This article examines the economic harms of gambling, costs and impact on communities, and problem gambling. It also covers the social and emotional issues related to problem gambling. The article provides useful information on recognizing signs of problem gambling, including addiction and treatment. This article is intended for laypersons and policymakers who wish to better understand the ramifications of gambling. It should also help you understand why problem gambling should be addressed in the first place. It may be helpful to read it in full before you start gambling.
Economic harms of gambling
The economic benefits of gambling may be offset by the costs to other industries. This process is known as substitution, or cannibalization. New products divert profits and consumption away from existing products. As gambling takes away profits from other businesses, it displaces revenues from other industries. However, a significant gap exists in economic impact studies of gambling. These studies lack an industry-level analysis, which is essential for determining whether gambling is beneficial or harmful for other industries.
Problem gambling affects not only the individual but also society. Several studies have linked compulsive gambling to divorce, domestic violence, and homelessness. However, the social costs of gambling are more complex. Individual financial problems can range from bankruptcy to crime. Individual gamblers often borrow from relatives or friends. Additionally, employers suffer reduced productivity, embezzlement, and time missed from work. Despite the negative effects of gambling, recent legislation has made these issues a priority.
Costs of gambling
Problem gambling has many societal and economic costs. Problem gambling is associated with crime, mental illness, and even bankruptcy. Other costs include lost wages and a host of regulatory costs. Problem gambling may even affect the health of a person’s family. The cost of gambling has been estimated at between 0.3 percent and one percent of the total societal spending. This figure does not include the costs of gambling in relation to job losses. The social costs of gambling include the emotional and psychological toll it takes on a person.
Indirect costs result from reduced productivity as a result of problems with gambling. These costs are measured in hours of lost work or time spent dealing with crises. A study from Quebec found that problem gambling among employees cost employers 5 hours of late time every month. For those earning $30k a year, that would be about $5 million in lost wages. Additionally, financial losses are associated with employee theft and embezzlement, which often fund gambling behaviour.
Impacts of gambling on communities
The impact of gambling on communities is far-ranging. Some areas have seen a rise in gambling revenue while others have seen increased crime and lowered socio-economic standards. The costs to employers range from $34.6 million to $10.8 million. In Victoria, gambling costs an estimated $46 million per year. The cost of crime associated with gambling is also an ongoing problem, with $22.5 million paid annually in penalties for late payments. The cost of suicide associated with gambling is estimated to reach $28 million annually.
Various research into gambling in communities has identified two primary themes – positive and negative. Personal experiences reveal many positive and negative impacts of gambling on communities. Most participants see benefits in collective socialising and the opportunity to win money, but one in five cannot see these positive impacts. Negative impacts of gambling on communities are not so easily explained by individual experiences, but the positive effects are evident to many participants. In addition, research into the economic effects of gambling shows that community health is directly affected by the activities.
Problems associated with problem gambling
Research has shown that a significant number of people develop problems with problem gambling. While there is no specific cure for pathological gambling, the causes of problem gambling need to be understood. The authors of the bibliography have categorized problem gambling papers by categories. Some of the categories include ethnicity, substance abuse, and age. These categories may differ slightly from the ones in your local library. A problem gambling bibliography may be outdated in a short time, so be sure to review the most recent edition before using it.
Public awareness of problem gambling is relatively poor in the U.K., and the country lags behind many other nations in funding and awareness-raising. The report recommends increasing public education and a telephone help-line to address the issue. It also suggests promoting problem gambling education to educate the public on commercial gambling and serious gambling problems. The report concludes that the U.K. should do more to support those affected by problem gambling.