Gambling 101


Whether it’s the lottery, a horse race, scratchcards or the pokies, gambling can be addictive. For some, it’s a harmless hobby but for others it becomes serious problem causing financial and personal difficulties.

In this article, we’ll look at what gambling is, how it works and why people do it. We’ll also explain the risks and how to recognise if you have a problem. If you do, there are a range of treatments available including family therapy and addiction counselling as well as inpatient treatment programmes.

Gambling is when you risk something of value – often money – on an event whose outcome is uncertain. This can be done in many different ways, from betting with friends to playing fruit machines or gambling on the internet. The chances of winning are based on probability and can be calculated using ‘odds’, which are set by betting companies. The odds for a particular event, such as a football match or a scratchcard, are usually published on the ticket or website.

When you gamble, it’s important to allocate a fixed amount of your disposable income and stop once that amount is gone. It’s also important not to chase your losses, believing that you are due a big win. This is known as the gambler’s fallacy and it’s a very dangerous trap to fall into. It can lead to you borrowing more money, spending even more and ultimately getting deeper into debt. It can also cause problems in your relationships and affect your work life.

Posted in: Gambling