People who have gambling problems generally try to hide it from the people around. They start lying to their spouses, families, coworkers, and friends. Some gamblers say they are just trying to win back the money they have lost. They will claim that once they win big, they will stop. Or that they lost because they changed strategies or were not lucky. But when they chase their losses, they iles up piling up even more losses, and often debts. What do pathological gamblers do when gambling puts them into a financial hole? They borrow—from their family, friends, coworkers, or even strangers, without always admitting the real reason they need the money. They may also have other people pay their gambling debts.
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I read yesterday that there were 7 different types of ‘gamblers’. I was intrigued and thought which one was I? As a young twenty-something I had excellent sports knowledge and 9 times out of 10 I was always picking winners amongst my friends down at the pub especially in football games. I didn’t gamble at this point and I hadn’t even thought about gambling just seeing my ‘talent’ as a bit of fun. That was until I confided in my friend one day that I was going through a bit of a financial rough patch. He suggested that I start putting my sports knowledge to good use to make some money by gambling. I was hesitant at first as I was concerned that my knowledge would let me down plus the fact that I come from a hard-working family and the thought of frittering money away made me uncomfortable. After some consideration I decided to take my friend up on his advice and I opened an online betting account. Things started to go well. I placed small bets with the balance going ever higher into the black giving me the chance to withdraw money to resolve my financial issues. This continued to the point where I was able to pay off credit cards and student loans and I was able to treat myself and my partner to big nights out and weekends away. This was all on the back of gambling, it was like a second income that was tax free. I had savings for the first time in my life and things couldn’t have been better. I was happy to do so especially as I had resolved my initial financial problems, a healthy bank balance and I didn’t want for anything. So I took the opportunity to re-visit my old gambling account to make money to pay the financial problems. No problem I thought, i’ve done it before and i’ll do it again. I won.
Are you or a loved one dealing with a gambling problem? Explore the warning signs and symptoms and learn how to stop.
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You can make money fast in gambling. Faster than you would think. Why, that is the truth. Yet, it is also true that you are going to lose even more money in the long run. You could be betting on sports, trading stocks or currencies, playing poker or blackjack. You can make money from all that on the very first day! Is that fast enough? Does that mean you are going to be profitable for the rest of your life? Of course not. It is just how gambling is set up.
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Compulsive gambling often leads to unsupportable debt. Gamblers will stop paying on credit cards, mortgages, auto loans and student loans, trying to compensate for losses. You bet something of value — usually money — on an event with an uncertain outcome hoping to take home a bigger return. The answer is to convince yourself to stop gambling altogether, and seek psychological help for the addictive nature of the problem. Before you think about paying off your gambling debts, treat the root of the problem: an addiction to betting.
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