Some groups of people are more at risk for developing a gambling disorder, such as adolescents, veterans and older adults. Young children who play video games that require micro-transactions or payments are also at risk. They are more likely to gamble as they grow up and can easily become addicted to the game.
If you or a loved one has a gambling problem, it is important to get help as soon as possible. Talking about the issue with a friend or a professional counsellor can be helpful. You can also reduce financial risk factors by not using credit cards or taking out loans, and avoiding gambling venues. Try to find new hobbies and recreational activities that do not involve gambling. It is also useful to get support from a self-help group. Some examples include Gamblers Anonymous and Alcoholics Anonymous. You can also contact a local or national helpline. Some states offer treatment programs specifically for gambling addiction. It is important to remember that there is always hope and help available.