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Gambling addiction has been a persistent problem in the gaming sector for as long as the industry has existed. Nevertheless, the UK’s recent expansion of gambling and credit card restrictions increased the impact, and they’ve given rise to the phenomenon of mortgage-related gambling addiction.
While punters still check casino ratings listed at Best50Casino.com before playing and know their limits, not everyone is so responsible. A report on the gambling industry revenue, Gambling Harm—Time for Action, revealed that at least 60% of the profits came from the 5% of problem gamblers. New studies show that many are taking mortgages to fund their addiction.
The following article explores the rise of this behaviour, its consequences, and ways to prevent it.
What is Mortgage Gambling?
To understand the concept of mortgage gambling, it is necessary to understand the issue of gambling addiction. Gambling is often stigmatised in modern society, but its primary purpose is to provide entertainment. Not everyone who engages in it has a gambling problem. Addiction usually results from a series of other negatives in one’s life.
Problem gamblers seek solace in this activity, eventually giving up control of their habits. They lose sight of healthy boundaries and let this urge negatively affect all areas of their lives. Issues present themselves in various ways, but the most visible one is financial.
Problem gamblers don’t set a budget to finance their excessive gambling practices. When their savings run out, they desperately look for ways to keep their harmful habits alive. Because of this, they frequently borrow money, take out loans, and sell valuables.
Many UK players have been mortgaging their homes to support their addiction in the past few years. These loan agreements provide them with quick access to substantial sums of money, further reinforcing their problem gambling behaviours.
The United Kingdom Gambling Authority has often pointed out that mortgage-related betting or “house raffles” are something to be cautious about, with such raffles expanding to other personal items such as cars.
A recent news article tells the story of a player whose gambling addiction cost them everything. Unfortunately, the internet is packed with similar testimonials from people living in the UK and worldwide.
The reasons behind the widespread emergence of these problems are numerous. However, societal and political factors top the list. The expansion of iGaming has made gambling readily accessible to all types of players. Social media and its unrealistic lifestyle promotions and targeted advertisements help to stimulate the industry. Isolation, excess free time, and financial troubles brought on by the pandemic pushed many over the edge.
What Are the Consequences of Mortgage-Betting Obsession?
Besides being problematic in its own right, mortgage gambling brings forth a number of other complications. The most prominent include:
- Financial difficulties — Bettors who don’t choose the best casino for their needs, stick to a budget, and gamble responsibly can find themselves in financial trouble. They might:
- Dilute the equity they’ve built on their property, lowering the chance of selling it in the future
- Accumulate debt, ruining their credit score and prospects for future loans
- Risk foreclosure, failing to meet mortgage payments in due time
- Emotional distress — Financial troubles and mortgage gambling addiction can affect one’s health and negatively impact their well-being. These players’ work or academic performance may suffer. Some might experience mood swings or feelings of anxiety and depression. Others can fall into other addictions, like alcoholism or drug abuse.
- Social concerns — Problem gambling is often associated with deteriorating social relationships. Mortgage gambling addicts may be absent from important events, distance themselves from family and friends, lie to cover up their bad habits, have frequent conflicts with others, etc.
Identify Mortgage Gambling Signs & Take Precautions
Britain’s mortgages are likely to be affected by recent tax reforms and the current economy, according to The Independent. Moreover, mortgage gambling addicts might feel the effects even more intensely. To help them and others fight this problem, experts recommend the following precautions:
- Raising awareness of mortgage-related gambling addiction can make broader audiences wary of the problem. It’ll help people take care of their gambling habits and notice changes in their friends and family’s behaviour before it’s too late.
- Proposing policies that address mortgage-related gambling addiction will put the law and government on the players’ side. You won’t have to fend for yourself when creating a plan to keep your gambling habits in check. Casinos and other gaming sites operating legally in the UK must do that for you.
- Learning about gambling addiction signs will help individuals get help sooner rather than later. Unpaid bills, debt, restlessness, irritability, lies, and excessive money borrowing, are among the most common symptoms.
- Setting a budget will keep your finances in order even if you’re an active player. You won’t lose more than you can afford and enjoy your gambling sessions without stressing over money.
- Taking breaks will keep you from getting too emotionally involved in a gambling session. Checking the clock, setting time limits, and sticking to a schedule will help you put things in perspective and think clearly.
- Making sure gambling does not become a source of comfort. This activity is a great pastime and entertainment outlet, but you should never use it to escape other problems. Avoid resorting to gambling when you’re upset, anxious, or troubled.
How to Deal With Mortgage Gambling Addiction
If you or someone you know is already suffering from mortgage gambling addiction, you should seek professional help, join a self-exclusion program, or install blocking software. Many gambling prevention and treatment organisations offer their services online, and you can contact them for free and ask for advice or help.
Most online casinos have responsible gambling programs that can help you self-exclude for a fixed amount of time. If you’d like to cover more gambling platforms simultaneously, organisations like GamStop can block you from all UK-licensed sites if you register.
Technologies like blocking software and apps can also restrict your access to gambling sites. All you need to do is download and install them on your device. Depending on your habits and needs, these solutions could work for you. Give them a chance and be patient.
Image Credit: Photo by JP Holecka on Unsplash