What is gambling debt?#
Gambling debt is the money owed as a result of gambling activities. That could be money owed to a specific gambling provider (betting shops, gambling websites, casinos), or to creditors whose money you used to fund your gambling habit.
The problem with gambling debt is that it doesn’t stop at the gambling provider. It’s more complex than that. Gambling debt and problem debt are frequently linked because when someone with a gambling addiction runs out of money, they’ll look for alternative sources of finance, exhausting every option until they have enormous debts.
Gambling debt can quickly morph into credit card debt, loan debt, even debt owing to family and friends as you try to find money to cover your gambling losses.
How can gambling addiction affect my life?#
Gambling is a common activity that many people do without cause for concern. They manage their wins and losses sensibly.
However, gambling is incredibly addictive and can affect anyone’s mental wellbeing. The reason people fall into gambling debt is because they become unable to stop.
Gambling debt#
There’s a difference between the expected losses when gambling, and being a compulsive gambler - someone who can’t stop gambling in an attempt to win back money.
Gambling stimulates the brain in the same way that alcohol or drugs do. When someone wins big money, they experience an endorphin high that makes them feel invincible. When they try to chase that high, but without the means to fund their gambling habit, addiction can occur.
The addictive nature of betting causes gamblers to place bets with money they don’t have, or can’t afford to lose, leading to gambling debt.
Mental health#
What makes gambling debt so detrimental is not just the financial damage, but the severe impact on your mental health, particularly if you have other forms of debt as well.
It’s hard to escape gambling advertising, especially if you’re into sports or online. Everywhere you turn you’re being invited to place a bet.
Gambling can cause people to lose interest in hobbies and activities they used to enjoy. People with mental health issues may turn to gambling to distract themselves, which only makes things worse.
Personal finances#
Compulsive gamblers are more likely to experience financial difficulties. This can mean cutting back on paying household bills to fund their gambling habits.
In many cases gambling leads to debt because people are forced to pay for their addiction using any means they can - credit cards, payday loans, even gambling more in the hope of winning money to pay off their debts. This only results in a vicious circle of more debt.
If your gambling debt is out of control, now is the time to stop gambling and seek debt advice.
What are early warning signs of a gambling problem?#
If you think you’ve got a gambling problem, do these sound familiar?
- Regularly spending more money than you have on gambling
- You prioritise spending money gambling over paying priority bills
- You use gambling to distract you from other things in your life
- You feel ashamed of your gambling habits
- You use credit cards, payday loans, family and friends, or other debt to fund your gambling
How to stop gambling#
If you have gambling problems, it can be hard to stop. But you don’t have to go on this journey alone. There are charities and support groups such as Gamblers Anonymous, as well as gambling helplines that can give you free advice to end your compulsive gambling.
Other practical solutions to help with gambling include:
Timeouts Most gambling websites have a timeout function that you can use to prevent yourself from gambling for a set period of time, usually from 24 hours to 6 weeks.
Self exclusion If you have the self restraint, impose self exclusion bans on your preferred betting shops and online gambling companies. Most gambling websites will allow you to self exclude for a minimum of 6 months up to 5 years.
GAMSTOP Sign up to GAMSTOP, a free service available in the UK. Once you’ve signed up, you’ll be excluded from all online gambling companies licensed in the UK.
Gambling site blockers If you struggle with gambling online, you can install blocking software that will stop you accessing any gambling websites.
Debt advice to clear gambling debts#
To get help with gambling debts, there are steps you can take, depending on your personal circumstances:
- Determine exactly what you owe and to whom
- Are there repayment timelines attached to any debts?
- How will the gambling debt affect your other debts?
- Keep on top of other important bills such as mortgage repayments, credit card debt, or utility bills, as these have more serious consequences if you miss payments
- Get free advice if you aren’t sure - we’re here to help you work out different solutions, including setting up a repayment plan or consolidating your debts into an affordable monthly payment
Get free debt advice today#
If you’re struggling with gambling debt and other debts totalling £6,000+, an IVA could help you write off a portion and get back on track with affordable monthly payments.
Check if you qualify for an IVA in 2 minutes.
You can get free debt advice from IVA Advice. While many people may be wary of asking for help, it’s important to take responsibility for your situation. We’ll offer you a plan that deals with all aspects of your financial situation.
If you feel like there’s nothing you can do to deal with your debts, and you want advice on writing them off with affordable monthly payments, contact IVA Advice. We can help you with a debt solution or IVA proposal. We’ll help you prepare a budget and work out what options there are to deal with your debts.