Gambling is one of the oldest forms of recreational activities since the advent of money in world history. While Gambling brings in exciting bonuses and extra sources of money than what was initially invested, their debts have claimed numerous livelihoods in history. Online games & casinos, which is a more recent phenomenon, have brought ease of gambling as per the player’s convenience.
Online approach has skyrocketed the market and now it is estimated to be one of the fast-growing market e-industries of the decade. However, the rising number of players participating in it also brings about its downsides- one of them being the accumulation of debts. This article lists out a 6-point step to follow in order to curb and pay off gambling debts.
Top 6 Key Steps To Take
1. Recognition of The Problem
Recognising and acceptance of the problem are one of the very first steps of recognizing that you have an addiction. Some inherent signs of a gambling problem can be noticed if players continue to gamble even after exhausting their funds, they hide their habits from loved ones, there is a compulsive need to gamble every single day, or if it becomes a priority thereby neglecting other commitments.
Debt incurred due to bad habits also becomes a warning bell for players who suspect they have an addiction.
2. Evade Gambling More
Players with a gambling addiction tend to believe they can win back their debts by playing more & more as time passes. While it is only a matter of probability it might happen but the root problem of addiction does not go away. Rather it increases thereby pushing the player further into gambling debt. The first easiest step would be to decrease your spendings – try to switch to $1 deposit casinos available at CasinoDeps.co.nz and minimize your budget this way.
The second step is to seek help or register yourself to gambling restricting programs such as GamStop, GamBan, etc. It is necessary to get a grip of chronic debts and addiction. Gamcare operates the National Gambling Helpline which could be of help. Forums such as Gamblers Anonymous and Gordon Moody Association have unique tailor-made programs for Residential Treatment Centres, Retreat and Counseling Programme, Relapse Prevention Programme, Gambling Therapy Treatment.
3. Seal Off Gambling Sources
The source of money plays a fundamental part in discerning a player’s gambling problem.
Incessant and risky behaviors, where players continue to play out of compulsion even after exhausting all their resources by borrowing from friends, family, banks, require immediate reassessment. Only by cutting off a problem player’s source of money can they begin their journey of recovery and debt settlements.
For example, Lloyds Banking Group, HSBC, Monzo, Cashplus, Barclays are some of the top-tier banks that have provisions to block any gambling-oriented transactions, if the players enroll for them. In the U.S, under the unlawful Internet Gambling Enforcement Act the financial transactions in connection to online gambling made through any U.S. bank were made illegal in 2006.
4. Asking for Help
Recovery from gambling addiction and clearing out debts requires an immense amount of understanding and support from loved ones. Asking out for help is one of the crucial steps in recovery and taking active steps for repayment. Recovering players can check out therapy or support groups for help.
Players may also register themselves in programs that stop them from gambling again and restrict all licensed online casinos from their devices as means of additional help to control a gambling addiction before assessing how to clear off debts. UKGC, in collaboration with GambleAware, has been assisting addicted gamblers in overcoming the problems.
5. Active Repayment
After seeking help for gambling addictions which pushes players to the brink of financial ruin and terrible debts, the next important step is the actual repayment of debts.
Players can seek out help in form of personal loans, extra jobs selling assets, or settlement payments to ensure repayment in order to decrease the amount of debt accumulated.
PS: Pathological gamblers are significantly more likely to have mental health disorders and/or substance use disorders, which is why it is crucial to act at the right given moment & accordingly.
6. Declaring Bankruptcy
Considered to be the very last resort for repayment of gambling debts, one should defer declaring themselves bankrupt until having absolutely no options left.
If one is unable to meet massive debts despite practicing the above-written steps, it is advised to take an informed decision about declaring bankruptcy as it becomes a permanent part of one’s credit records and makes it extremely difficult for people to secure apartments, jobs, or a steady way of living.
FAQ About Gambling That Will Intrigue You
1. What are the most common & popular options when it comes to making bets?
There are loads of them that one person can go for, some of them are:
- Card betting
- State lottery games
- Electronic and internet games
Both kinds of gambling are as equally dangerous (in-person & online).
2. How does this activity affect the person, as well as his or her closest ones?
Gambling addiction affects more than just the gambler. The money lost at the casino could have gone to pay for the bills, food, clothes, as well as smart-savings for the family. It is a great financial, as well as emotional burden to carry on everyone’s end.
3. What are the signs to watch out for?
If you believe that you or someone you know might have a problem, here are the signs for you to look out for:
- Constantly talking about new opportunities
- You are often willing to invest or risk big money
- You take time off from work to gamble
- Ashamed to talk about it
- Often asks for loans
4. What are some steps that you can take to help your friends or family that have an addiction?
- You can monitor the mail – spouses and family members should gather and monitor all mail coming to their house. You can immediately throw away new credit card or loan offers.
- Safety deposit box – make sure that you protect your prized possessions and store them in one place that is secure. Keep an eye out for your jewelry, family heirloom, as well as cash.
- Do not sign the loan -never make yourself liable for his or her debts. Also, talk to your closest friends & family and give them a heads up about this situation before they start asking for their money as well.
PS: Did you know that it has been estimated that around 80 percent of the US population has gambled in their lifetime? Gambling can be done in various different ways and therefore is easy for people to access.
Gambling debts as a result of a problem or addiction is nothing to be ashamed of. One might solve and recover steadily if they have the correct fiscal discipline and emotional support of friends and family.
While it might be a recreational activity, proper gambling behavior and strict fiscal rules are of utmost importance to enjoy the exciting world of online casinos and the thrilling games they offer with new bonuses and bigger cashback every time.