Playing the lottery or betting on the horses can be a fun experience, especially when you get to take some winnings home. However, just like anything gambling should be done in moderation. Quite often gambling can become a problem and what is meant to be recreational can turn into a habit. Finances start to take a hit which as a result leads to worrying debt problems.
So, what is gambling debt? How does gambling debt affect your work, health, and family? What debt help and support is available if you have money worries due to gambling debt? These are some of the questions we will explore in our guide so let’s begin…
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What is gambling debt?
People enjoy gambling. 47% of Brits have gambled in some way in the last 4 weeks. It is the excitement of winning that people find enjoyable. However, what happens when you are on the other end of the scale? The losing side. Most people would cut their losses and call it a day however others may carry on hoping that the next one will be a win.
That feeling of hope starts to become a habit and something that becomes uncontrollable. When you start using the money that is meant for bills and expenditure on gambling. This is when things start to become even more problematic.
However, if you are finding yourself in this situation then you are not alone. The statistics speak for themselves. According to the research, online betting seems to be the most popular form of gambling and almost 39% of online bettors have bet £10-100 per month. What is even worrying is it is estimated that 8.5% of non-profitable bettors have lost ‘thousands’ from gambling. And this is when gambling debt happens. When your outgoings outweigh your expenditure.
How do you know you have a debt problem?
You might be the person who has a gambling problem or maybe it is a loved one. It is important to look out for debt problem warning signs so you can start looking at ways to deal with the issues. Ask yourself these questions so you can spot the signs if you have a gambling debt problem?
If you have answered yes, then it is important to get the assistance, so the problem doesn’t get worse. There is a lot of help available to offer you techniques to make you stop but the money part of it won’t often go away. Read our section on ‘what you can do to help manage that gambling debt’.
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How do you know you have a family member who has a gambling problem?
You might not have a gambling problem, but you may have noticed changes in a family member, which could suggest they have. Signs of a problem can often get missed, but here are some helpful questions below to see if they need help.
If you are unsure whether someone is struggling with this type of debt then it is important to get in touch with the gambling debt charity, GamCare for advice on how to deal with this situation.
How is gambling debt affecting your life?
Gambling debt is often a debt problem that is difficult to accept. Gambling may have given you a thrill in the short term, however, in the longer term, it takes a toll on your everyday life if it isn’t managed properly. Take a look at some of the ways this type of debt can affect your life:
People who over excessively gamble and don’t control the habit will most likely face a lot of financial issues.
Having less income in your account everything month due to this problem can often make it impossible to pay your important bills. Things start to get more serious when you are struggling to pay your rent or mortgage. This is when the financial difficulty arises. One missed bill leads to another and before you know it you are in uncontrollable debt.
Turning to credit cards, loans and payday loans are some of the ways a person with gambling debt might want to fund it or even pay off their existing bills due to this. However, this is just a vicious circle as paying off one debt with another debt can only lead to more debt, which intensifies the money difficulties further.
Money difficulties can often cause a strain on relationships and could lead to breakups. Arguments arise which could mean that the person facing the gambling problem may close in as they don’t want the confrontation. They may be reluctant to spend time with family or attend social gatherings with the fear that the issue of gambling might come up.
Their work relationships could also be affected as they might be worrying more about their money problems than focusing on their job. If their work colleagues are not aware of the situation then it could appear to them that they are not focusing on their job properly. This could cause a long-term problem and may lead to disciplinary action if no one at work is aware of your situation.
Debt problems can lead to stress, anxiety, low self-esteem, and depression. You may be lying in bed at night thinking about your gambling debt situation. Sleep deprivation can cause a change in your mood and personality and in turn affect how you manage your day-to-day life.
Gambling debt may not only affect your mental health but also your physical health. Previously you may have been an active, outgoing person, however, your gambling debt and your desire to gamble could overtake this side of your life. This could have a damaging effect on your physical wellbeing as you will be more than likely spending time sitting down gambling rather than being active and socialising.
How can I stop my gambling habit?
Gambling and addressing this issue are the first steps in making a change. Accepting you have a problem is the biggest obstacle. If you have done this then take a look at some more helpful steps:
It is often harder to stop something altogether, so start with the smaller actions. Look at habits that make you gamble? Do you often do it at night when everyone has gone to bed? Do you use mobile phone apps to do this? How about deleting the apps so there is little temptation for you to use them? Think of things that you could do to avoid gambling. If you go to the betting shop on your way after work, take a different route to avoid the temptation.
Credit or debit cards are one of the easiest ways to fund a gambling habit. Get rid of saved cards from your online gambling accounts so it creates a little bit of an obstacle for you to gamble with. If you have easy access to your credit cards, store them away. Out of sight and out of mind means that if it is hard for you to get hold of them, which means you might be reluctant to use them on gambling sites.
As betting is a form of addiction, most reputable betting retailers will allow their customers the option to exclude themselves from gambling. This would mean that staff would prohibit the customer from placing a bet or a website will stop an excluded customer from using the account.
If you feel you don’t have the willpower to do this then ask a friend or family to help you. Get them to come with you and make that decision to exclude yourself.
A gambling habit can be something which is hard to open up and admit to. However, if you have a good network of family and friends to support you then try and be transparent with them. Remember, a problem shared is a problem halved. You will notice that once you have passed that hurdle you can start tackling the other problems like your gambling debt.
As we said earlier, an excessive gambling habit is a common issue. There is lots of free advice which you can get through gambling websites. Some companies also offer counselling on kicking the habit out.
Gamblers Anonymous can offer you a great supportive environment in which you can discuss your issues with people who are also going through the same journey as yours.
When you gamble it is important to understand how much money you have won through gambling. The winning is the best part, right? However, in reality, many people assume if they placed a £10 bet on five different horses and won £30 on one of them that they won. Instead, when you do the Maths, you made a loss.
If you do like to gamble, keep a record of your bets and winnings and see how much money you have actually won. You will be shocked at the reality and may think twice in terms of how much you are gambling.
How can I get rid of my gambling debts?
Unlike other debts, paying off gambling debts, you need to be firstly in the right psychological mindset. Admit you need to pay off your debts in order to get you out of the red. That is the hardest part as there is so much temptation. Try and adopt some of the methods suggested in the, ‘How to stop my gambling habit?’ section.
Next, it is time to take action. Paying it off. Collate all your loans, credit card and other debt correspondence and start building up a financial breakdown of your outgoings and income. Work out how much in debts you owe as well as working out your essential expenditure like your monthly food budget. Use our budget planner to do this.
There are plenty of debt solutions available to help you consolidate your debts. It is looking at which one suits your needs to help you clear your debts. Take a look at our debt solution and help pages. These pages have extensive guides to help you answer any questions you might have regarding your debt problem. We have details on debts solutions such as IVAs and Debt Consolidation as well other options such as Debt Management Plans or Bankruptcy. Picking the right solution is important.
You will now be equipped to get in contact with one of our help Money Advisors. Gambling debt can have an enormous impact on your life so get in touch with us today so we can help you deal with your circumstances and offer the right debt solution to help you clear your debts.
Fill in our online contact form or call us on 0800 056 6820, so you can start making the positive steps you need to a debt-free life.
