Dealing with Gambling Debt

February 8, 2009 by  
Filed under Debt


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Gambling debt may seem like any other debt, but there is actually one difference that makes it stand out. With gambling debts, there is a huge temptation in trying to get out of debt by using the exact same method that you got you into debt in the first place: gambling.

Imagine someone who accumulates store card debts by shopping for furniture and clothes. Obviously, the first thing they need to get out of debt is to stop shopping. Buying more furniture and clothes clearly will not solve their debt problem.

A gambler, however, has a different mindset. Someone who loses money on horses or casinos think that they can get out of debt by gambling some more. They think that they can suddenly win riches. They think they can reach that jackpot.

Take, for example, small-time gamblers who buy several lotto tickets weekly. Now and again, they win a little money, but as time goes by, they keep losing more. They are aware of this, but they still believe in the big dream.

Parts of this are also psychological. People hate feeling stupid or that they are being made a fool of or that their money is wasted. The only way they can justify all this wasted money in the lottery or the casino is to believe that gambling some more will eventually lead them to bigger worthwhile wins.

Some gamblers, though, do it because they want to purchase that dream. There’s a saying: “If you’re not in, you can’t win”. And without a ticket, you cannot make your dream come true of leaving a boring life.

But everybody in their right mind knows this is not true. Most of the small-time gamblers out there lose money and most of the big-time gamblers are completely broken because of debt. The only ones who actually end up as winners are bet-takers and casinos and perhaps a miniscule amount the actual jackpot winners who establishments use to prove that the dream can still be achieved by others.

The first thing you need to do to get out of debt in the gambling business is to let go of that dream. Come to accept that there is no profit in gambling. Come to accept that if you did not win this time, you will just keep losing every time you try to. If you believe that you can get a profit from gambling, there is no way you can stop.

There are also a lot of books available on gambling statistics, if this will help you more. Take a careful look at casino games, in order to fully comprehend that beating casinos just isn’t possible. Ask yourself how many winners actually feel happier if they win; in fact, most of them now suffer from depression, drugs or drink, and have ended in divorce due to their inability to manage their sudden wealth.

Stop gambling in every way. If this means banning and canceling all of your accounts, do so. Betting with your friends on sports matches during the weekend must also stop, as well. And stop buying lottery tickets.

If you are capable of stopping gambling, it will be easier for you to get out of debt. Gambling will not help you do so. Stop believing that just one more bet will solve your debts because it simply won’t. The only way to get out of debt is by quitting gambling.

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