What is Gambling?
Gambling happens when you stake something of value, such as money, on the outcome of a random event. This might involve chance, skill or even luck – and it can be as simple as risking the cost of a lottery ticket in the hope of winning a big jackpot. It can also be as complex as a professional sports team’s odds of winning a game or as involved as betting on a horse race or a casino game.
Gambling is a common activity that affects people in all walks of life. While most individuals only gamble occasionally and do not experience problems, a small group of people become heavily involved in gambling, both in terms of time invested and money wagered. This type of excessive gambling can have significant negative personal, family and financial impacts on a person’s life.
Many individuals who struggle with gambling may not realise that it is a problem. They might hide their gambling activities, lie to family and friends or avoid discussing the issue altogether. This can lead to further problems, such as debt and relationship issues.
There are a number of effective treatments available for gambling problems. These are designed to help individuals control their gambling and stop them from engaging in it if they find it difficult to do so. They can be used in conjunction with other supports, such as peer support or a professional counsellor.
Some of the most common reasons that people gamble include:
For social reasons – for example, it is an enjoyable activity to do with friends or it makes social events more fun.
To make money – this can be for fun or as a way of making a living.
A desire to try and overcome boredom – this can be a reason for someone to gamble, especially when they feel lonely or sad.
The desire to escape from reality – this can be a reason for people to gamble, whether it is by watching TV or spending money at the casino.
Cognitive distortions – these are distortions in a person’s decision-making and perception of risk and outcome, which can lead to an overestimation of their chances of winning.
It is important to understand how gambling works to protect yourself from the risks. Remember to only gamble with disposable income and not money that you need to pay bills or rent. It is also important to be aware of the different forms of gambling, including casinos, TABs, pokies and online gambling. You should also never chase your losses – that is, trying to win back the money you’ve lost. This is known as the ‘gambler’s fallacy’, and it can be a major cause of problems for gamblers. To prevent this, you should set financial goals and stick to them. If you have difficulty stopping gambling, you should try to fill the gap that it creates with other activities or hobbies. You should also reduce the amount of money that you carry around with you – see the Better Health Channel fact sheet ‘Gambling and money’ for more information.
