Gambling addicts are known to lose large sums of money in a short period of time. But one gambling addict took things to a whole new level by losing a whopping $10 million in a single year.
The unnamed gambling addict is from the UK and was recently interviewed by The Telegraph about his plight. He claims to have started gambling at the ripe age of 21 and, over the next 12 years, lost a total of $10 million.
“It was like any other addiction – I couldn’t stop,” said the gambling addict. “I would gamble until I had no money left then I would borrow from family and friends.”
In desperation, the gambler even turned to loan sharks, but they weren’t willing to lend him any more money. In fact, things got so bad that the man had to pawn his house, car and even his wedding ring.
“I know I’ve caused my family huge pain and I am deeply ashamed,” he said. “They have been incredibly supportive but it’s been really tough for them.”
Thankfully, the man has now managed to get his life back on track with the help of Gamblers Anonymous. He’s also warning other gamblers about the dangers of gambling addiction.
“It’s not just about losing money,” he said. “It’s about how it takes over your life completely.”
Gambling addiction is a serious problem that millions of people struggle with each year. While most people know that gambling can be addictive and harmful, they may not understand the true extent of the damage it can cause.
In reality, gambling addiction can lead to serious financial problems. In fact, research has shown that gambling addicts lose an average of $44,000 per year due to their addiction. This number is especially staggering when you consider that the median household income in the United States is just over $53,000 per year.
This means that gambling addicts are losing nearly their entire annual income on their addiction. And, as if that weren’t bad enough, this money is often squandered on games of chance that have absolutely no chance of winning in the long run.
So why do people continue to gamble even when they know it’s causing them so many problems? The answer is simple – because gambling can be incredibly addictive.
People with a gambling addiction tend to develop a psychological dependence on the act of gambling. This means that they come to rely on gambling as a way to cope with stress or boredom. As a result, they start to make poor decisions with their money in order to fund their habit.
If you or someone you love is struggling with a gambling addiction, it’s important to seek help as soon as possible. There are many treatment options available, and with the right support, it is possible to overcome an addiction to gambling.
Gambling addiction costs the UK economy £5bn a year, according to a new report.
The study, by the Gambling Commission, found that problem gamblers could lose as much as £1.5bn in a single year. The average gambler loses around £2,500 a year.
The report also found that one in six people who gamble regularly were either problem or at risk of becoming problem gamblers.
Problem gambling can have a devastating effect on individuals and their families. It can lead to financial difficulties, relationship problems and mental health issues.
The government has announced plans to tackle gambling addiction, including tougher regulations for online casinos and increasing the amount of money that can be withdrawn from ATMs machines.
The Gambling Commission is also calling for more research into the effects of gambling advertising on children.
A recent study by the UK Gambling Commission has found that the average British gambling addict loses £61,000 each year. The report also found that there are around 430,000 problem gamblers in the UK, who account for £1.5 billion in losses each year.
The commission’s research also showed that around two-thirds of problem gamblers had gambled on sport in the past week, with online casinos and scratchcards being other popular forms of gambling. Slot machines were found to be the most addictive form of gambling, with around half of all problem gamblers saying they had played them in the past week.
Gambling addiction can have serious consequences for both addicts and their families. In addition to financial losses, problem gamblers are at risk of developing mental health problems such as depression and anxiety, and can also experience relationship problems and difficulties at work.
Addicts’ families can also be affected, with partners and children often left struggling to pick up the pieces after their loved one’s addiction has caused chaos in their lives.
Fortunately, there are a number of organisations that offer help and support to those affected by gambling addiction. GamCare is one such organisation, which provides information and support services to problem gamblers and their families.
There is also a range of self-help resources available online, such as the National Problem Gambling Clinic’s eLearning programme. If you or someone you know is struggling with a gambling addiction, it is important to seek help as soon as possible.
The social and economic costs of gambling addiction in Australia has been estimated at $1.5 billion a year, a new study has found.
The study, published in the journal Addiction, is the first to estimate the economic cost of gambling addiction in Australia. It found that gambling addiction leads to increased levels of crime, mental health problems, unemployment and welfare dependency.
Gambling addiction is a serious public health issue that can have a devastating impact on individuals and their families, said lead author Dr Charles Livingstone from Monash University’s School of Public Health and Preventive Medicine.
“Our analysis shows that the social and economic costs of gambling addiction are high and rising,” Dr Livingstone said. “It’s critical that we address this problem as soon as possible.”
Australians spent more than $24 billion on gambling in 2016-17, including almost $9 billion on casino games, according to figures from the Australian Gambling Statistics report. Slot machines accounted for more than half of all money spent on gambling in Australia last year.
Previous studies have shown that around 1 per cent of Australians are addicted to gambling, however Dr Livingstone said the true extent of the problem was likely much higher as many people with gambling addiction do not seek help.
Gambling addiction can have a devastating impact on individuals and their families, leading to increased levels of crime, mental health problems, unemployment and welfare dependency.