Don’t let a flutter break your bank

Gambling is a popular pastime among Australians, offering a little excitement in our lives with the chance of winning a nice prize or sum of money. 

For many seniors, a flutter on the pokies or a punt on the horses or footy is an occasional and enjoyable social activity. 

But gambling should always be approached with caution. Spending too much on gambling can lead to serious financial and emotional problems. 

The fact is that gambling can be addictive. 

Some people are hooked on the rush of adrenaline and the allure of hitting the jackpot. The bells, whistles, and flashing lights of the pokies, the thrill of a race, or the anticipation of a lottery draw can be overwhelming. 

It’s crucial to recognise when a harmless flutter turns into problem gambling. 

Here are some signs that gambling may be becoming an issue: 

• Spending more than you can comfortably afford to lose. 

• Chasing losses. Never “throw good money after bad”, as you risk getting caught in a dangerous cycle that can quickly escalate. 

• Neglecting other responsibilities. If gambling starts to take precedence over important aspects of your life, such as bills, social activities, or family time, it may be a sign of a problem. 

• Borrowing money. Don’t use credit cards, loans, or money borrowed from friends and family to gamble. 

The consequences of gambling excessively can be particularly severe for seniors. Many retirees live on a fixed income, and losing significant amounts of money can jeopardise financial stability. 

Moreover, the emotional toll of gambling losses can lead to stress, anxiety, and depression. 

Here are some tips to help you enjoy gambling without risking your financial health:

• Set a budget. Decide how much money you can afford to lose each week or month and stick to it.
• Time limits. It's easy to lose track of time when you're having fun, but sticking to a schedule can prevent you from spending too much time (and money) on gambling.
• Avoid chasing losses: Accept that losses are a part of gambling. Trying to win back lost money can lead to even bigger losses. Know when to walk away.
• Use cash, not credit. This helps you keep better track of your spending.
• Stay informed: Understand the odds and how games work. The odds are always against you – and you might be shocked at how little your chances are of winning a substantial prize.
• Seek help if needed. If you feel that gambling is starting to take over your life, don't hesitate to seek help.

This article is general information and advice only. Gambling can be addictive, please play responsibly.