Gambling Loss- Financial and Psychological Effects

Gambling

Gambling is a game of chance where you are expected to win or lose. When you win, you will be excited, no doubt. You may not know what is at stake when you lose. Perhaps you might have experienced losses but not the more critical deal of it. American Debt.org estimated gamblers average loss to be $55,000.

Gambling is about money. You have to pay to sponsor your gambling activities. These days, online casinos have a wide range of payment methods. Casinos employ e-wallets, Google Pay, and a host of others. It is pretty easy to locate the Apple Pay casino list by IrishCasinoHEX.com online if you wish to make easy and fast payments. And if you decide to use crypto, several casinos integrate the payment system as well. Hence, all these fast payment methods make it easy for players to part with their hard-earned cash in a few minutes without knowing it.

Once you transfer money to your gaming account, the amount you paid might not be the amount you will withdraw. It is either you win some more or lose a significant part of your fund. 

If you are new to gambling, you may find it difficult to relate to the aftermath of a loss. Perhaps, you are yet to experience a significant loss that will warrant such. However, others have been tortured, resulting in financial and psychological effects. Below are the financial and psychological effects of losses in gambling;

Inability to socialize with family

This effect is a two-way occurrence. Gambling is an activity that takes part of your time. Obviously, you will assign your free time to gamble if you are not addicted to it. Your free time can then be the only time you have to relate with your family. Since you have chosen to gamble, your family has to suffer the consequences of your action.

As a result, you will not recreate with family or enjoy a family day out. Your kids and wife might end up complaining about this act. Psychologically you might be sucked in between choosing over family or gaming. Unfortunately, this might be a difficult choice for an addicted gambler.

On the other hand, gambling loss can take a toll on your social life. The pains of losing big might force one into social withdrawal. You will find it difficult to communicate or relate with anyone at the moment. This might not go down well with family members who may need your utmost attention.

Inability to meet your daily needs

It is advisable to gamble with money you can afford to lose. Regardless of your gambling expertise, never disregard this advice. Gambling results are unpredictable and can be shocking. Gambling with the money for basic needs can result in a painful loss.

When you lose a huge sum of money, it may jeopardize your ability to cater to your basic needs. The embarrassment that follows is also unfavourable. You then begin to regret your action.

All sides regret

This is a funny experience that happens to all gamblers. There are two sides to gambling; the win and the loss. A gambler can regret even when experiencing both sides. This is called the all sides regret of gambling.

A gambler who plays and wins will regret not taking higher money. If care is not taken, this regret may lead to a more significant loss. When you lose, you may regret why you gamble on such a day. It is bitter when you have already had a nudge not to gamble on that day.

Cutting your expenses for gambling sake

No doubt you are not receiving your wages so that you can gamble. Likewise, there is no such thing as a gambling allowance, which means that you must have allotted a particular of your income for gambling. While doing this, some part of your expenses is at the receiving end.

You might reduce your feeding fee to save money for gambling. Other basic amenities like clothing and mortgage may be at the receiving ends. This is a worrisome effect of gambling every gambler needs to avoid. The need to gamble with extra money after other needs are met cannot be overemphasized. 

Inability to sleep after loss

Gambling can have an emotional effect on the gambler. Dealing with gambling loss can be overwhelming. When you lose a massive amount of money, it can result in insomnia. The reoccurring thought of how quickly the money vanished might hurt you badly. 

This problem can persist for several nights if proper care is not taken. Likewise, it can metamorphose into sickness for the gambler. When gambling, it is essential you learn when to walk away to avoid huge losses.

Results into smoking or drinking

Gamblers’ ability to manage emotions can be different. While some can handle loss effectively, others may not. To numb the regret of loss, some gamblers may resolve to smoking or drinking. Consequently, this might be more harmful to their health.

Gambling must admit before playing that he can manage his emotions. It is advisable to avoid gambling if you are weak emotionally.

Concentration problem

Gambling is also an intellectual activity. You must take your time to analyze and calculate before gambling. When you gamble over time, this activity becomes part of you. As such, you can engage in it unconsciously.

This act will affect your concentration in other engagements. You may find your colleagues complaining about how unconcentrated you have become. You also might begin skipping details and missing information.

Although gambling can be an exciting activity, you cannot overrule the opposing sides. The outcome of gambling can either be winning or losing. When you lose, the aftermath effect can be overwhelming.

The effect of losing in gambling can be financial or psychological. Inability to afford needs, social withdrawal, and lack of concentration are effects of loss in gambling. Gamblers who cannot manage their emotions are strictly advised to avoid gambling.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.