If you’ve become addicted to gambling, it’s important to strengthen your support system. Talk to family members and friends about your problems, find new friends outside of gambling, and volunteer for causes that you believe in. Consider joining a peer support group, such as Gamblers Anonymous, a 12-step program patterned after Alcoholics Anonymous. If you’re unsure of where to begin, consider seeking out a sponsor, a former gambler who can provide support and guidance.
Responsible gambling means understanding the odds
Regardless of the game you choose, learning about the odds and knowing when to quit is essential to being responsible when gambling. While most of us will engage in some type of gambling, there are ways to minimize the risks. For instance, understanding the odds can help you set a realistic budget, and you should never gamble more than you can afford to lose. You can also set a time limit for your gambling session to ensure that you do not go over your budget.
Compulsive gambling is similar to substance abuse
Psychological and pharmacological treatments have proven to be effective for treating compulsive gamblers. Cognitive behavioral therapy, or CBT, addresses the causes, triggers, and reinforcers of gambling addiction. CBT also teaches coping skills, relaxation techniques, and imagery to reduce stress. It can be adapted to treat both addictions. Treatments for compulsive gambling may include a combination of these techniques.
It involves insurance
Insurance is a risk management strategy designed to protect a group from a possible loss. While it is not a traditional form of gambling, insurance can be considered a form of gambling. It involves two parties agreeing to place a wager in the hopes of gaining something in return. Gambling involves risk, and insurance seeks to limit the risk by using expectations about the insured’s mortality as a basis for the wager. The winnings in insurance contracts are often referred to as death benefits. The death benefits are typically used as consolation prizes to those who would otherwise be left without the monetary value of the wager.