Gambling and Its Economic Impacts

While the majority of people enjoy gambling as an enjoyable social activity, a small and significant number lose control. This can have serious personal, family and financial impacts.

The basic concept of gambling is wagering something of value on an outcome that is primarily based upon chance, with instances of strategy discounted. It has existed in virtually every society since prerecorded history and has been incorporated into many local customs and rites of passage.

Gambling is a multifaceted industry that involves many different players and elements including casino, lottery, and betting on sports events, horse races and other games of chance. These activities generate a lot of revenue for the businesses involved and also employ many people from the retail, hospitality and service sectors.

Most studies of gambling and its economic effects focus on gross (or monetary) impacts, which are quite easily quantified. However, they do not address intangible benefits and costs or the distinction between direct and indirect effects. They also ignore the distinction between tangible and intangible effects, real and transfer effects.

When you start to feel the urge to gamble, remind yourself that there are a lot of other things you could be doing with your time instead. If you have a difficult time making this connection, try journaling or other forms of self-care to help you refocus your attention. You may also want to look into mindfulness-based practices, such as meditation or deep breathing exercises. Alternatively, try to find a new hobby or rekindle an old one and focus your attention on that instead.