What Are the Effects of Gambling?

Gambling can turn into a gambling addiction very easily. It gives us the high of winning, but also, the depression from losing at times. Sometimes people can get addicted to the high, and not want to stop gambling. This can have serious consequences not only on their mental wellbeing but also on their financial wellbeing. 

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As with gambling sometimes your money can grow, but sometimes it can shrink drastically as well. Gambling is often thought of as a high risk high reward or a high risk low reward game.

What is Gambling?

Gambling is the betting or stake of something of value, with consciousness of risk and hope of gain, on the outcome of a game, a contest, or an uncertain event whose result may be determined by chance or accident or have an unexpected result by reason of the bettor’s miscalculation.

The outcomes of gambling games may be determined by chance alone, as in the purely random activity of a tossed pair of dice or of the ball on a roulette wheel, or by physical skill, training, or prowess in athletic contests, or by a combination of strategy and chance. The rules by which gambling games are played sometimes serve to confuse the relationship between the components of the game, which depend on skill and chance, so that some players may be able to manipulate the game to serve their own interests.

Gambling can stimulate the brain's reward system much like drugs or alcohol can, leading to addiction.

What is Betting in Gambling?

Betting can simply be defined as an act of putting at stake a wagering amount (valuable or liquid cash) on the prediction of occurrence or non-occurrence of an event. It is always done against a second party who places his stake against the one placed by the first party.

Why do People Gamble?

People gamble for many reasons: the adrenaline rush to win money, socialise or escape from worries or stress. However, for some people, gambling can get out of control. If you find yourself betting more than you can afford to lose, borrowing money, or feeling stressed and anxious about gambling, you may have a problem.

What is a Compulsive Gambler?

Compulsive gambling, also called gambling disorder, is the uncontrollable urge to keep gambling despite the toll it takes on your life. Gambling means that you're willing to risk something you value in the hope of getting something of even greater value.

If you have a problem with compulsive gambling, you may continually chase bets that lead to losses, use up savings and create debt. You may hide your behaviour and even turn to theft or fraud to support your addiction.

Compulsive gambling is a serious condition that can destroy lives. Although treating compulsive gambling can be challenging, many people who struggle with compulsive gambling have found help through professional treatment.

Is There a Treatment for a Gambling Addiction?

The most frequently studied treatment type for gambling disorder is Cognitive Behavioral Therapy (CBT). This type of treatment attempts to change the thoughts and behaviours that are fundamental to maintaining a pattern of behaviour. CBT for intemperate gambling is to identify and change “cognitive distortions and errors” that are associated with excessive gambling and its adverse sequelae. 

For gambling, CBT can include at least four components: (a) correcting cognitive distortions about gambling; (b) developing problem solving skills; (c) teaching social skills; and (d) teaching relapse prevention. There are a number of CBT trials that suggest that it is an effective form of treatment for gambling. This is a solution to Gambling Disorder that has been suggested by the Government of Massachusetts.

The Bottom Line

Gambling is very much a game of probability. Depending on the type of game being played, the probability of winning either increases or decreases. Compulsive gamblers are extremely dangerous as they are addicted to the high of winning and constantly chase that. In their chase, they can cause serious financial trouble for themselves and for others too.

Being financially stable and having financial knowledge would prevent people from gambling, or if they were to take the chance they would know for sure, hence making conscious decisions. For people diagnosed with gambling addiction, CBT (Cognitive Behavioural Therapy) works well as it targets a pattern of behaviour. There are always solutions to issues, we just have to look for them and be willing to put in the effort.

Written by - Vidita Sachdeva