While we don’t directly observe the effects of gambling on a person, there are often visible effects at the interpersonal, community, and personal levels. The effects of gambling on those closest to the gambler can include family members, friends, and work colleagues. The negative impact of gambling on a person’s life is so wide-ranging that it can lead to bankruptcy or homelessness. Listed below are some of the effects of gambling on a person’s life.
Economic cost-benefit analysis
A cost-benefit analysis of gambling (COI) looks at the monetary and social costs of the industry. Economic costs are obvious, while social costs are difficult to quantify, such as the economic impact on society. Non-monetary costs range from lost productivity and social security contributions to the emotional toll placed on individuals and families. The external impacts of gambling range from public health to crime and the impact on interpersonal relationships. While these factors are not directly measurable, they are important, and can help policymakers create policies that minimize the risks and maximize the benefits of gambling.
Gross impact studies, on the other hand, tend to focus on one aspect of economic impact. Unlike other studies, they don’t pretend to be balanced assessments of gambling’s impact on public services. While they focus on the positive effects of the industry, they don’t account for the negative ones. For example, gross impact studies fail to consider the substitution effect of gambling, geographical scope, and differences between tangible and intangible effects. Thus, they tend to overestimate the negative effects of gambling on public services.
Socioeconomic impact studies
Among the many studies assessing the impact of gambling on the economy, the Social and Economic Impacts of Gambling Study was a particularly useful tool. It used three new national surveys, expert roundtables, public hearings, and written submissions to gather information from various sources. It also included interviews with study participants and a review of available data. The findings revealed that gambling has small positive effects on local employment rates, although it is important to note that the impact of expanding gaming may not be felt until after the expansion of other sectors of the economy.
A systematic review of socioeconomic impact studies of gambling found that a mixed set of influences influence the economy and social welfare. The overall impact can be negative or positive, depending on the extent of gambling and its regulation. Previous research in other jurisdictions may provide some insights, but it is not conclusive. Several studies examined the negative and positive effects of gambling, but the results of these studies are often inconsistent. However, the results are interesting.
Motivation for gambling
There are a number of reasons why people gamble. The most common reason, of course, is to have fun. Other motivations are primarily for leisure or recreation, to alleviate boredom, or to feel excited about winning a big bet. The difference between the two explanations is that the one used to justify gambling may be based on social stigma or simply be purely monetary. Listed below are some other reasons people gamble.
Cognitively oriented theories assume that motivation is primarily related to monetary gain. While more than 40 percent of respondents reported gambling to increase wealth, other primary motivations were hedonic (fun) and social. Interestingly, these motivations are not entirely dissimilar in problem gamblers and nonproblematic gamblers. In fact, the differences may be primarily in the degree. Therefore, the most important factor in determining motivation for gambling is to define the reasons why people gamble.
Money-limiting strategies
Although many gambling self-control strategies have been developed, only a few studies have examined how they affect gamblers. One study examined how gamblers limit gambling expenditure, frequency, and time. Researchers interviewed 56 gamblers in five focus groups and nine individual interviews. They found that money-limiting strategies were more prevalent than time-limiting strategies. The study also assessed the effectiveness of different money-control strategies, and the preferences of gambling players regarding funding and pre-commitment.
People with gambling problems should avoid jobs that require cash handling and pay bills in advance. Avoiding gambling jobs and having your wages collected by a trusted person is an excellent way to minimize gambling-related expenses. Alternatively, cut up credit cards and use wage deductions to fund regular accounts. Gamblers may also want to disclose their addiction to their banking institutions and credit providers. The Better Health Channel has a fact sheet on gambling-related finances.