Gambling is an activity involving placing bets on the outcome of a random event. People may gamble with money, items of value, or even their lives. It is a worldwide activity and contributes to the economic stability of countries. It also provides employment and is a common source of entertainment. However, there are some negative effects of gambling. It can be addictive, and it is important to know the signs of a problem.
In order to understand the benefits of gambling, we must first consider its definition. A bet is a wager made on something of value against another item of value, with the intent of winning a prize. A bet can be placed on an event that has already occurred, such as a football match, or a game of chance like the lottery or a scratchcard. It can also be made on an event that has not yet happened, such as a horse race or a casino game.
While most adults and adolescents who gamble do so without problems, a significant subset develops gambling disorder, which is defined by the Diagnostic and Statistical Manual of Mental Disorders as a recurrent pattern of gambling that causes distress or impairment. Problem gambling can negatively impact health, family relationships, work or study performance and leave people in serious debt and even homelessness.
While it is difficult to quantify the social impacts of gambling, it is possible to structure them as costs and benefits. These are observed at the personal, interpersonal and society/community levels (Fig. 1). In terms of personal and interpersonal impacts, it is important to differentiate them from the consumption motives that underlie the expected utility models of gambling.