Online gambling has become popular and more addictive than ever. The most prone to incurring online gambling debt are young males. With the endless online social media ads and sports betting commercials, it’s easy to dabble in the online gambling world.
While most gamblers are able to set boundaries, a minority are at moderate-to-severe risk of developing gambling-related problems. Here, we’ll explain why online gambling is addictive, how it’s impacting Canadians, and tips on paying off gambling debt.
How addictive is online gambling for young Canadians?
According to Statistics Canada, nearly two-thirds of Canadians who are age 15 or older reported gambling. Males are more likely than females to gamble. Also, teens and college students are at risk of forming a gambling addiction. This is due to their brain development, the ease of access, and their lack of understanding of how games are designed to hook players in. So, parents need to be aware of their children’s online activity.
Why is online gambling so addictive?
Online gambling combines technology and human psychology to design games that make players addicted. There are several reasons for this:
Accessibility
Unlike traditional casinos or horse racing tracks, gambling sites, online sports betting, and apps are available 24/7. Adults can log onto a casino site and be enticed by the attractive casino offers. From there, they can place spins on a slot machine, play table games, or join a live dealer session in real time. This allows players to play from the comfort of their own home and keep their habit hidden.
Rewards and dopamine
A gambling addiction activates the brain’s reward system (like the use of drugs or alcohol), according to the Responsible Gaming Council. As a result, a near-win or sudden jackpot can trigger dopamine release. If they’re close to winning, it encourages players to chase after losses, which can be a slippery slope and spiral out of control.
Illusion of control
Games such as Texas Hold’Em, blackjack, online roulette, or video poker provide players with the sense that their skills have an impact on the outcome. Yet, these gaming sites use a random number generator, so that “the house” still has a winning advantage. It’s important to be realistic about the winning outcomes and understand that they are a matter of chance.
How online gambling debt is impacting Canadian adults
Gambling affects people of all ages and backgrounds. It may be more challenging for middle-aged Canadians to manage gambling debt because of their financial responsibility for their children or aging parents.
Adults who have gambling debt may struggle with paying off their car payments, mortgage, and credit card bills. So, if you or a loved one has gambling debt, it can quickly drain your family’s finances. That’s why recognizing the risks of online gambling can help protect your household from financial trouble.
Tips on paying off gambling debt
Acknowledge the gambling addiction.
Pay attention to the warning signs, such as chasing losses, borrowing money from friends or family, and hiding your credit card usage. Other red flags include a rapid increase in debt or unusual charges from gambling websites. These can be tricky to spot in a cashless society, and when it’s easy to rack up credit card debt.
Create a debt repayment plan.
If you’re a gambler, start by listing all your debts. These include money owed to gambling sites such as casino games, Texas Hold’Em, or horse racing games. Then rank which ones you’d like to pay off first. Choose between the snowball and the avalanche method for debt repayment.
Have an emergency savings fund.
Having a small emergency fund can create a cash cushion and prevent you from falling back into debt. Moreover, it can help Canadians avoid reverting to gambling sites when they want to get out of debt.
Use a cash-based budget.
Switch from using credit cards to a cash-based system. This method can help limit your spending. It’ll encourage you to focus on essentials and avoid frivolous purchases. This method can help to keep your household finances on track.
Negotiate with creditors
When you fall behind on payments, you can negotiate with your lenders. They can help you secure a lower interest rate or get an extended payment plan. This can give you some breathing room to pay back your debts.
Use responsible gambling tools.
You can create rules and boundaries to safeguard yourself. For instance, avoid chasing progressive jackpot games or believing in “hot streaks”. Consider setting up deposit limits and having a self-locking online casino account. Also, you can block betting sites and gambling websites through your bank or credit card provider.
Discover other healthy hobbies.
Consider replacing online gambling with new recreational activities. For example, volunteering, exercising, and spending time with friends are good habits. Consider playing free safe online casino games that don’t involve real money.
Getting professional support and treatment
You don’t need to go through this experience alone. There are organizations such as Gamblers Anonymous (GA) and the Kids’ Help Phone. Cognitive behavioural therapy (CBT) is another treatment to help cope with a gambling addiction.
Protecting your family from online gambling
If you have teens or adult children, they’re at higher risk of becoming addicted to online gambling. Yet, online gambling can still have a big impact on middle-aged Canadians who already carry debt.
Start by having open conversations about the risks involved with betting and gambling sites. Also, teach your family members about how games favour the casino in winning and that it’s for entertainment. Take part in entertaining family activities that avoid spending triggers.
Gambling debt can take a toll on relationships, mental health, and finances. If you or a loved one has gambling debt, be sure to seek professional help and make a repayment plan to become debt-free.
If you have online gambling debt and need help with a repayment plan, our Credit Counsellors are here to support you.
