Gambling Debt

Gambling can be an exhilarating pastime, but for some, it can spiral into a destructive habit resulting in an overwhelming amount of gambling debt. Compulsive gambling, also known as gambling addiction, can lead to severe debt problems, strained relationships, and emotional distress. In this blog, we’ll explore the nature of gambling debt, its impacts, and practical steps to overcome it.

The Gamble Meaning

Gambling is an activity that has fascinated humans for centuries. At its core, gambling involves risking money or belongings on an event with an uncertain outcome, with the primary aim of winning more money or valuable items which is why gambling debt soon becomes a problem for gamblers who go overboard. Let’s look into what gambling truly means, the traditional methods, and how technology has transformed this age-old practice.

What is Gambling?

Gambling, in its essence, is all about taking a chance. It is the act of wagering something of value on an event determined by chance, with the hope of winning a prize. The outcome is usually immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line.

Traditional Methods Of Gambling

When we think about gambling, several traditional methods come to mind:

1. Gaming: This category covers card games such as poker and blackjack, gambling slots, video-poker machines, and casino gambling games like roulette and baccarat, which are usually found in casinos and gaming venues.
2. Betting: This includes placing bets on events like horse and greyhound races, football matches, various sports, and even political elections. It involves making predictions about the outcomes of these events and wagering money on those predictions.
3. Lotteries: This term refers to national lottery draws, instant scratch-off cards, raffles, and bingo games. Participants purchase tickets with specific numbers, and winners are determined through random number draws.
4. Speculation: This involves placing bets on business ventures, insurance markets, or stock exchanges. Speculative gambling is often more intricate and typically requires a degree of market knowledge.

The Impact Of Technology On Gambling

Technology and gambling sites have revolutionised the way people gamble. The advent of the internet and mobile devices has made online gambling in South Africa more accessible than ever before leaving gamblers more prone to gambling addiction and inadvertent gambling debt. Here’s how:

• Online Gambling: There are now hundreds of online gambling real money websites that offer casino-style games and betting companies in South Africa. These online gambling websites can be accessed from any device with an internet connection, allowing people to gamble from the comfort of their own homes or on the go.
• Mobile Apps: Many gambling companies have developed apps that can be downloaded onto smartphones, tablets, or laptops. These gambling apps and casino sites provide a seamless gambling experience, enabling users to place bets or play casino games anytime, anywhere, 24/7.

The convenience and ease of access provided by technology have significantly increased the popularity of online gambling games. However, it also means that people are more susceptible to gambling at any time, which can lead to gambling debt if not managed responsibly. It is important to always remember that winners know when to stop.

How To Get Out Of Gambling Debt

One of the negative effects of gambling is gambling debt. If it becomes too much, gambling takes more than it ever gives. It can destroy lives, relationships, and cause financial ruin. Let’s take a look at some realistic ways to get out of gambling debt.

How Gambling Debt Occurs

Gambling is okay if you practice responsible gambling, however, a gambling addiction can be detrimental to anyone’s life leading to serious debt problems. Problem gamblers often don’t foresee accumulating debt because they are convinced that a significant win is just around the corner. They view the money they gamble as temporary borrowing, taking funds from credit cards, savings accounts, investment portfolios, retirement funds, and even from friends and family, all in the hope that a big win will allow them to repay everything.

The growth of online gambling has made it effortless to max out credit cards without much thought. In reality, using a credit card for gambling enables you to spend almost limitless amounts, creating substantial financial risks for both the gambler and their family.

Gambling Debt: 5 Tips For Recovering

1. Limit Access to Your Money: If you are in active gambling addiction or at risk of relapsing, you need to make it more difficult for yourself to access your own money. Get rid of credit cards and ATM cards so that you can only access your funds when the bank is open. Alternatively, have a trusted person hold onto them for you. You can also set low limits on your cards or require two signatures for withdrawals, one from you and one from a trusted friend or family member.
2. Determine Who You Owe and How Much: Make a list of all your gambling debt, including casinos, bookies, credit companies, banks, family members, and friends. The total amount may be alarming, but facing it is the first step toward repayment. Settle any debts you can immediately and think about selling some of your possessions to quickly generate cash.
3. Create a budget and adhere to it: Focus on your urgent financial needs such as housing, food, and transportation. Create a budget outlining these costs and stick to it. It can be helpful to have a friend or debt counsellor review your plan to ensure you’re not overspending.
4. Work: The most effective way to overcome gambling debt is by increasing your income. Take on additional shifts at your current job or find a temporary second job until you’ve managed to pay off your debt.
5. Cease Gambling: You must address your gambling debt at its source to stop it from growing further. If you are still gambling, you need to treat the addiction and stop chasing your losses. Never gamble to try to make more money, as you will only end up losing more.

