Understanding The Risks of Gambling - Money Tip Tuesday

In today's media, it is impossible not to see an ad for the latest gambling service. If you don't already know, gambling is risking money or something of value on an event with an unknown outcome and can be done both online and in-person, on anything from slot machines to a sports game. While it may seem fun to win some money on something, gambling comes with a bunch of risks, and it's not just losing money.   

Links:

• If you or someone you know might struggle with gambling visit https://www.nhproblemgambling.org/ for information and resources
• Explore psychology resources and therapy services on Psychology Today's website
• Explore Gamblers Anonymous website for resources and services
• Check out TCU University for financial education tips and resources!
• Follow us on Facebook, Instagram and Twitter!
• Learn more about Triangle Credit Union 

Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.     

If you decide to gamble, it is very important to gamble safely. Before you try your luck, consider setting some guidelines to stick to. Limit how much you want to gamble, and don't exceed that limit. If you have the unfortunate experience of losing all the money you set aside to gamble, walk away. Don't put any more money down to chase a win. If you decide to gamble, keep it in a social setting with supportive friends who can help you stick to your plan. Also, try to avoid excessive alcohol and drug use while gambling, as that might influence you to make rash decisions and gamble more.   

While most people who have placed a bet have done so without problems, some have gone on to develop a gambling addiction.  The Diagnostic and Statistical Manual of Mental Disorders, 5th edition, which is a diagnostic tool published by the American Psychiatric Association, classifies gambling problems as an addictive disorder. Similarly to drugs and alcohol, a gambling addiction involves an increased tolerance that results in the feeling of gambling even more to feel satisfied. People with a gambling addiction who try to quit will go through similar withdrawal symptoms, such as an urge to gamble and irritability.    

With unchecked gambling issues, it can quickly turn from a fun way to win or lose money to costing you a fortune, going into debt, mental health issues, and even bringing harm to your friends and family. The first part is obvious: the more you gamble, the more likely you will lose more and more money. Watching your finances go down the drain will impact your mental health. Often when this happens, a gambling addict will keep going back in an attempt to win their money back. This spiraling behavior can strain your loved ones, especially your family or people who might rely on you.   

An estimated 0.4% to 2% of the world's population has a gambling addiction. You are more likely to develop a gambling addiction if you have any other addictions or have a psychiatric condition. For example, an estimated 4% of people treated for substance abuse also have a gambling addiction. A lower income is also linked to having a gambling addiction, as people are looking for a big win to give them a step up.   

If you believe you may have a gambling problem or addiction, there are options to help you. Going to therapy is a significant first step. Many therapists are knowledgeable about gambling addictions and trained to help you overcome them. You can visit psychologytoday.com t