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Playing games of chance such as slots, blackjack, bingo, and a variety of others may be entertaining. Millions of people play these games regularly, both in traditional casinos and in virtual ones available online. People, on the other hand, frequently forget that their first goal should be to have fun. Gambling may become a problem in varying degrees as a result of this, depending on the individual.
Uncontrolled gambling may commonly lead to people getting into bad financial situations. Recognizing the warning symptoms of gambling addiction can be difficult; nevertheless, help is available, both from the gaming industry and from other sources.
A Look at the Statistics on Problem Gambling
Some estimates put the percentage of persons who gamble in the United States at somewhere around 85 percent. In the United Kingdom, this number falls somewhere between 61 and 73 percent, whilst in Australia, it is quite close to 80 percent. Even if there aren’t quite as many people as there used to be who let their gaming addictions get out of hand, the problem is still one that needs to be addressed.
Gambling addiction is responsible for the accumulation of debt for millions of people in the United States of America, the United Kingdom, and Australia each year. It is estimated that the unregulated gambling industry in the United States is responsible for an average loss of $55,000 each year.
Because they are consistently losing money and making little progress toward their financial goals, many people find themselves in debt as a direct result of their gambling addiction. This is a hole that, for many people, only becomes deeper and deeper as they deplete their savings, charge their credit cards to their maximum, and borrow whatever they can get their hands on.
Signs of a Gambling Addiction
It may be difficult for people to identify when gambling has become a serious problem at times. Keep an eye out for the following common signs of gambling addiction:
- Disguising funds for gambling purposes
- Increasing bets to recoup earlier losses
- Selling your possessions is the only method to earn money for gambling.
- Being unable to stop thinking about or fighting the desire to gamble
- Keeping gaming habits hidden from intimate friends and family.
Ways to Get Started on the Road to Recovery
Before you can start the healing process and get your financial life back on track, you must first admit that you have a gambling problem. You can concentrate your efforts on the following steps:
1. Decide to stop gambling
It’s conceivable that this will look obvious to some individuals, but it isn’t. It is not the same as making a conscious decision to stop doing whatever it is you have to do despite assuring yourself that you will stop. For some people, the act of physically writing down their goals helps them get closer to realizing their goals.
2. Seek assistance
The gaming industry goes above and beyond to educate the public about the hazards of compulsive gambling. Similarly, in the spirit of social responsibility, both governmental and private institutions provide aid to people who are addicted to gambling. The following are some examples of resources you might use:
- The National Council on Problem Gambling’s contact information is available in all fifty states.
- GamCare, which also provides information and other services, provides free treatment for gambling addiction in the United Kingdom.
- In Australia, the Department of Social Services is the institution that gives information to persons seeking help with gambling problems.
3. Individual isolation
By responsible gaming standards, the majority of online casinos provide members the option to self-exclude from the casino.
4. Make some financial decisions
Consider where the money for gambling will come from. For many people, credit cards will be the answer. If at all possible, you should deactivate the credit cards and request that your bank block payments to gaming facilities. If you have a large quantity of cash, you should put it in the account of your spouse or a member of your family. If you suddenly feel the temptation to make an irrational bet, this will block you from accessing your money and allow you to resist the urge.
5. Dealing with Gambling-Related Debt
Gambling debt may be frightening. Anyone who has been insolvent as a result of compulsive gambling is inclined to assume that there is no way out. You have several feasible solutions for coping with the financial ramifications of your gambling addiction.
6. The Debt Consolidation
You will be able to consolidate all of your credit card obligations into a single loan by consolidating your debt. The interest rate you pay on your loan will be determined by your credit score, but it should still be far lower than what you are now paying.
7. Debt Consolidation
Financial entities, such as banks and other lending institutions, frequently agree to take a percentage of the amount owed to them. According to the provisions of the agreement, the outstanding debt is waived, and you are relieved of your need to pay it. You may be asked to pay back the agreed-upon sum all at once or agree to a payment plan.
Although no one relishes the thought of declaring bankruptcy, it may be one choice for escaping the burden of overwhelming debt. The great majority of financial counselors believe that declaring bankruptcy should only be used as a last option. Although the preceding options and others will work in most cases, this one is ideal for those who owe a significant amount that is far more than what they will ever be able to repay reasonably.
To Summarize Everything
There are various potential remedies to the risk of falling into major financial difficulties as a result of gaming. As soon as you recognize the red flags that indicate a gambling addiction, you must take action to avoid falling deeper into the hole.
If you continue to gamble, there is no financial aid for gamblers’ solution that will work for you. If you are determined to overcome your gambling addiction, you may notice that your financial and other situations begin to improve.