Gambling is an activity where an individual risks money or property and hopes to win. It can take many forms, including card games like poker and blackjack, slot machines, fruit machines, video-draw poker machines, two-up and casino table games. It can also include activities such as horse racing, football accumulator betting and lotteries or instant scratch cards. It can even involve speculating on business or stock market movements. It is a major international commercial activity and it is estimated that over a billion people participate in gambling activities each year.
The negative impacts of gambling have long been acknowledged, but the positive aspects have been less well researched. Despite the negative effects, some individuals find gambling to be beneficial and they seek it as an enjoyable pastime with friends or family. For others, it is a way to escape the stresses of their everyday lives and enjoy the excitement of risk taking and the possibility of winning big. This is often reinforced by the media, which portrays gambling as fun and glamorous.
A significant aspect of gambling is the impulsivity involved. This is an important factor in a number of mental health disorders, including pathological gambling. It is also a factor in the classification of pathological gambling as an impulse control disorder in the DSM manual (American Psychiatric Association, 1980). It is therefore important to understand this aspect of gambling in order to develop and evaluate interventions that can help reduce gambling problems and improve gamblers’ quality of life.
In addition to the direct financial costs of gambling, there are also indirect or social costs. These can be categorized into three classes: financial, labor and health and well-being. These are manifested at the personal, interpersonal and community/societal levels (Fig. 1). Personal and interpersonal impacts are mostly nonmonetary and affect those close to the gambler, such as their families and friends. At the society/community level, these costs can be visible in the form of societal costs associated with problem gambling and long-term cost/benefits.
Several studies have examined the financial, labor and health and well-being impacts of gambling, but fewer have looked at the positive and negative social effects. Generally, these are difficult to measure and are not included in calculations of total costs/benefits of gambling. However, it is possible to use quality of life weights (known as disability weights) to identify intangible social impacts and quantify them.
It is important to remember that gambling can cause a number of problems, both for the gambler and their family/friends. This includes the risk of gambling addiction, financial difficulties and debt, loss of income, inability to work and a variety of psychological problems. This is why it is crucial to start with a fixed amount of money that you can afford to lose and never exceed it. The best way to minimize the risk of losing is to start with a small amount and slowly increase it as you gain experience. This will help you to manage your finances better and avoid any unintended consequences.