Mental Health Effects of Gambling
Gambling is the wagering of something of value on an event that is random, where instances of strategy are discounted. Gambling occurs in a wide range of settings, from casinos and racetracks to bars and restaurants, sporting events, on the Internet and in lottery ticket machines. Gambling can lead to significant harm, especially when it is a regular activity, when people bet more than they can afford to lose and when it takes over their life. However, gambling can also have positive effects if it is done in moderation and where the money is invested in other activities, such as socializing and mental development.
Many people gamble for fun or to try to win money, but some gamble to escape from stress and worry. If you are worried about the impact of gambling on your mental health, it is important to talk to a doctor or psychologist. They will be able to offer advice and support, and may recommend cognitive behavioural therapy (CBT) or other treatments. CBT focuses on changing the ways you think about betting, such as believing that certain rituals will bring you luck or that you can make back your losses by gambling more.
The negative effects of gambling can affect you at a personal, interpersonal and community/society level. These impacts can have long-term effects and create a change in the way someone lives, or even pass between generations. They can include financial harms such as debt and bankruptcy, health and wellbeing harms including loss of quality of life, and social and family disruption.
Generally, the more you gamble and the larger your stakes, the greater your chances of losing. This is because the probabilities of winning are very low, and it’s impossible to predict what outcome an individual will have when they place a bet. In addition, it is difficult to distinguish between the likelihood of winning and the probability of losing when comparing different gambling products.
Gambling is an extremely widespread activity with a global annual turnover estimated at more than $10 trillion. It’s legal and popular in most countries, with a majority of this money coming from lotteries, sports betting, casinos, horse racing and the pokies (Australian poker machines). While it has a reputation for being harmful to our mental health, it can be enjoyable in small doses and can help develop skills like teamwork, confidence and risk taking. However, it is important to recognise the risks and understand the consequences of gambling if you are concerned about your mental health.