Gambling is the act of risking something of value (money, property or personal possessions) on an event with an uncertain outcome. It involves the element of chance, such as the roll of a dice, the spin of a roulette wheel or the outcome of a horse race. The activity has many negative effects and is associated with higher levels of psychological distress and addiction.
The negative impacts of gambling can be observed at the individual, interpersonal and community/society level. The individual level impacts include hidden costs to gamblers, including those related to problem gambling and long-term costs. Interpersonal and community/societal level impacts involve those who are not necessarily gamblers themselves and include the effects of gambling on their family members, friends and coworkers. The community/societal level also includes the economic impact of gambling revenues and impacts on other industries.
Some people enjoy gambling as a social activity and do not have any problems with it. Others find it to be a way to escape from or cope with their life’s problems. These problems can be financial issues, boredom, depression, death of a loved one or simply wanting to have some fun. The media promotes gambling as a glamorous, exciting and fashionable activity and this is why some people see it as their entertainment choice.
Besides the social and entertainment benefits, some people like gambling because it gives them a feeling of euphoria, a natural high, or adrenalin rush. It is not always about winning money, but rather about the excitement of trying to win and thinking about what they would do with the money if they won. For some people, gambling is a way to relieve unpleasant feelings like boredom, anxiety or depression and it can be very addictive.
It is important to know that you don’t have to be in a casino to gamble. It can be as simple as placing a bet on a football game or buying a scratchcard. You start by choosing what you want to bet on – for example, a particular football team or a specific number. Then you match that choice with the odds set by the betting company, for instance 5/1 or 2/1. The odds are an indication of how much you can win if your selection wins.
Gambling has both positive and negative impacts on individuals. It is essential to be aware of these and to take steps to protect yourself from becoming a problem gambler. Make sure you only gamble with money that you can afford to lose and don’t use it for other purposes. You can also get rid of credit cards, have someone else be in charge of your finances, close online betting accounts and keep only a limited amount of cash on you. Also, never chase your losses – it is the most common mistake that people make when they’re gambling and it almost always leads to more losses. This is known as the ‘gambler’s fallacy’ and it’s a sure way to end up broke.
