Gambling is the risking of something of value, usually money, on an event that has a chance of occurring and involves skill, luck or chance. It can be done through games such as baccarat, blackjack and poker or through betting on sports events, football accumulators, horse races and other lottery-type games. It can also involve speculation on business, insurance and stock market outcomes. It is important to understand the different types of gambling in order to assess the risks involved.
The negative effects of gambling are many and can affect a person’s physical, emotional and social well-being. They can include gambling addiction, which is a recognised mental health condition. People with a gambling problem can be young or old, rich or poor, and come from all backgrounds. Problem gambling can cause major difficulties in a person’s life, and can result in relationships with friends, family and work colleagues suffering.
Some of the negative impacts of gambling are a direct result of the activities of casinos themselves, while others are indirect. A large number of costs are incurred by local communities and society at large as a result of casino gambling, such as the cost of police services due to increased levels of crime [179]. Other indirect costs are the cost of hospital treatment of problem gamblers and the impact on health from their gambling.
In terms of the positive effects, it is important to recognise that gambling can also provide recreational and psychological benefits. For example, it has been suggested that recreational gambling may help to reduce depression among older people and improve their self-concepts. It is also argued that in low-socioeconomic groups, the possibility of winning a small amount of money can reinforce and enhance a person’s sense of hopefulness and optimism.
Despite its many negative consequences, gambling remains popular with the general public. It is believed that this is mainly because it provides an exciting and enjoyable form of entertainment. It is also seen as a way to make money, and if managed correctly can be very lucrative. In addition, some gamblers enjoy the social interaction and thrill of winning.
The social costs of gambling are difficult to quantify because they are often non-monetary in nature. As a result, they have been underestimated in studies. Research scientists, psychiatrists and other treatment care clinicians often frame questions about gambling from a variety of paradigms or world views, which can lead to different interpretations of the results of their analyses.
There is no single definition of social costs, but they can be broadly classified as personal, interpersonal and societal/community level externalities. Personal and interpersonal levels refer to invisible individual costs that are not recorded in official statistics, such as psychological costs resulting from gambling, the impact of problems on their families and their social interactions. Society/community level externalities are those that are measurable and can be measured, such as general costs of gambling, cost of problem gambling and long-term cost.