The Costs of GamblingJune 9, 2022
Understanding the costs of gambling is essential if you want to help your loved one overcome his or her problem. Research shows that gambling negatively affects society, employment, and small business. In addition, it can lead to financial stress, which is why setting financial boundaries is vital. Listed below are some of the costs associated with gambling. You may be surprised to find that you are not the only one suffering from this problem. Reach out to friends and family for support and help.
Research on the costs of gambling
Costs attributed to gambling are not directly comparable between studies. Methodological differences include the choice of which costs to include, how these costs are valued, and whether costs are double counted. This makes comparisons of the costs of gambling problematic behaviors difficult. However, these differences also make them difficult to draw a firm conclusion. In this paper, we explore the societal costs of gambling. The study results suggest that the costs of gambling may be larger than previously believed.
Impacts of gambling on society
The negative effects of gambling have been well documented. While the tax revenues generated from gambling can be beneficial for the economy, the negative social consequences are also widespread. Addiction to gambling can cause serious problems in a person’s personal life, destroying relationships and family. Some studies estimate that up to five percent of the adult population suffers from gambling addiction, costing society millions of dollars annually. But what are the positive impacts of gambling?
Impacts of gambling on employment
A recent study in Quebec estimated the costs of problem gambling at $5 million a year. Not only do problem gamblers waste time at work, they also miss work while they’re in the midst of a gambling crisis. These losses are in addition to the financial costs of embezzlement and theft that are often used to fund the gamblers’ behavior. While these costs are not directly related to the economic impact of gambling, they are large enough to warrant policy changes.
Impacts of gambling on small businesses
There are three categories of impacts of gambling on small businesses: personal, interpersonal, and societal. Financial impacts include gambling revenue and other industry costs, as well as changes in value and business numbers. The table below summarizes average conclusions from studies. Not all studies were included, and those not focusing on the particular sector of gambling are noted as not applicable. Those that report no effect on business are also noted. In addition, problem gambling can affect employees, causing them to be absent from work and affecting the company’s reputation.
Impacts of gambling on public services
Gambling impacts are seen at the individual, interpersonal, and community levels. While the economic costs and benefits of gambling are quantifiable, the social impacts are often overlooked. However, a conceptual framework has been developed that considers the social impacts of gambling. The social costs are not monetary and are usually non-economic in nature. Furthermore, because they are non-monetary, personal impacts are often excluded from gambling impact calculations.