Many of us like to place a bet every once in a while. In fact, in March this year, 43% of Britons gambled at least once in that month alone. Maybe it’s the thrill that drives us, or the possibility of winning everything you ever dreamed of from just the click of a button or a roll of the dice. Whatever it is that drives us to gamble can also make us blind to all of its enormous risks.
Gambling and your Mental Health
A gambling addiction can lead to stress, anxiety and depression. Its effects can be very damaging to your mental health as well as your finances.
The Adult Psychiatric Morbidity Survey 2007 showed that more than double the amount of people affected by gambling problems had considered committing suicide compared by those not affected by gambling.
If you want to read more about the link between our finances and our mental health, click here.
Before we get into the effects of gambling on our finances, it’s important that we stress that if you have a gambling problem, you are not alone and it does not have to be permanent. There are a number of mental health support links for those with gambling problems on the NHS website. You can also always ring the Samaritans (number: 116 123) if you’re struggling suicidal thoughts, and this will be free and completely confidential. Don’t struggle alone.
A Vicious Cycle
Many problem gamblers tend to find themselves in a vicious cycle, wherein they borrow money to fund their gambling, creating debt. They then often gamble even further in an attempt to pay off these debts.
One significant issue is that having gambling debts can make payday loans very tempting. This is particularly true given that gamblers can often struggle to get credit, as lenders see them as less financially responsible and so more risky to lend money to. However, payday loans are very easy to get accepted for, as the lenders don’t perform comprehensive credit checks. The excessively high interest rate on these loans only serves to exacerbate the situation, creating a snowballing effect of debt.
Financial Effects of Gambling
- Overdue bills
- Unable to afford to meet your basic needs, like payments for food or rent/mortgage payments
- Owing money to friends, family or lenders
- Maxed out credit cards
- Multiple loans, all charging further interest
- Having your property repossessed
- Loss of value of savings, investments and retirement accounts
- Inability to get credit in the future
- Subjected to debt collection by enforcement agents (bailiffs)
Why is Gambling so Widely Advertised?
According to a study conducted by Muggleton et al, an enormous 1 in 6 adverts shown during ITV’s programming for the 2018 Fifa World Cup promoted gambling.
Why, when gambling can have such detrimental effects, is it so heavily advertised? And how can we expect people to recognise gambling’s huge dangers when it’s being portrayed as a fun activity every time they turn on the TV?