Gambling addiction can have long-term effects on your family's finances.
Though visiting a casino, sports betting, and other sorts of gambling can be fun activities for some people, for others, these activities may trigger a lifetime of financial problems.
Due to the chemical release that occurs when someone is able to gamble successfully, gambling is an activity that is extremely likely to result in addiction. In fact, according to the National Council on Problem Gambling (NCPG), roughly 2 million Americans (0.6% of the population) qualify as problem gamblers.
The NCPG also claims that the average gambler may have personal debts up to $90,000. Gamblers often justify continuing their activity — despite knowing that, statistically, they are always likely to continue losing money — by claiming they are “one hand away” from turning things around.
Naturally, a lifetime addiction to gambling can have both emotional and financially strains on even the most stable families.
In this article, we will discuss the financial signs of a gambling addiction, how you can protect your family’s current finances, and how you can repair previous financial damages.