Gambling is a popular pastime that can cause harm when it becomes a problem. The impact of gambling on individuals, their families, and the community can be significant and long lasting. In addition to the obvious impacts of gambling like debt, bankruptcy and homelessness, many people do not realise that there are other impacts such as mental health issues.
Some people are able to gamble responsibly, but for others it can become an addiction that causes them to experience financial and social distress. While most people associate the term gambling with casinos and racetracks, it actually includes a variety of activities that may include fantasy sports leagues, DIY investing, scratch tickets or even online poker.
Despite the negative social and economic impacts, there are also benefits to gambling. Many people use gambling as a way to socialise and escape from stress and worries, but it can turn into an unhealthy habit when it is not managed well. People who are concerned about their gambling should seek help from a professional.
Although gambling contributes a small percentage of the GDP in most countries, it creates many jobs and provides an outlet for those who want to try their luck at winning big. This is particularly the case with land-based casinos that can employ thousands of employees in the hospitality sector, and even more for those working in gaming machines. Many people who work in these jobs are low-income earners and therefore are able to benefit from the wages that casinos pay.
However, the gambling industry is not without its critics. It is often seen as a money-grabbing industry that exploits vulnerable people and is unable to manage its impacts effectively. A public health approach to gambling regulation is necessary, which should address the underlying causes of the harm and promote the health benefits. This should involve ending advertising and promotions for gambling products, centralized account registration to require those who gamble to set binding loss limits and restrictions on the accessibility of gambling products (opening hours, density).
It is important to recognise that external costs associated with gambling are not only monetary but can also have a long-term impact on society/community. These include social costs, financial strain on family members and escalating into bankruptcy or homelessness. These externalities are usually not recognized by the gambling industry and can be difficult to measure.
One of the most important benefits of stepping away from gambling is improved financial stability. By reclaiming funds that were previously lost to gambling, people can start to build up their savings, reduce their debt and budget more effectively. In the longer-term, this can lead to a more financially sustainable lifestyle and an ability to achieve future financial goals with confidence.
