Financial Consequences - Nevada Council on Problem Gambling (2024)

FAQs

What are the financial consequences of gambling addiction? ›

If you are addicted to gambling, the consequences can include financial losses, bankruptcy, losing a job, homelessness and the breakdown of personal relationships. If someone you know has a problem with gambling, you may notice financial problems, relationship difficulties or symptoms of anxiety and/or depression.

Check if you can get a refund if you've borrowed money

If your complaint is successful, your lender should remove any charges or interest. If you've already paid charges or interest, your lender should refund you.

Like any addiction, problem gambling can cause major disruptions in personal, professional, and family life. It can also precipitate serious financial difficulties.

Gambling despite negative consequences. In extreme cases, problem gambling can cause bankruptcy, legal problems, losing your job or your family, and thinking about suicide.

Create a budget to pay down gambling debt

Once you have a trusted credit counsellor by your side, the next step in paying off any and all debts is to make a workable budget. Get a good understanding of how much money is coming in and how much is going out.

A wife with a habit of buying – and hiding – expensive shoes from her husband. A husband with a secret online gambling addiction. A partner racking up credit card debt for purchases the other partner doesn't know about. These are all examples of financial infidelity.

Can I write off gambling losses? You can deduct gambling losses if you itemize your deductions on your tax return, but you cannot deduct more than the gambling income you received. You'll need a record of your winnings and losses to do this.

Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions.

There is no specific FDA-approved pharmacotherapy for the treatment of gambling disorder. Researchers are testing a variety of drugs, and some show promise. To date, there are randomized clinical trials that show favorable outcomes for escitalopram, lithium, nalmefene, valproate, topiramate, paroxetine, and naltrexone.

Is gambling a mental illness? ›

Gambling disorder is a chronic mental health condition that can affect many aspects of your life. It's a behavioral addiction that happens when you lose control over your gambling behaviors. It's crucial to talk to a healthcare provider or mental health professional as soon as you notice problematic gambling behaviors.

Lenders may ask you for evidence of your hardship, like a doctor's certificate or termination notice. Lenders may also ask for bank statements and evidence of income. They may also ask for a money plan or an income and expenses form. A free financial counsellor can help.

Never borrow money to be able to gamble. Do not gamble to win back money you have already lost by gambling. Moderate the time you spend gambling by balancing it out with other leisure activities. Don't let gambling interfere with your work or with your daily responsibilities.

Studies have linked gambling disorders to variations in a variety of brain regions, particularly the striatum and prefrontal cortex, which are involved in reward processing, social and emotional problems, stress, and more.

Dr. Fong explained that people with gambling disorder psychologically view gambling as the answer to their problems. When they are at this point with their addiction, gambling is no longer seen as entertainment. They now view gambling as a means to cope with anxiety or stress, or as their primary source of income.

A gambling loss is a loss resulting from risking money or other stakes on games of chance or wagering events with uncertain outcomes. These losses can only be claimed against gambling income.

Money addiction can strain relationships, as the afflicted individual may prioritize their pursuit of wealth over the needs and feelings of loved ones. The constant preoccupation with money can lead to neglect, dishonesty, or even manipulation in personal relationships.

Individual financial problems related to problem or pathological gambling include crime, loss of employment, and bankruptcy. Relatives and friends are often sources of money for gamblers. Employers experience losses in the form of lowered productivity, embezzlement, and time missed from work.

Gambling addiction can result in substantial financial losses, leading to savings depletion, debt accumulation, and long-term financial ruin, potentially resulting in foreclosure, bankruptcy, and homelessness. It's important to seek help if you or someone you know is struggling with gambling addiction.