Gambling Addiction: When something fun becomes problematic
Ah, Gambling! Just the word conjures images of smoky casinos, bright lights, and a soundtrack of Sinatra’s “Luck Be A Lady Tonight” playing overhead. While still a way to safely enjoy the thrill of the chase for many, for some, this can quickly become life-shattering.
As of 2020, only Nevada and Louisiana are the only two states where casino gambling is legal state-wide. With such relatively limited access, why in the world has gambling addition been surging in the past decade?
Two Words: Easy Access
Some of the changes have to do with legal access to more sports betting and the like — “In 2018, the Supreme Court struck down the Professional and Amateur Sports Protection Act, opening the door to online sports betting across 21 states. As a direct result, sports-betting revenues grew 69 percent from 2019 to 2020 and another 270 percent during the first quarter of 2021” (The Atlantic, 2021).
In Texas, the lottery (one of the limited legal forms of gambling in the Lone Star State) now has an app. Prior to this technology, you had to drive to a store and pay directly with cash to get the tickets. Not so anymore. It’s as easy as clicking a button now from the comfort of your own home.
Another troublesome realm where technology is expanding gambling behavior — The Stock Market.
Using apps to manage your portfolio is nothing new — many banks and firms have used them for years.
However the proliferation of playing options and cryptocurrency, these apps have become miniature slot machines in our pockets.
But the pull of the reddit-investors lore is strong — If I can guess the right stock at the right time, I can make it big! Stories abound of near overnight crypto-millionaires. There is a feeling of exciting Wild West lawlessness, luring people to the promise of instant success.
The problem with these kinds of gains is that they are terribly addicting — and you don’t stay on top for long.
As in Vegas, the house appears to always win.
Is there a ‘safe’ way to do it? Sort of…
Set up a discretionary fund to enjoy using every month of a certain allowance (if you have a partner, speak with them about what this number should be).
NEVER go over that amount.
Set up an accountability partner. Meet with a friend who has the same strategy of a set amount per month. You can discuss how you are both going to use your month that month and share conversations. It converts the activity from lonely stress gambling behavior to a friendship building activity.
Without that built-in safety, the threat of Gambling Addiction is far too risky.
If you need help setting up such a limit or quitting this trend, give me a call. I am a licensed marriage and family therapist in Texas with over a decade of experience helping clients live consistently with their virtues and values. If I am not a good fit, I will help you find someone who is!
Email: DrZepeda@FinancialTherapyTexas.com
Phone: 713-291-9553