How To Stop Gambling Online

If gambling is causing harm in your life, and you’re asking yourself, how do I stop gambling it’s important to know that you can take steps to change your situation. Whether you want to cut down so you can deal with your gambling debt or stop gambling altogether, there are practical strategies that can help. Here are some strategies on how to stop gambling and start your journey towards a gambling-free life.

Gambling Debt: Strategies for Change

1. Set Goals Setting both short-term and long-term goals can help you stay focused and committed. These goals give you something to aim for and can provide a clear path towards reducing or quitting gambling.
2. Avoid High-Risk Situations Avoid situations that can trigger your urge to gamble. This includes not using credit cards, avoiding taking out loans, not carrying large amounts of money, and steering clear of gaming venues. Recognise and steer clear of gambling as a reaction to emotional states like stress or boredom.
3. Talk About It Opening up about your gambling issues with someone you trust can ease the emotional burden. It can also help reduce the stress that often leads to continued gambling. Choose someone who will listen without judgment.
4. Find Alternatives to Gambling Many people gamble due to social isolation or as a leisure activity. Find new, exciting, and fun activities to replace gambling. Reconnect with family and friends who can support you in engaging in these new activities.

Gambling Debt Seeking Professional Help

Self-exclusion is a free program that allows you to ban yourself from gambling venues or SA betting sites. By law, gambling providers must offer the option to self-exclude, making it physically and digitally harder to gamble. This step can help you avoid the temptation and take control of your gambling habits.

Organisations like South African Responsible Gambling Foundation (SARGF) provide free and confidential support to those affected by gambling via the gambling helpline South Africa. They assist thousands of people each year with gambling debt help, offering 24/7 support, contact their gambling addiction hotline anytime on 0800 006 008.

Quitting gambling can be stressful, leading to tension and irritability. To support your goal, focus on relaxing and taking care of your physical health through muscular relaxation training, exercise, yoga, and meditation. Speaking to a professional can provide personalised strategies. Additionally, if you feel the urge to gamble, try talking to a support person, writing in a gambling diary, controlling your cash, finding new hobbies, and practicing relaxation techniques to manage stress and reduce urges.

Overcome Gambling Debt With National Debt Advisors

If you’re struggling with gambling debt, National Debt Advisors (NDA) can provide crucial assistance. With expert guidance and a comprehensive approach, National Debt Advisors helps clients regain control of their finances. We offer personalised debt review services, negotiating with creditors to lower monthly repayments and reduce interest rates, making debt more manageable.

To illustrate this, let’s look at the story of Mr. X, a 36-year-old salesperson from Boksburg East Rand, Johannesburg. Despite a good income of R34,000 per month, Mr. X’s compulsive gambling habit led him and his family into financial trouble.

Mr. X and his wife enjoyed a comfortable lifestyle, but their gambling and overspending soon meant they couldn’t keep up with debt repayments. They sought help from National Debt Advisors (NDA) and entered into debt review.

Monthly Living Expenses: Their total living expenses were R20,500.

Remaining Income: After living expenses, Mr. X had R13,100 left for debt repayments.

Monthly Debt Repayments: Mr. X owed R28,793.13 monthly—much more than he could afford.

National Debt Advisors intervened, negotiating with creditors to reduce the monthly repayments to R20,030.01 and reworking the household budget to save money. Now, Mr. X can meet his obligations and is working on overcoming his gambling addiction, which will help him pay off his debts faster.

Gambling debt can be overwhelming, but recovery is possible with the right approach and support. Acknowledging the problem, seeking professional help, and implementing practical financial strategies can pave the way to financial freedom. Stories like Mr. X’s remind us that no matter how dire the situation, there is hope and help available. If you or someone you know is struggling with gambling debt, take the first step today towards a brighter, debt-free future. Contact us today.