Gambling involves putting something of value at risk for the chance of winning something else of value. The most common forms of gambling are lottery tickets, horse races and casino games. But many other activities also qualify as gambling, such as sports betting and DIY investing. It is important to distinguish gambling from other activities that involve a degree of risk, such as insurance or financial speculation.
Most adults and adolescents have gambled, often without significant problems. But a subset of individuals develop pathological gambling, an addiction that causes distress and impairment in their lives. Pathological gambling has been defined in the Diagnostic and Statistical Manual of Mental Disorders (DSM) as a recurrent urge to gamble that results in substantial distress or impairment. Several treatments are available, including support groups and family therapy.
People who have a gambling problem can learn to control their urges with the help of family and friends. They can also get help from professional counseling services, which may include individual and group therapy, marriage, family, career and credit counseling. Some of these services are free or available at a low cost, and they can provide valuable tools for regaining control over one’s finances and relationships.
The best way to prevent gambling from becoming a problem is to never start in the first place. But for those who have already started, it is important to recognize the warning signs and take action. Some of the key warning signs include:
Frequently gambles in the hope of recovering lost money (chasing losses). Has made repeated unsuccessful attempts to stop or reduce gambling activity. Has lied to conceal how much time or money is spent on gambling. Has jeopardized or lost a significant relationship, job or educational or career opportunity because of gambling. Has a negative impact on one’s self-esteem and/or confidence.
Other factors that increase the risk of developing a gambling problem are age, sex and family history. Younger and middle-aged people are more likely to become compulsive gamblers than older adults, and women tend to gamble more than men. Gambling in childhood and the teenage years can also increase a person’s chances of becoming addicted.
People can prevent gambling from becoming a serious problem by staying away from casinos and other venues where it is common to find addictive behavior. They can also make sure they only gamble with money that they can afford to lose, and they should not gamble when they are feeling distressed or depressed. Lastly, they can avoid chasing their losses by refusing to believe that they are due for a big win and by avoiding the temptation to “get even” by placing additional bets. They should also remember that, unlike in the movies, gravity is always working, and what goes up must come down. If you think you have a problem with gambling, seek help immediately. The sooner you get it, the better your chances of overcoming it.