Gambling involves risking something of value on an event whose outcome is determined at least in part by chance, in the hope of winning something else of value. It does not include bona fide business transactions valid under the law of contracts or the purchase and sale of certain securities, commodities and enforceable insurance agreements (life, health and accident).
People may gamble for social, financial, entertainment or other reasons. For example, some enjoy thinking about what they would do with a large sum of money or other prize and feel that it adds excitement to their lives. Others are drawn to gambling because it offers a form of escape from problems, boredom or stress. The media can portray gambling as fun, glamorous and exciting, which can further increase the appeal.
For many people, though, gambling can become a problem. People with gambling disorders can experience significant distress and impairment in their daily functioning, relationships and careers. They can also end up in debt and possibly homeless. The good news is that there are effective treatments for gambling addiction.
If you know someone who is struggling with gambling, encourage them to seek treatment. In addition, there are ways they can strengthen their support network and find healthier coping mechanisms. For instance, they can start spending time with friends who do not gamble and try new activities that do not involve betting money. They can also learn to challenge the “gambler’s fallacy”—the mistaken belief that a person will be lucky again and recoup their losses.