Gambling is an activity in which a person risks something of value for the hope of winning more valuable goods or services. It is a common pastime for many people and can take the form of betting on sports events, lotteries, scratch tickets or playing online poker. In addition to providing entertainment, gambling also provides employment opportunities to a number of individuals. Despite these positive aspects, some individuals find it difficult to control their gambling activities and become addicted. Gambling addiction can be debilitating and has serious consequences for the affected individuals, their families and society as a whole.
It is estimated that the total amount of money legally wagered each year on gambling activities worldwide is about $10 trillion. Among the major forms of gambling are horse racing, casinos, lotteries, and sport betting (including NFL, NBA, and MLB). It is important to note that even though many people consider these activities as games of chance, they are in fact skill-based activities.
The social and economic benefits of gambling should be assessed from both a holistic perspective as well as from a more concrete accounting of the net effects. Unfortunately, the gross impact studies that have been conducted focus on only one aspect of these effects and do not attempt to incorporate more complex considerations such as real versus economic transfers, tangible and intangible costs and benefits, and expenditure substitution effects.
In addition, some cultures have a strong association between gambling and spirituality, which can make it difficult to recognize when someone has a problem with the activity. Mood disorders such as depression, anxiety or stress can be triggered by gambling addiction and can worsen the problem if it is not treated.
