Gambling is an activity that involves risking something of value, often money, on an event with a chance of gaining a positive outcome. This can be done in a variety of ways, including betting on sports events, playing casino games like slots or blackjack and even DIY investing in stocks and shares. It is an important part of many economies and contributes a significant percentage to GDP in countries where it is prevalent. It is also thought to bring a number of social benefits, such as increased community cohesion and economic stability.

Problem gambling can have significant effects on health and wellbeing, resulting in financial stress, family conflict, mental illness and even suicide. These negative impacts can persist throughout life and even be passed between generations. It is therefore important to recognise the signs of gambling harm and seek help for yourself or someone you care about if necessary.

While the majority of people who gamble do so responsibly, some individuals are at higher risk of developing a gambling problem. Adolescents, veterans and older adults are all at increased risk of developing a gambling addiction, as are people from low socioeconomic backgrounds.

The underlying causes of gambling problems include complex psychological, cognitive and social factors. These factors are not easily measurable, but they can include a combination of genetic and environmental influences. They can also be exacerbated by other conditions, such as depression and anxiety.

There are a number of ways to reduce the risks associated with gambling, such as reducing your financial risk, spending less time at casinos and other gambling venues and finding alternative recreational activities. It is also advisable to talk about your gambling with a trusted friend or family member who won’t judge you.

Harmful gambling can have a direct impact on finances, as it sucks up funds that could be used for savings, investments or essential expenses. Stopping gambling can result in improved financial health, reduced debt and the ability to plan for future financial goals with confidence.

A common approach in assessing the impact of gambling is to focus on the economic costs and benefits, which are quite easily quantifiable. However, this ignores the social impacts of gambling which are much harder to quantify and may not be immediately apparent. These impacts can be categorized as financial, labor and health/wellbeing, as defined by Walker and Williams [32]. Financial impacts are those that aggregate societal real wealth (or losses) through the gambling industry; labor impacts are those that affect people working in the gambling industry; and, finally, health and well-being impacts are the long-term impacts of gambling on individual, interpersonal and societal levels. This conceptual model offers a framework for building a common methodology for evaluating the social impacts of gambling. It enables the inclusion of a wider range of impacts than are currently included in research. This is an important step forward in identifying the true cost and benefit of gambling. However, the model still has a number of gaps that need to be addressed.