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Responsible Gambling

Gambling is a huge industry world wide – whether it’s horse racing, lottery tickets or playing at the local casino. It makes many casinos (and a few very lucky people) very rich, and a lot of people very poor.

In desperate financial times, it can be easy to think your luck will change and throw some money in the pokies. The reality though is that the chances of winning anything are very low, and the chances of LOSING everything are very high.

Gambling just isn’t a sustainable way to make money. Sure, some people claim to have a foolproof ‘system’ for betting on horses or winning at Black Jack – but NO system is foolproof. There is still a risk that you’ll lose everything.

But gambling can also be an enjoyable social activity, if done responsibly. So:

  • Be prepared to lose everything you gamble. If you win anything, it’s a bonus – but doesn’t mean you’ll win next time.
  • NEVER take credit or bank cards to a casino or betting venue. Only take cash – and only the amount you’re prepared to lose. Once you’ve spent all your cash – GO HOME.
  • NEVER take out a loan or borrow money to place a bet or gamble.
  • If you DO win a decent amount of money – GO HOME! You’ve achieved more than most so count your blessings and don’t blow it on more gambling.
  • Don’t drink excessively while gambling – it makes you particularly vulnerable to exceeding your budget.
  • Please educate your children on the risks of gambling. They learn probability in school, so use apply probability theory to gambling options so they can see what their real chances are - you might be surprised too!
And if you do have a gambling addiction – or know someone who does – remember that it may not be all their fault. Scientists have discovered a gene that makes some people more susceptible to gambling addiction than others, and in these cases it is very hard to quit! (Just as hard as quitting smoking!).

So if you do suspect someone – or yourself – of having an addiction like this, don’t be ashamed and get professional help to get through it. And you CAN get over a gambling addiction.
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We are not certified financial planners or advisors. The information in this website is general information only. Always consult a licensed financial planner before making any finance or investment decision.

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