Do You Have a Gambling Problem?

Gambling is an activity where something of value – money, objects, or even your own time and attention – is put at risk in the hope of winning more than you’ve lost. It can be done in a variety of ways, including online betting, sports events, fantasy leagues, horse racing, scratchcards and more. Many people can gamble without any problems, but for some it becomes a dangerous habit. If you find yourself gambling more than you can afford, lying to friends and family members about how much you’re spending or borrowing to fund it, it could be a sign that you have a problem.

When you bet on a football match or play a scratchcard, the choice you make is matched to ’odds’ set by the company. These are either predetermined (such as a casino paying 35-to-1 on a roulette wheel) or fluctuating, depending on the state of the game and the amount you bet. It’s not that different from insurance premiums, which are also based on the expected return and calculated using actuarial methods.

If you are struggling with a gambling problem, there are things you can do to reduce the temptation and help stop you going back to it. This includes strengthening your support network, trying activities you’ve never done before and reducing your access to money. This can include closing credit cards, putting a spouse or family member in charge of your finances and limiting how much you carry around with you. It’s also important to seek treatment for any underlying mood disorders, like depression, stress or bipolar disorder, which may contribute to compulsive gambling.