Gambling Debt Is Gambling With Debt
No matter which way you look at debt, it is still debt. However, unlike the more conventional impression of debt being something that happened because of a home mortgage, car payment or credit card usage, gambling debt is unique. The number one difference here is the temptation to continue gambling, hoping to hit the big one and then pay off all that debt accumulated due to gambling in the first place. The fact is, the odds are definitely stacked against anyone accomplishing this goal.
In a similar manner, those who continually run up credit card debt buying clothes, furniture and other electronic gadgets will never find themselves out of debt. If there is any hope of them one day getting out of debt, the first thing they need to do is stop over-spending. In like manner, this is what the gambler must also do. They must stop gambling in order to truly solve their debt problem.
Unfortunately, unlike those who spend money in order to have things, the gambler looks at their gambling in a different light. If they have lost money betting on horses or at the casino, they often think that their luck is about to change. All they need is that one big jackpot and they will then be living on easy street. They often convince themselves that all their efforts to win are about to pay off, so they continue to go deeper into debt gambling.
As is often the case, the individual begins their gambling problem in a small way. It usually starts with buying lotto tickets, playing bingo or placing bets with co-workers on their favorite sports team. Even though they lose more often than they win, the euphoria that overtakes them whenever they do win compels them to up the stakes in their gambling adventure. They soon begin visiting the race track, betting on horses or dogs, or they make the trip to the local casino for a little slot machine fun. The bottom line here: they begin to lose more than they win back and the debt begins to grow.
Even though they fully recognize the debt they are getting themselves into, they still believe they will one day win the big payoff and will be able to get out of the debt mess they are currently in. XE88
Another aspect of this dilemma is purely psychological. Because no one wants to feel stupid or made a fool of by others because of their propensity to waste money gambling, they often justify their actions by making themselves believe that they will beat the odds and sooner or later hitting the big win will have made it all worthwhile.
The gambling industry doesn’t make it any easier with mottos such as “Lotto does good things” and “If you’re not in it, you can’t win it”. It can make the perpetual gambler think that, even if they continue to lose, at least they are ‘contributing’ to a good cause that benefits the community.