Debt is one of the most common outcomes of a gambling problem. Gambling may seem like an
easy way to make money but the chances of a big win are quite small. Getting into debt and
being unable to pay bills on the other hand is quite possible
Debt from gambling can be accumulated in a number of ways from using the money for bills, borrowing money
from friends, family or professional lenders to gamble and chasing losses, (trying to win back the money lost by
betting more.) In the majority of these situations the gambler assumes that they can simply borrow the money
and pay back the debts with their winnings however when they lose they are forced to borrow more in order to
pay off the original loan. It is a vicious cycle.
A frequent problem is focusing on winnings and ignoring the overall balance, e.g. if a gambler has placed twenty
£10 bets in a day and from his last bet he wins a good return of £150 he is still £50 down on the day.
Most problem gamblers do not acknowledge the extent of their debt until they hit rock bottom.
But ignoring debts does not make them go away and it may make the situation even worse.
Being honest with yourself about your financial situation is the first step.