Gambling involves placing something of value, known as a bet, on an event whose outcome is ultimately decided by chance. Gambling takes many forms – poker games, horse racing betting and sports event betting to buying scratchcards are just some of the many forms it takes. Gambling may provide hours of entertainment but can quickly turn into addiction issues.
Recently, understanding of gambling and its effects has seen significant shifts. Many who experience negative consequences due to gambling are now seen more as having psychological disorders rather than gambling addictions – evidenced in different editions of the Diagnostic and Statistical Manual of Mental Disorders published by American Psychiatric Association.
Experts often describe pathological gambling as a spectrum disorder; from those at risk to meeting criteria for pathological gambling diagnosis according to DSM-IV. This differs from the traditional view that pathological gambling is one single, discrete mental illness which must be diagnosed to exist.
Even though gambling’s definition can differ depending on how it’s used, most experts agree on three fundamental elements. Consideration refers to how much you are willing to risk; risk refers to how likely it is that this money could be lost; while prize can include money, goods or services.
Gambling can be done for numerous social and financial reasons. Some gamble for entertainment purposes to add spice to a social gathering; others to imagine what they might do with winning big sums of money; and still others may gamble just to experience that adrenaline rush or sensation of excitement.
Parents need to understand why their child or teenager might be addicted to gambling in order to identify its signs and recognize the significance of limiting time spent online or in casinos. When cutting back, children and teenagers who are dependent can feel restless or irritable when trying to reduce gambling time.
At the same time, it’s also essential to recognize the difference between healthy and unhealthy gambling. Unhealthy gambling often results in extreme dependence leading to massive losses. Such addiction can have devastating repercussions for an individual as well as their family and friends. For this reason, only gamble with money that fits within your entertainment budget; credit cards or ATM machines should never be used. Chasing losses only makes matters worse; don’t fall prey to temptation to recover losses by betting more, which is known as gambler’s fallacy.