The Socioeconomic Impact of Gambling

Gambling is an activity that involves taking a risk in the hope of winning money. It can be done in many different ways, from betting on football teams or playing scratchcards to visiting brick-and-mortar casinos and online gambling websites. The outcome of the gamble can be anything from a small prize to a life-changing jackpot. The key to successful gambling is weighing risks and understanding the odds of winning.

Although a large number of studies have assessed the socioeconomic impact of gambling, most use an economic cost-benefit analysis approach that only looks at changes in monetary terms and ignores nonmonetary harms (American Psychiatric Association 2000). Studies using longitudinal designs have been limited and often confounded by sample attrition and aging effects. However, these approaches are becoming more common and sophisticated.

Problem gambling has been linked to increases in crime, social disorganization and deprivation, and a decrease in social capital. It has also been associated with increased demand for social services, and a decrease in the quality of life and well-being of lower income households [76].

It is important to recognise when your gambling is out of control, and to seek help if needed. In addition to support from friends and family, it may be helpful to join a peer support group such as Gamblers Anonymous, which is based on a twelve step recovery program similar to Alcoholics Anonymous. In addition, it may be beneficial to refocus your priorities and try to develop healthier hobbies.