The Economic Costs and Benefits of Gambling
Gambling involves wagering something of value on a chance event with the intention of winning something else of value. This can be done in a variety of ways, from placing a small bet on a football match to playing a scratchcard, and the outcome is usually determined by luck rather than skill. Nevertheless, gambling can be a dangerous addiction and it is important to seek help if you feel you may have a problem. Fortunately, there are many ways to overcome the urge to gamble, including peer support, cognitive behavioral therapy and family counseling. Some people also find that physical activity can help.
Most economic costing studies focus on the negative impacts of gambling but these ignore the positive aspects as well. This is a major shortcoming of these studies as they do not give a balanced perspective of the costs and benefits of gambling. Such studies generally provide a simple accounting of the aggregate effects, focusing on items such as casino revenues and expenditures and tax payments. They do not attempt to address expenditure substitution effects or to distinguish between real and transfer effects.
Intangible costs and benefits are also difficult to identify and measure, but significant progress has been made in making these more tangible. These include indirect effects resulting from the construction of casinos, such as increased tourism or changes in the cost of goods and services. Intangible effects can also be positive, for example when casino money is partly directed towards beneficial projects in the local area, such as the creation or expansion of wetland areas.
Negative impacts of gambling are mostly psychological and social in nature, and these can be long-term and have profound consequences on the gambler’s life. They can also affect the lives of significant others, causing petty theft and illicit lending, or in extreme cases, lead to domestic violence. In particular, pathological gambling has been associated with dating and marital violence and is a leading cause of family homicide.
Symptoms of problem gambling can start in adolescence or later, and can be manifested as financial problems, family and relationship difficulties, depression or feelings of powerlessness. They can also cause social isolation and a feeling that the world is uncontrollable. Those with a gambling disorder may be secretive and lie to family and friends about their activities.
There are a number of treatment options for those with a gambling disorder, including peer support, cognitive behavioral therapy and psychodynamic therapy. Some people also find that physical exercise can be helpful, as it distracts the mind from the urge to gamble. Moreover, some studies have shown that attending a support group for families such as Gamblers Anonymous can be beneficial. In addition, several states have gambling helplines and other assistance. Individuals can also benefit from a combination of these treatments, and should consult their healthcare provider to determine what is best for them.