Betting is the act of gamling where one places money on an event with no certainty of its outcome with the hope of winning a bet to top up his/her wealth. In order to bet, three decision factors are put into consideration where the gambler skill lies; one the total amount to place on the bet and the returns if he or she wins, the conditions involved in betting and prediction of the event. There are certain positive and negative effects of betting which not only affect the individual betting but also the people close to the bettor.
The positive effects arise when a person is in control of himself mentally and financially they not only benefit the individual etting but also the economy at large. They include:
Increase in employment levels- the legalisation of casinos, arenas and others have created jobs for many people in those communities. They obtain payment and tips from the customers. Other businesses have also awakened such as real estate businesses which have also created jobs.
Entrepreneurship- betting has promoted entrepreneurship for instance paving way or hotel establishment, betting shops and others. Gambling companies have added revenue to the government throug taxes and also they give out charitable donations and support local football thus promoting talent.
To individuals such as the elderly who have retired, betting is a form of therapy which makes them relax. To a family, it promotes bonding amongst its members for instance when playing cards.
However, betting has its negative effects if not controlled mentally or financially. To the community, it has resulted to an increase in unemployment rate, bankruptcy, an increase in alcohol and drug abuse and poor mental and physical health of individuals and families. Due to the bankrupcy, the community is likely to face an increase in theft and roberry since the gamblers will need money to support thrmselves and family and so they will turn tocrime as a source of finance.
To the children of the gamblers suffer in certain ways such as; emotional abandonment and neglect, they are mostly stressed and irritated if the parent is addicted, they also are at high risk of being gambler addicted in the future since children learn from observation and the environment.
To the individual betting can result to stress which can lead to health issues such as ulcers, stomach problems, insomnia, headaches and depression. They may also have mood swings tend to e secretive since the addiction is similar to that of a drug or a drink. This so changes the mental state and mood of the individual. The individual also faces bankruptcy which means he or she cannot support the family if any or pay bills for him or the family. This in turn results to arguments between them and their spouses since he or she will be receiving calls from creditors and ill collectors. Betting also aove all results to addiction which makes people involve in it irrespective of what they earn or lose when they bet.
In conclusion, it’s important to control yourself mentally and financially to avoid the negative effects and obtain the positive effeects of gambling.