Gambling involves wagering something of value (money, assets, or personal time) on an uncertain event with the intention of winning money or material goods. Examples of gambling include buying lottery tickets, placing bets on sports events, playing card games such as poker and blackjack with friends or strangers, slot machines and video gambling, and betting on horse races or dog races. There is also a form of gambling called stock market gambling where bettors place bets on the future direction of stocks. Despite the euphoria and excitement associated with gambling, it is important to remember that it is inherently risky and all forms of gambling involve some degree of loss.
Understanding of the adverse consequences of gambling has undergone a paradigm shift similar to that seen in the development of our understanding of alcoholism. This change is reflected in the various editions of the Diagnostic and Statistical Manual of Mental Disorders (DSM) published by the American Psychiatric Association, which have moved away from viewing pathological gambling as an addictive disorder to classifying it as a psychologically distressing problem.
There are many risk factors for developing a gambling problem, including: a history of childhood abuse, family violence, traumatic life experiences, depression and low self-esteem. Individuals who develop a gambling problem can be of any race, religion, age or social class. People who gamble often have some of the same risk factors for developing other types of psychologically distressing problems, such as substance use disorders and eating disorders.
In some individuals, the euphoria and excitement of gambling may become a way to relieve other underlying stressors. The hope for a “big win” may replace other healthy stress-relieving activities, such as exercise and family and social relationships. This can be a sign of an escalating gambling problem and is referred to as comorbidity.
It is important to note that gambling is not a lucrative way to make money. Those who play casino games and place bets on horse races and other sporting events should only gamble with money they can afford to lose. When individuals begin to experience financial difficulty, they should reduce their gambling activity and seek help from a professional.
Those who are addicted to gambling are at higher risk of suicide than the general population. It is estimated that one in two gamblers will think about suicide and that one in five will attempt it. This is an alarming statistic and should be a wake up call to all of us to make sure that our gambling habits are not taking over our lives.
People who are at high risk for gambling addiction should start by setting a fixed amount of money they are prepared to spend on entertainment and stick to it. They should also ensure that they set binding loss limits on their accounts and restrict access to gambling products. They should not use their credit cards or bank accounts while gambling and should not leave them in hotels. They should also try to avoid alcohol and drugs before gambling, as they can increase the likelihood of harm.