Gambling is the act of placing something of value (typically money) at risk on an event with a significant element of chance, in which there is the potential to win a larger prize. It is an extremely widespread activity and takes many forms. Examples include wagering on horse races, sports events, video poker, dice games, card games, lottery tickets, instant scratch-off tickets, online gambling, and even some social media activities such as fantasy leagues or collecting trading cards. In some cases, people gamble with materials that have a subjective value but are not actual money (such as marbles or collectible game pieces) in which case the activity is known as metagambling.
Research suggests that there is a strong correlation between behavioral disinhibition and gambling. This suggests that those who are prone to gambling problems lack impulse control, which can lead them to engage in risk-taking behavior and may not process rewards or weigh risks accurately. In addition, some people appear genetically predisposed to thrill-seeking and impulsivity; this can also contribute to the development of gambling problems.
It is common for individuals who struggle with gambling problems to conceal or lie about their gambling habits. Often they feel they must gamble in secret because others won’t understand and they don’t want to be judged. They may also feel compelled to chase losses, thinking they are due for a big win and that they can get back all the money they lost if only they keep gambling. This is known as the gambler’s fallacy and can be very dangerous for those struggling with gambling addiction.