The gambling industry is fast becoming one of the most popular industries across the globe. Unlike some decades ago, where gambling was restricted to certain countries like the United Kingdom, most countries in the 21st century are embracing gaming.
Of course, not every country still allows betting and gambling sites because of the impact they think it might have on their citizens. Nevertheless, other countries like the UK cannot do away with it because they have seen the effect of gambling on the Gross Domestic Product of the country.
Some countries like the United States may have either listened to the cry of the gambling fanatics in their country or may have seen the benefits of betting and gambling to their economy. Betting laws and regulations are slowly being implemented and loosened to incorporate this new trend.
Within the next decade, gambling will have encompassed across the globe. So why is this industry spreading like wildfires? What impact does it have on our society and our economy?
Well, in this article, we will look at some of the negative social and economic impacts of gambling and hope that it will give you a new perspective towards gambling. So keep reading.
Social and Economic Impacts of Gambling
Before we get to the individual impacts, we want you to understand that there is positive and problem gambling. Positive gambling is well-controlled by the government, and the gambler is not addicted to the game.
On the other side, problem gambling is a type of gambling whereby the player is much addicted to the game. Every money they get, they drain it to casinos and sport betting sites. This can be a very devastating effect on one’s family and economy.
This kind of gambling goes as far as affecting the friends and the society of the individual involved in such dubious action. This could be the reason why most governments are still static in allowing gambling to their nations. Anyway, here are some impacts of gambling:
1. High financial costs
For a person who has become addicted to gambling, they can do anything as long as they will participate in a bet. Sometimes money will not be available at the moment, and they end up borrowing to sustain their behavior. That should tell you why most families and individuals are into huge debts.
At times it can get even worse where the individual remortgage their house or car and end up losing the money. If they cannot cope with their massive debts, they may opt to empty their banks, which eventually makes them bankrupt.
In case the individual in question is involved in some malpractices and is aligned in court, then there will be more financial costs that his family and the society will carry.
2. Leads to Criminal Activities
Sustaining the gambling behavior when you are addicted is one of the most challenging things to do especially if you don’t have money and you are jobless. In this case, the society and individuals around you will suffer.
Some addicted gamblers will choose to steal from their family members and society to uphold their character. Such end up in jails or rehabs, which is an extra burden to the society.
3. Negative health implications
Can you imagine losing your house or car which you had placed on a very promising bet? That can be very devastating. If you are strong and optimistic, you will not commit suicide. Nevertheless, you will need close monitoring to overcome stress and depression.
Often, gamblers who are addicted to this behavior tend to develop both mental and physical health issues.
4. Family breakdowns
Families have broken down while very promising couples have divorced, leaving their children in a dilemma of following their father or mother. The poverty that develops when a parent is gambling eventually causes trauma to innocent children. Some may be forced to drop out of school because there is no money for their fees.
5. Give rise to vices in the society
A society ought to be full of values and virtues that govern everyone in the community. However, addicted gamblers will tend to play smart by stealing or lying to people. Since they cannot tell the people that they need money for gambling, they become crafty and start lying.
6. Leads to Suicide
Here is a gambler who practices problem gambling. He uses the last amount he had on a certain casino slot and eventually loses all the money. Eventually, they will find themselves unworthy of living, which can lead to suicidal thoughts. When some compare living with debts and broken families, they choose to end up their lives.
From the above impacts, you can know why there are so strict rules and laws governing gambling in some countries. With the above in the society, the country will no way progress. Problem gambling should never be allowed in any country, and countries should set up an option for players to block themself from gambling like Denmark and the United Kingdom have done.