How to know if gambling is impacting your finances

It’s no secret that gambling has grown tremendously over recent years. From the $119 billion Americans wagered on sports in 2023 to content creators building a career out of streaming casino games to Rockford’s new 175,000-square-foot casino, the industry is everywhere you go. 

But when does a fun social hobby become an impairment on your finances? 

Know the signs of a gambling addiction 

The Mayo Clinic defines a gambling addiction (otherwise known as compulsive gambling or gambling disorder) as “the uncontrollable urge to keep gambling despite the toll it takes on your life”. Signs of the disorder include being unable to successfully cut the activity out of your life, lying to loved ones about gambling losses, and constantly planning gambling activities, 

The impact of gambling on your finances 

As gambling grows, especially sports gambling, researchers are beginning to see the financial impact these bets are making on households. According to recent research by the University of Kansas, online sports gambling “leads to higher credit card balances, less available credit, and a reduction in net investments”. Along with those findings, the National Institute of Health also found that “problem gambling has been linked with lower personal and household income, perhaps due to less capacity to absorb gambling losses.” 

How to keep gambling habits in check 

For those who can handle gambling, here are some tips to keep in mind to avoid developing unhealthy gambling actions, according to ResponsibleGambling.org 

• Set budget and time limits on your gambling 

• If gambling online or on your phone, be sure to go into your app’s settings to set gambling limits 

• Stick to those budgets by not bringing any credit or debit cards with you while gambling 

• Treat gambling like any other entertainment expense, not an investment 

• If you’re not having fun, stop gambling 

Make better choices with Rock Valley Credit Union 

If you’re looking for other places to put your money, why not try Rock Valley Credit Union? Bet on our Certified Financial Coaches to help you make the right choices with your money. From options like investing to a high-yield savings account, the choice is yours at RVCU. Best of all, you have nothing to lose with making the first appointment. Call 815.282.0300 or head over to rockvalleycreditunion.org/appointments to schedule a one-on-one appointment.