Whether it’s buying a lottery ticket, placing a bet on sports events or playing the pokies, everyone is at risk of losing money when gambling. In addition, some people are addicted to gambling which can lead to serious harm for themselves and others.
The main disadvantage of gambling is the risk of addiction. Like any addiction, it can affect every aspect of a person’s life including their work, relationships and family. For some, it can even cause them to commit criminal offences or end their lives. For many, it is a costly habit that drains bank accounts and causes distress.
Gambling is not a good way to earn money. It is a fun activity and can make you feel good but you should budget it as a hobby not a source of income.
Another disadvantage is that it is easy to lose track of spending. If you are prone to gambling, it is wise to put your money in an easily accessible account so that you can control it. It is also a good idea to limit your online betting and to keep only a small amount of cash on you.
Many people gamble for coping reasons, to forget their worries, or because it makes them feel more confident. This doesn’t excuse them of responsibility, but it does help you understand their behaviour and why they might continue to gamble when it is harmful. If you’re worried about a loved one and their financial situation, contact StepChange for free debt advice.