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The Double-Edged Sword of Gambling

 By TJ D'Ambrosio


    For people, a trip to the casino is a chance to turn life around in a single spin; for others, it’s the beginning of a downward spiral.

Behind every flashing light and jackpot lies a story.

Two years ago, John Renfield, 32, of Narraganset, Rhode Island, a regular at the Bally’s casino in Tiverton, Rhode Island won a substantial amount, which helped him pay off his student loans.

"That win changed everything for me," Renfield said. "I’m able to live more comfortably now without the weight of debt."

“If you fill the screen with the dragon fireballs, you win the grand jackpot. That’s exactly what happened to me, I won around $17,000,” Renfield said.

His story is not the norm. Chris Neiger of Investopedia reports in an article published in September of 2024, “Each game you play at a casino has a statistical probability against you winning—every single time. While this house advantage varies for each game, it ultimately helps to ensure that over time, the casino won’t lose money to gamblers.”

Brian Hatch is the Community Engagement Manager at the Connecticut Council on Problem Gambling. The Connecticut Council on Problem Gambling provides Connecticut’s only 24-hour problem gambling helpline, offering support via phone, live online chat, and text.

Hatch is in recovery for a gambling addiction and has hosted a podcast on the subject for 10 years.

“Gambling can be harmless fun, but it is addictive, even if it doesn't cause harm to an individual, it is an addictive product. Someone may engage with gambling as entertainment, they may win, enjoy the rush, then do it too much where it takes time and money away from them. They also might lose, and 'chase losses,' an attempt to gamble more to recoup monetary losses, thus digging a deeper financial hole,” Hatch said.

Hatch explains gambling as a double-edged sword. When you win, it’s great, but when you lose, it can be catastrophic.

“A loved one spends a spouse's money gambling, and it can lead to divorce. A parent gambles their kid's college fund leading to resentment. Watching a family member destroy their life with gambling is hard, especially if the individual doesn't recognize the problem,” Hatch said.

Gambling can cause harm between the people closest to you.

“Depression and anxiety are both a cause and effect of gambling disorder. Gambling addiction has the highest rate of suicidal thoughts. One in five people with a gambling addiction will attempt suicide,” Hatch added.

When asked about one piece of advice, Hatch made it clear it is crucial to talk to someone who wants to help you.

“Tell someone who cares about you that you are struggling with a gambling addiction. Talking is the best way to combat addiction. Talk to a therapist, talk in a meeting, talk to a friend. Call your local gambling helpline for resources. The opposite of addiction is connection. Connect with a community so you know you are not alone in this addiction.

Data from the National Council on Problem Gambling indicates that about two million U.S. adults have a severe gambling problem, while another 4-6 million exhibit mild to moderate gambling issues. These numbers reflect the broad spectrum of gambling behaviors, ranging from casual play to serious addiction, leading to financial instability, social issues, and mental health challenges.

For people, gambling begins as a harmless form of entertainment but quickly spirals into a destructive habit. Craig Levein, former Scotland football manager and a recovering gambling addict. He has spoken about this issue many times including in press conferences, interviews, as well as on social media.

According to The Times article from May of 2024, Levein said he has lied to his wife over lost wages, and he says that it wasn’t just about the money. And he was ashamed of how far he’d let himself go.

In the end, the glimmer of a jackpot fades, leaving behind a simple reality: for every winner, there are countless others caught in the cycle of loss and hope.


Investopedia - Chris Neiger

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