Economic costs and benefits of gambling have primarily been measured. But the social costs of gambling are rarely recognized. These include costs to individuals and society, especially those related to problem gambling. These are most commonly unknown and often unrecognized. Walker and Barnett defined the social costs of gambling as those that negatively affect someone else but benefit no one. In other words, social costs are the costs and benefits that society incurs as a result of problematic gambling.
Some researchers have noted that gambling can have positive effects on consumers. For example, people who engage in recreational gambling were generally healthier than those who did not gamble. Other studies have suggested that the psychological benefits of gambling may reinforce or enhance the self-concept of seniors and those from lower socioeconomic groups. In addition, gambling can help people stay optimistic in difficult life situations. But how do you recognize if you’re suffering from gambling addiction? The first step is to understand why you play.
While gambling is most commonly associated with betting money, it is also possible to gamble with an item of value. Often referred to as “consideration,” the item that is being gambled can be anything that has value. The amount of money a person bets doesn’t matter as long as the property is worth something. The best way to make sure you don’t gamble without proper guidance is to establish limits and stick to them. Do not gamble while drinking alcohol.