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Apr 18, 2024|Gambling Addiction

The Financial Impacts of Gambling Addiction

When Sarah, a 35-year-old marketing manager, won a small jackpot on her first casino visit, it felt like a harmless stroke of luck. Little did she know this win would ignite a gambling habit. It seemed manageable at first but gradually consumed her life. What started with slot machines on weekends soon turned into online betting sessions that lasted into the early morning hours. Sarah’s savings began to dwindle, credit card debts mounted, and her relationships suffered. The breaking point came when she found herself lying to her partner about her whereabouts to visit a casino. That was when she realized gambling had become a full-blown addiction, and she needed help.

Pathological gambling (PG), the medical term for gambling addiction, is classified as an impulse-control disorder. It hides behind the glamour of quick wins and the thrill of the game, and its influence stretches far beyond the individual, affecting families, careers, and futures. Understanding the risk factors for gambling addiction and its far-reaching consequences is the first step toward recovery.

What Does Modern Gambling Look Like?

Thanks to the internet, gambling is more accessible today than ever. With over a quarter of the global population having gambled at least once, the gambling industry has prospered in recent years, reaching a valuation of over $580 billion in early 2024. This growth is fueled by online casinos, electronic gaming machines, and the novel use of cryptocurrencies, making gambling venues accessible from anywhere.

Factors That Increase the Risk of Gambling Addiction

Not everyone who rolls the dice becomes a gambling addict. However, some people are more at risk than others. The factors that lead to gambling addiction include:

  • Biological factors: Certain genetic predispositions and mental health conditions like depression, anxiety, and bipolar disorder make some people more susceptible to addictive behaviours like gambling. The high stakes of a big bet and the thrill of winning release dopamine, a neurotransmitter linked to pleasure and reinforcement. In this way, gambling becomes an unhealthy way to self-medicate. Substance abuse disorders can also co-occur with gambling addiction.
  • Age and gender: Young and middle-aged adults are the most susceptible age groups. Men are also statistically more likely to develop a gambling addiction than women.
  • Family and peer pressure: Growing up in an environment where gambling is common among family members or friends normalizes the behaviour and increases the likelihood of developing an addiction.
  • Personality traits: Gambling is often fueled by a need for excitement, escape from stress, or the pursuit of a financial windfall. Certain characteristics, including impulsivity, sensation-seeking, and competitiveness, are associated with a higher risk of gambling addiction.
  • Financial stress: Individuals facing financial difficulties may view gambling as a quick solution to their problems, a vicious cycle leading to more gambling to win money to solve financial issues caused by gambling.

The Impacts of Gambling Addiction

No one gambles with the intent of becoming addicted. However, whether it starts as a leisure activity, social experience, or financial pursuit, gambling addiction impacts can be dire.

Financial ConsequencesSports betting and gambling which can both have financial consequences in British Columbia

Perhaps the most outward sign of a gambling problem is the financial issues that inevitably ensue. The financial impacts of gambling addiction can be devastating, resulting in:

  • Out-of-control debt
  • Inability to provide for basic needs despite adequate income
  • Depleted savings, investment, and retirement accounts
  • Pawned household items
  • Legal issues
  • Poor job performance, reduced income, or job loss
  • Repossessed property
  • Home foreclosure

Increased Mortality

Research from Oxford University shows that gambling addiction is associated with a 37 percent increase in mortality. One reason could be due to increased substance use associated with gambling. Another study conducted at Lund University found that people with gambling addictions are 15 times more at risk for suicide.

Strained Relationships

The effects of gambling addiction extend to the individual’s family, friends, and communities. Financial and emotional problems linked to PG may jeopardize significant relationships, lead to domestic violence, or damage familial bonds in other ways. Using gambling as a way to escape problems, persistent thoughts about gambling, and lying to conceal the extent of gambling activities are other warning signs to watch for.

Choose to Break the Gambling & Debt Cycle

At J. Bottom & Associates Ltd., we know gambling addiction can profoundly impact your financial and personal life. With over 55 years of cumulative experience, our licensed insolvency trustees can provide personalized solutions to help you overcome bankruptcy or debt caused by gambling. Our family-owned and operated firm has your best interests at heart and will support your journey with compassion and empathy.

One effective strategy we recommend for gambling addiction is voluntary self-exclusion, a program that allows you to take a proactive step in your recovery by voluntarily banning yourself from casinos and online gambling platforms. If you’re struggling with the consequences of gambling addiction, contact us for a complimentary and confidential financial assessment at one of our offices in New Westminster, North Vancouver, or Port Coquitlam, BC. We’ll help you pave the path to financial freedom.

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