Online Gambling is a popular activity that allows users to place bets with real money. As of 2021, the online gambling market is estimated to be $9.5 billion and growing. Many people engage in this activity for fun or for the chance to win big. However, for some, it can become a serious problem. Gambling addiction is a recognized mental health disorder and is included in the American Psychiatric Association’s definition of substance-related and addictive disorders.
In addition to financial ruin, online gambling addiction can also lead to disrupted relationships and emotional distress. Often, individuals who are addicted to online gambling will “chase losses,” meaning they will try to recover their previous losses by placing additional bets. This behavior can be very dangerous and may lead to further financial ruin or even debt.
Personality traits can increase an individual’s risk of developing an online gambling addiction. According to a study published in Frontiers in Psychology, people who have high levels of neuroticism and low levels of conscientiousness are more likely to develop an online gambling problem. Other factors that contribute to online gambling addiction include a history of mental illness and co-occurring physical health conditions.
Luckily, there are ways to prevent online gambling addiction. One way is to set limits for time and money. Another way is to seek help. Support groups and counseling services can provide a safe space to discuss problematic gambling behaviors. Additionally, self-exclusion programs and financial counseling can assist with managing debts accrued through gambling activities.