How to Recover from Problem Gambling

Some facts about gambling from the World Health Organization:

• Global gambling revenue is estimated to reach $700 billion by 2028
• Approximately 5.5% of all women and 11.9% of all men experience some harm from gambling
• An estimated 1.2% of the world's adult population has a serious gambling disorder

Gambling has never been easier or more accessible. You can wager on sporting events or play casino games on your smartphone 24 hours a day, 365 days a year. Major sports leagues, broadcasters, and websites all partner with sports bookies to show you odds and encourage you to start gambling.

The easier it is to gamble, the easier it is to gamble too much, creating a downward spiral that can cost you more than you ever imagined it could. If problem gambling has put you in a financial hole, don't give up hope. Recovery is always possible, no matter how deep the hole may feel. It may take time and a lot of patience and effort, but you can undo the damage from problem gambling. Here are some tips to guide you through that recovery.

Assess the damage

A bad financial situation will always get worse if you're not willing to look at it with clear eyes. Ignoring a problem only makes it worse.

Accept that things aren't where you want them to be. To the best of your ability, try not to let shame prevent you from taking steps to improve your situation.

Now it's time to take a close look at where things stand.

• Review your credit card and banking account statements
• Pull a copy of your credit report
• Review the last few months of spending and see how it compares to your income

It may not be a pretty picture, but you can't fix something until you understand the specific way that it's broken.

Prevent further gambling

Addictions aren't typically something you can just turn off. It's hard work to quit something that's so hardwired into your brain. That's why it's important to use any and all resources at your disposal.

• 1-800-GAMBLER is a crisis hotline for gambling. Trained professionals can help talk through your situation and provide resources and advice to help you stop gambling.
• The National Council on Problem Gambling runs the gambling hotline and offers state-specific resources on their website.
• Many states offer gambling exclusion programs which allow residents to self-exclude themselves from legal gambling operations. These program typically prevent users from collecting any winnings, recovering any losses, or receiving any gifts or promotions from gambling sites.
• You may need to freeze or restrict access on certain credit and banking accounts to prevent yourself from spending more money gambling.

Stabilize and rebuild your finances

The heavy work of recovery can be a long road, but it's worth the effort. Once you know where you stand and you've done what you can to stop the bleeding, you can start rebuilding your finances.

Address your debt

How you tackle your debt will largely be dependent on where things stand. 

• If your income easily supports your debt payments, you may be able to handle things on your own.
• If you can't comfortably make your debt payments while balancing everything else, you may want to use a debt management plan or other form of debt consolidation.
• If your debts are already delinquent and making a full repayment isn't in your best interests, you may want to consider debt resolution or debt settlement.
• If you're worried about potentially losing your home or other important assets, you may want to consult with a bankruptcy attorney to see if that's the right path for you.

Focus on rebuilding savings

When you're going through a financial crisis, your savings are often the first casualty. It may not feel like a priority, but having some kind of emergency savings fund can make a huge difference in the event of an unexpected (non-gambling related) setback. 

Increase income (if possible)

The more income you have, the easier it'll be to repay debt and rebuild your savings. It may feel daunting to have to add a part-time job or freelance work to your existing workload, but as a temporary measure to help accelerate your recovery, it can make a huge difference.

Work with a financial professional

The process of recovery can feel overwhelming, especially if you're trying to navigate things on your own. That's why it's always a good idea to connect with an expert to get guidance and advice. MMI offers free financial counseling 24/7, online and over the phone. If you need help sorting through your situation, we've got you covered.

Keep working on yourself

Addictions don't exist in a vacuum. No one chooses to disrupt their life for no reason (even if the reason may be hard to understand). Give yourself the grace and empathy you'd give to your own loved ones. Don't let gambling define who you are.

And meanwhile, don't stop trying to understand yourself and improve your situation. That may mean joining an addiction recovery group, like Gamblers Anonymous. It might mean working with a therapist to unpack the things that make you tick. It may simply mean having open and vulnerable conversations with people you trust.

Whatever the work looks like, give yourself some praise for taking those steps, however fast or slowly they may come. And yes, you may backslide. Recovery from addiction is rarely a straight line. Just be kind to yourself and remember that you're worth the work.

Want to connect with a certified financial expert? Get started today and let our experts help you create a personalized plan to improve your finances.