Are you or a loved one struggling with a gambling addiction? Do you feel helpless watching your debt pile up when you can’t fight the urge to place that bet?
Loans for gambling debt could be the answer… or the enemy. Cashfloat explores the causes and effects of problem gambling, and suggests support groups and advice agencies that can help.
Quick Summary: Help for Gambling Addiction & Debt
- What is gambling addiction? – A progressive disorder that can harm your health, finances, and relationships.
- Gambling debt loans – How addicts fund bets, and why loans can worsen the problem.
- Payday loans & addiction – Why payday loans are risky for those with gambling issues.
- Support & recovery resources – GamCare, NHS clinics, Gamblers Anonymous, and blocking software.
- Avoiding gambling debt – The Gambling Commission’s role in prevention and regulation.
Gambling Defined
Gambling is an age-old form of entertainment, which is unfortunately highly addictive. It often starts as an innocent and cheap bet; sadly though, it can develop into a full-fledged addiction. The addict may accumulate huge expenses they cannot afford, causing serious financial problems. In many cases, the addict turns to gambling debt loans to cover their losses.
Is There Anything Wrong with Gambling?
It depends. Gambling as a one-off activity doesn’t necessarily cause harm. However, when it becomes a regular habit, it can quickly spiral into ‘problem gambling’. Gambling is typically a progressive addiction that can cause serious physical, psychological, and social repercussions.
Addicts may suffer from migraines, stress, depression, and other anxiety-related problems. Severe problem gambling can even lead to suicide. Gamblers often rack up significant debts, chasing the thrill of winning. Addicted gamblers fall into a continuous debt spiral and find it extremely difficult to stop gambling.
Compulsive gamblers cannot control the urge to gamble, even when it harms themselves or their loved ones. They may spend money needed for essentials like rent, food, and electricity to fund their addiction. People who were once kind and caring can shock themselves as they change dramatically under addiction’s grip.
Gambling Debt Loans
What Are the Gambler’s Options When the Money Runs Out?
Addicts often feel a strong urge to place a bet, even when they already owe money and have no cash. What happens next?
Many will empty their bank accounts, and some even sell valuable belongings to get quick cash. But even that won’t be enough. Many addicts take out gambling debt loans to cover their losses. The nature of problem gambling means they believe the next bet will win it all back.
When all else fails, it’s not uncommon for gamblers to apply for a payday loan to fund their gambling habits. In October 2013, the media reported on footballers using payday loans for gambling. Colin Bland of the Sporting Chance rehab clinic remarked: “We are working with a lot more current football players. We have had players who have got caught up in the scenario of taking out payday loans to place bets.”
Misusing Payday Loans as Gambling Debt Loans
Payday loans can be a useful tool for emergencies, but only if borrowers can repay them promptly and responsibly. People with gambling addictions are generally not in a position to use payday loans responsibly.
On paper, they may have the money to repay the loan on time. However, they’re still tied to their addiction and are unlikely to address the root issue. Before long, the money is gone, and they’re borrowing again.
Good News: There Is Help Available
Here at Cashfloat, we care about your well-being. That’s why we’ve compiled a list of organisations and support options to help break the cycle of addiction. Gambling addiction is serious and can lead to severe debt. Whether you’re suffering yourself or supporting a loved one, these resources can help.
GamCare – GamCare supports people struggling with gambling problems. They offer advice, treatment, and work to reduce gambling harm through education and prevention.
GamCare provides live, confidential, one-on-one counselling, emotional support, and signposts to further help including debt advice and mental health services. Their online forums and chatrooms allow users to share experiences and receive peer support.
For residents of England or Wales aged 16+, a specialised NHS clinic offers treatment for problem gambling and gambling debt. Services include individual and group therapy, support groups, and financial counselling workshops.
Gamblers Anonymous – Based on the 12-step model of Alcoholics Anonymous, this organisation provides support and mentorship for addicts. Their sister group, Gam-Anon, supports affected family members. Peer encouragement can be a major motivator for recovery.
Additional Resources
Install Gamblock software to block gambling sites on your device. If you try to access one, the software can notify a trusted friend or family member to offer support in the moment.
StepChange Debt Charity also offers help with severe gambling debt. Click here to see their services.
Avoiding Gambling Debt Loans and Problem Gambling
The Gambling Commission works to minimise problem gambling and its consequences. Visit their website to learn more.
Their goals include:
- Keeping crime out of gambling
- Ensuring fairness and transparency
- Protecting children and vulnerable people
- Advising governments on gambling policy and regulation
Conclusion
Online gambling platforms are constantly evolving and using targeted ads to attract users. These may seem harmless but can trigger addiction.
Small, routine bets can snowball into serious addiction, leading to payday loans and overwhelming debt. Cashfloat urges readers to stay informed, seek support, and protect both mental and financial health.
