Is There Such a Thing as Responsible Gambling?
It seems every time I'm loading my car with groceries I find discarded scratch-off tickets at my feet. In fact, just yesterday at the grocery store people were lined up at the lottery vending machine.
Over half of Americans participate in some form of gambling. While I don't believe it's inherently wrong to gamble, our motivations matter. Gambling, like those childhood days at Chuck E. Cheese, can be pure entertainment (minus the sticky floors and creepy animatronics). Card games require strategy and the ability to read people. Sports betting brings people together to watch a game. Track gambling is interesting because... horses and dogs. It makes sense why people are drawn to the entertainment factor provided.
But there is a dark side to gambling. If gambling causes us to shirk responsibilities (including paying off debts), chase losses, or make us feel we have to lie / hide our behaviors - this can cause an imbalance in many areas of life, including finances.
At the time of this writing, the Powerball jackpot is $234M. Statistically speaking, the lucky winner has a 70% chance they'll run out of money within 5 years. [Insert eye twitch]
Lottery winners often lose everything because they aren’t ready for sudden wealth. Their nervous system wasn’t built to handle that many zeros in their bank account. Old beliefs bubble up - “I’m not worthy,” “I have to give some away so I don’t feel guilty,” “I can’t trust anyone.” Suddenly, having money becomes more stressful than not having it. No amount of money will fix underlying emotional issues.
When we are grounded and regulated, we make better financial decisions. We don't panic when long-lost cousins appear with business "opportunities". We don't buy 22 Lambos "because I can". We are clear-headed enough to hire professionals who know how to help us preserve all of those zeros.
However you choose to gamble, the most important thing is to be intentional:
- Check Your Motivations: are you gambling for fun or are your fingers crossed for a miracle?
- Track Spending: Set a budget and stick to it!
- Don't Chase Losses: Resist the urge to try and win back what you lost.
- Separate Funds: Never use money earmarked for savings or essential expenses for gambling.
Enjoy the experience, but don't let it run the show.
If gambling ever starts feeling out of control, there’s help. The National Problem Gambling Helpline is available 24/7: 1-800-GAMBLER or ncpgambling.org.
