When a casual punt turns into addictive gambling – how to ensure it won’t really cost you
Gambling is a real and growing problem. Left unchecked, the occasional punt can quickly develop into an addiction, with devastating effects on finances and relationships. Debts can spiral and the stress causes marriages to fail and other relationships to splinter.
Research published in 2022 by Monash University also found that gambling and homelessness are “interconnected”, singling out senior Australians as most in the firing line.
Before things devolve to that level, consider these steps for putting boundaries around your – or your partner’s – gambling.
Remember: Big business is big for a reason
In 2023, the Australian Institute of Health and Welfare (AIHW) noted that “Australians lose approximately $25 billion on legal forms of gambling each year, representing the largest per capita losses in the world”. That equates to every single Aussie losing $909 annually.
The reality is these companies exist to make money – and skew the odds in their favour, not yours. Keep that in mind the next time you’re tempted to try your “luck”.
Stay active
For some people, especially retirees, gambling becomes something to pass the time and get them out of the house.
However, you needn’t gamble your money away to keep boredom at bay. There are healthier and more productive ways to do this.
For example, there are a myriad of social, sporting, and recreational groups for seniors and retirees. A lack of work commitments offers the flexibility to indulge in travel, both within Australia and overseas. Take the opportunity to socialise with friends and family. Turn your hobby or side hustle into a proper business. Or get a dog you can take for long walks. The possibilities are endless…
Don’t punt with what you can’t afford to lose
Gambling with a bit of money you have specifically put aside for leisure activities is one thing; gambling your life savings or money needed for essentials like food, bills and keeping a roof over your head is quite another.
Having lost that essential money, problem gamblers often become desperate to try and win it back – begging, borrowing or even stealing more, with the repercussions quickly spiralling out of control as that money is often lost too.
If you must gamble, only gamble what you can afford to lose: have a budgeted amount and stick to it no matter what. Anyone who deep-down knows they aren’t disciplined with their money would be wise to think twice altogether.
Never borrow to gamble
As a rule of thumb, money that comes with a cost attached to it should only ever be spent on things that will make more money in the long run, like buying a home or investing.
When it comes to gambling, always use your free cash. Money you have borrowed, redrawn from your home loan, or racked up on your credit card will have to be repaid eventually – with interest on top.
Choose a place and a time
“Most people using gambling machines are older Australians,” Monash University’s Associate Professor Charles Livingstone says. This type of gambling is where things can easily turn sinister.
To help keep things in check, limit your gambling to special occasions or events. That might be a flutter on the Melbourne Cup, a game of two-up on ANZAC Day, or a Lotto ticket as a birthday treat. It will mean more if it is tied to something special and an experience you can share with loved ones. Which leads into our next point:
Avoid gambling alone
Gambling by yourself can be a recipe for disaster. You don’t have a second pair of eyes over what you are doing or that trusted person to step in and say, ‘that’s enough’.
In fact, I recommend couples always take a joint approach to their finances, regardless of whether gambling is involved. Leaving all the “money stuff” up to one of you means less accountability and opens the door for shared money and assets to be used improperly.
Ask for help
If you recognise things are getting out of hand, don’t suffer in silence.
Talk things through with your partner, adult children or a trusted friend. Alternatively, contact Gambling Help Online (1800 858 858) for free support 24/7 right across Australia.
The sooner you get help, the faster you can limit the fallout and get things back under control!
Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at www.onyourowntwofeet.com.au
Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.
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