Gambling 101
Gambling is a form of risk-taking in which you stake something of value on an event with a chance of winning a prize. It can be as simple as buying a lottery ticket or as complex as betting on horse racing or sports events. Gambling can be dangerous and lead to harm. Many people lose not only their money but their families, jobs and lives in the process. If you have a problem with gambling, seek help.
In the past, the psychiatric community regarded pathological gambling as a type of compulsive behaviour, like kleptomania or trichotillomania (hair-pulling). But in 1980, while updating its Diagnostic and Statistical Manual of Mental Disorders, the APA classified it as an impulse control disorder. The latest edition of the DSM, released this past May, finally moved it into the category of addictions.
While some people gamble for money, others use gaming as a form of social entertainment. This can include playing card or board games with friends for small amounts of cash, participating in a friendly sports betting pool or purchasing lottery tickets. Social gambling is generally considered a less serious form of gambling than professional or speculative gambling.
Regardless of where you gamble or what you play, there are several key factors to consider. First, you must understand how gambling works. Whether you’re playing a card game, fruit machine, two-up, pokies or placing bets on horses or sporting events, the odds are that you will lose money. The key to success is managing your bankroll, which is the amount of money you set aside for gambling. Managing your bankroll is important because it will prevent you from spending more than you can afford to lose.
Another factor is the reward schedule. The reward schedule is optimized to provide the minimum amount of reward (per given time period) that keeps the player playing. This is similar to the way in which video games are designed, and it is a major reason why some people find gambling addictive. The illusion of control is also a big factor in gambling, and this occurs when the player overestimates the relationship between their actions and some uncontrollable outcome. This is why many gamblers are unable to stop, even when they are losing large sums of money.
Lastly, there is a lot of hype surrounding gambling and gaming, which can make players think that they are gaining skill or improving as a result of their gambling experience. However, the truth is that most gambling games are not skill based and are purely a matter of chance. Currently, there is minimal regulation and inconsistent classification of simulated gambling games, but strengthening and standardizing these would provide additional protections for users.