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The Psychology of Gambling

Making money has become an indispensable responsibility for all of us. We all strive to carve a niche for ourselves and achieve the best we possibly can.

Many people think gambling is easy money. But that’s not the case. I recently played an online gambling game with Trueblue online casino. This game changed my view on gambling and actually helped in understanding the psychology behind the game.

Here is my insight:

1. Earning money is an inherent need?

It’s a responsibility because our success is defined by the amount of money we earn or the material possessions we have acquired through it, whether it is the car you drive, the clothes you wear, the phone you carry or the house you live in.

But earning money is a herculean task and we really need to work our fingers to the bone to get it, and this is exactly what drags people into gambling. They are not interested in the process of earning money, but they are more interested in the end result that money will bring to their lives. Gambling is not an alternative to work – few people make a living from gambling.

2. What is gambling actually?

In simple terms, gambling means putting at stake something that you value. This is followed by the hope to win big. Across cultures, people also gamble on various things.

Generally, this type of behaviour does not become a psychological problem. However, some of us are prone to develop a gambling addiction or gambling disorder.

People lose their life’s savings, wages, money borrowed from friends/relatives in gambling. They think that they can easily double or triple the money they have gambled, but they fail to understand that it is not technically possible all the time and one may lose everything in one shot.

3. Different people, different perspectives

Many people enjoy gambling without having a problem. However, some lose control of gambling, which is when it becomes a psychological problem and turns into an addiction. These sorts of addictions affect our family, job and personal life.

Gambling is not restricted to just casinos or horse racing these days. As the virus has forced most of us to work from home these days, a lot of people have started trading in stocks to make immediate gains.

They are glued in front of the business channels just for a clue or a tip to trade in penny stocks for heavy profits. They are not interested in investing in the company, but they either speculate or gamble in stocks.

4. Gambling in stock markets

Similar to casinos where the odds are always in favor of the house over the long run, gambling in the stock market also has similar results.

The main essence of gambling for many people in stocks is to earn small profits and then escalate them into big ones. Unless you are trained to do so (like technical analysts), it is impossible for the gambler to time the market.

It is a psychological condition in which the person thinks that he/she is the smartest cookie in the jar and can easily double or triple his/her money by using their own analysis or calculations. The urge to gamble continuously is strong and yet, despite negative consequences and/or a desire to stop, they carry on regardless.

A study conducted by Mayo Clinic (Rochester) specialists state that compulsive gambling may be a reason for biological, genetic, and environmental factors, like, their personality traits, job related stress, solitude, family or friends’ impact, mental health disorders, and drugs with rare side-effects.

The problem of gambling may turn into an addiction anytime. This may cause very serious and profound effects on individuals’ life and relationships. Besides, it may also cause bankruptcy, and other legal problems.

5. Impact on psychology

Several psychological mechanisms are thought to be implicated in the development and maintenance of gambling amongst individuals these days. These include counseling, perhaps step-based programs, a program of self-help, peer-support initiatives, maybe prescribed medication or indeed a combination of all of these.

However, no one treatment is considered to be most efficacious and no medications have been approved for the treatment of gambling till date.

These are some of my takeaways from the online world of gambling.

Source –

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