Each month, hundreds of individuals per U.S. state perform an online search for “borrowing money to gamble”. Some do so because they are seeking legitimate information about where they may obtain funds, while others suspect that perhaps they are entering concerning territory with respect to their gambling behavior. It’s the latter that this article addresses.
What You Need to Consider When You Find Yourself on the Verge of Borrowing Money to Gamble
Borrowing is a Symptom of Problem Gambling
Let’s talk about the elephant in the room right out of the gates. Among the long list of signs and symptoms of problem gambling, is borrowing money to engage in the activity. The more frequently this occurs, the greater the odds of problematic behavior may be. That being said, those who are borrowing for the first time could also be on the verge of a mental and behavioral health concern. Furthermore, if the urge or need to borrow is accompanied by other symptoms of problem gambling, the call to take stock on one’s behavior becomes louder. If you exhibit any of these additional symptoms, conclude this section by taking the brief quiz provided in the link below the list.
Signs and symptoms of problem gambling that accompany debt and requests for loans include the following:
- You have attempted to control, cut down or stop gambling, without success.
- You get easily irritated, are often angry, and exhibit mood swings when unable to gamble.
- You gamble to escape problems or relieve negative feelings and emotions.
- You aren’t interested in doing the same things you used to do, outside of gambling.
- You are constantly on your digital device/s to participate in casino gaming and/or sports betting.
- You spend an unhealthy amount of time in casino gaming establishments.
- You lie to others about your time spent gambling.
- You lie to others about the amount of money that you have spent gambling.
- You need to gamble with increasing amounts of money to attain the same rush of excitement that you once attained with smaller less-consequential wagers.
- You have damaged relationships with family, friends, coworkers, and others due to gambling.
- You have resorted to illegal activities to fund your gambling habit.
TAKE 2-MINUTE ASSESSMENT FOR PROBLEM GAMBLING
Borrowing to Get Out of Gambling Debt?
Are you borrowing money to gamble in the same manner as someone who may take out a small loan for a weekend vacation, or are you doing so to get out of a financial hole due to gambling? The latter is not only one of the aforementioned symptoms of problem gambling, it is a major concern if you plan to keep gambling. Recent research shows that the average debt for a male problem gambler runs between $55,000 and $90,000 USD, while the average debt for a female counterpart is $15,000 USD, although the hindmost value is expected to rise. If you exhibit or are at-risk for problem gambling behavior, borrowing money to gamble will send you down a dark path.
Borrowing to Chase Losses?
Borrowing money to cover gambling debt so that you can meet financial obligations is one thing. However, if you are taking out a loan with the rationalization of gambling further to recoup losses, you are once again entering into troubling territory. This is known as chasing losses, which is a term used to describe the behavior of continuing to make wagers in an attempt to recover money previously lost (aka “break even”). It often involves increasing bet sizes or playing more frequently, which typically leads to further losses and a cycle of desperation. More importantly, and for the intent and purpose of today’s article, the rationalization is often tethered to a cognitive distortion that is common to problem gamblers. Many problem gamblers are certain that they can recoup losses because they assume that a certain random occurrence (another gambling loss) is less likely to happen based on the outcome of a previous occurrence (a prior gambling loss). This “gambler’s fallacy” is an outright cognitive distortion because in truth, the odds of any particular occurrence taking place is always the same. View more on the cognitive distortions of problem gamblers to see if you identify with any other rationalizations.
Do You Struggle with Other Issues?
Debt isn’t just associated with problem gambling. It is a concern felt by those who struggle with a wide number of mental and behavioral health issues. Recent surveys have found that approximately 46% of Americans in problem debt also have a mental health problem. For instance, people with attention-deficit hyper-activity disorder (ADHD) are three-times more likely to struggle with debt than those without, and those with depression are more than twice as likely than the general population to be in debt. Meanwhile, a report from the Money and Mental Health Policy Institute indicates that people with obsessive compulsive disorder (OCD) are six-times more likely to be in problem debt. Further insight is found in the link below.
VIEW CURRENT DEBT + MENTAL HEALTH STATISTICS
Of greater concern for anyone who found this article due to gambling related debt (yourself included) is that the same mental health issues that are associated with debt are also comorbid with problem gambling. The table below provides a direct accounting of these cooccurring mental health struggles, complete with links to learn more about each:
If considering borrowing money to gamble and you exhibit or suspect that you have any of the mental health issues above, it’s time to get help from America’s leading counseling service for problem gambling and cooccurring concerns. In fact, the call to action is the same if you connect with any of what we have covered above in this article. Everything you need to proceed is detailed below.
We know, you’re currently in debt and feel as you if may be unable to invest in your mental health at the moment. While there is a logical rationale to indicate that because of your current situation there has never been a more important time to make this investment, your current financial status may dictate otherwise. The good news, if that direct billing is available through a number of insurance providers in the United States, including TriCare West (for members of the military and immediate family) in addition to those who hold policies with BlueCross / BlueShield, Cigna, Optum, and Aetna. We also offer a wide variety of affordable counseling subscription plans which you can reference here. Lastly, we offer a FREE assessment to anyone in the United States which you can access via the link provided in the concluding banner.
FREE Assessment for Issues Related to Gambling Debt (and more)
CALL +1 (877) 426-4258
OR
Email help@kindbridge.com
