Gambling is an activity that involves taking a risk in order to win money. It has negative impacts not only on gamblers but also their families and society at large. However, gambling has also some benefits which include socializing, mental development and skill improvement. However, it is important to note that the positive effects of gambling are not always visible and may not be obvious to people who do not gamble often.
Generally, the process of gambling begins with choosing what to bet on, whether it is a football match, horse race or scratchcard. The selection is then matched to ‘odds’, which are calculated by the betting company to determine the chance of winning the bet. However, the odds are not necessarily set in stone and are influenced by the overall market.
In recent years, the psychiatric community has come to realize that pathological gambling is more of an impulse control disorder than a compulsion, as it has the potential to lead to serious consequences if left untreated. Consequently, it was moved from the compulsive disorders section to the addictions chapter of the Diagnostic and Statistical Manual of Mental Disorders (DSM). Despite this, effective treatments are still lacking for many of those who struggle with gambling addiction.
Gambling impacts are both negative and positive and can be structuralized in terms of costs and benefits. The most negative impacts are at the individual level and may impact a gambler’s family members, such as debt-related problems, financial distress or homelessness. Alternatively, the negative impacts at the interpersonal and society/community levels can have long-term effects and change a gambler’s life course or even pass between generations.