Gambling is wagering something of value on a random event, with the intent to win something else of value. Whether it’s scratch-off tickets, lottery tickets, sports betting, online poker, DIY investing, or even just a trip to the casino, gambling is a complex behavior that can be very addictive. While most people who gamble do it for fun, a small percentage develop a serious problem. They continue to gamble despite adverse personal, family, social, and financial consequences. This type of compulsive gambling is called pathological gambling (American Psychiatric Association, 2000).
The underlying psychological mechanisms that drive gambling problems are complex and include an expectation of replicating an early big win, the illusion of control, boredom susceptibility, impulsivity, use of escape coping, and stressful life experiences. A combination of these factors can lead to a vicious cycle where the person continues to gamble in order to replicate an early win or to avoid boredom or stress, and this leads to further losses and more problems.
People who have trouble controlling their gambling tend to have a poor understanding of probability and risk, and overestimate the chances of winning. In addition, they may be more inclined to use escape coping and are more likely to experience depression and anxiety. They may also have a tendency to lie, cheat, steal, or borrow money in order to fund their gambling activities. They often have poor emotional regulation and are prone to acting on their impulses, which can result in legal problems or other difficulties with relationships and work.
Regardless of the amount of money they lose, problem gamblers are always looking for ways to get back the money they’ve lost. This is known as “chasing.” It’s important to recognize that losing money is a part of the game and to treat it as such. The key is to decide before you start how much you’re willing to spend, and stick to it.
A comorbid disorder such as depression, alcoholism, or substance abuse can contribute to the development of gambling problems and make them more difficult to overcome. Treatment of these disorders can help a person better manage their gambling and other behaviours.
It can be hard to deal with a loved one’s problems when they involve gambling, but the most important thing is to reach out for support. This can be as simple as talking to someone you trust about the issue. Alternatively, you can ask for help from a trained professional. In the meantime, avoid high-risk situations like using credit cards, carrying large amounts of money on you, or going to gaming venues for socialising. Also, don’t forget that the longer you gamble, the more money you will lose. Keeping track of your time is crucial, as are other healthy coping strategies. For example, if you are unable to stop spending more than you can afford, take a break from the gambling venue or online, and focus on other things in your life.