Gambling is the activity where an individual stakes something of value on a possible future outcome. It can be done in many ways, from sports betting and lottery tickets to online poker, DIY investing, or even fantasy leagues. The key to gambling is the element of risk, and there is always a chance that you might lose whatever you’re betting on. However, if you’re careful about how much money you stake and never gamble with the funds that you need to pay bills or survive, then it can be a very enjoyable pastime.
While some people may enjoy gambling as an entertaining activity, others are unable to control their spending habits and are exposed to serious harms that can leave them with financial stress, strained relationships, poor performance at work or study, or even homelessness. The impact of gambling goes beyond the gambler, and can affect their family, friends, or even the wider community. It is a common activity among societal idlers, and so can keep them occupied in ways that would otherwise lead to crimes like assaults, burglary, robberies, drug peddling etcetera.
The methodological challenges of assessing the social impacts of gambling are complex and require the consideration of both the negative and positive aspects of the activity. Quantifying the economic impacts is relatively straightforward, but it is more challenging to measure social impacts that are invisible and cannot be easily measured in monetary terms. This includes the impact on a person’s quality of life, which can be measured using disability weights (DW). A population-based approach is needed to discover and mitigate gambling harms. This can include universal pre-commitment systems requiring gamblers to set binding losses limits, and self-exclusion from gambling providers.