Older adults are susceptible to gambling problems
The National Council on Problem Gambling estimates that about 2.5 million U.S. adults meet the criteria for severe problem gambling, and another 5 to 8 million are experiencing problems due to their gambling behavior.
Older adults may be particularly susceptible to gambling addiction because they tend to have more unstructured time than younger people and they’re more likely to be socially isolated, Kraus and Pasik say.
“Postretirement, people are looking for something to fill space and time,” Pasik says. “Being recently widowed … is another risk factor.”
In some cases, cognitive decline makes it difficult to understand odds, recognize risk and stick to financial limits.
So how do you know when betting has crossed the line into something harmful? These warning signs can help you figure out whether you or someone you love has a gambling problem.
1. Red flag: Thinking about gambling frequently
An early sign that your gambling might be a problem is if you find yourself spending a lot of time thinking about gambling, Kraus says. You may be reliving past experiences, planning future bets or thinking about ways to get more money to gamble with.
If you’re into sports betting, “you’re thinking about betting on a game before it, not about watching the game,” Kraus says. “Betting takes up more of your time, your mental time.”
You may also find that the need to make larger and larger bets to get the same feeling of excitement, or that you feel restless and irritable when you try to take a break from gambling.
2. Red flag: You think you can win back your losses
Another danger sign of a gambling addiction is “chasing losses,” or believing that one more bet will erase your losses and make you whole again after you’ve lost money.
“If you’re spending good money after bad [bets] just to ‘get even,’ the game is running you,” Pasik says.
It may seem like one more big win is around the corner, but statistically, the wagers that promise the biggest payouts — like parlays, a single bet that links multiple wagers together — are actually the hardest to hit.
Statistically, when people have four or five options in a parlay, you have very little chance, Kraus says.
3. Red flag: You can’t stick to a limit
Can you walk away once you start gambling? Or are you compelled to continue gambling and raising your bets in a bid to win lost money back?
Gambling games are designed to make you feel as if you almost won, like when you hit three out of four legs of a parlay, Kraus says. Those “near misses” fire up the same reward pathways in the brain as an actual win, even though you lost. That tricks your brain into thinking you’re getting closer, which keeps you chasing your next bet, Kraus explains.
If you are worried you may have a problem, try setting a firm spending limit and see if you can stick to it.