Why people lose money gambling
About 85% of U.S. adults have gambled at least once in their lives, according to the National Council on Problem Gambling (NCPG), while 60% having gambled within the past year. And with at least some form of legalized gambling — including state-run lotteries — available in every state but Hawaii and Utah, it's easy enough for Americans to get access to it.
The problem, though, is that gambling can lead to serious financial losses. The NCPG estimates that problem gambling costs Americans $14 billion per year in the form of gambling-related criminal justice and health-care spending, job loss, bankruptcy and other consequences. Even one-off gambling events can have serious consequences, such as what happened to Jason.
Part of the trap he fell into may have been due to a cognitive bias known as the availability heuristic. It's a bias that has people making decisions based on information that's easily available or top of mind as opposed to data or hard facts.
Jason indicated he went on a winning streak at the previous year's Super Bowl. He relied on a previously positive outcome to guide his decision-making at this year's event instead of looking at the facts, which dictate that over time, you’re more likely to lose money at a casino rather than win.
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Learn moreWays avoid losing money gambling
Jason isn't the only celebrity to lose a large amount of money gambling. Actor Charlie Sheen had a well-publicized gambling problem, and hip hop artist Drake has been known to bet hundreds of thousands of dollars on sporting events
One of the problems with gambling is that it can start as a social activity and turn dark quickly. It can be hard to say no when friends invite you to a casino to celebrate a birthday or bachelor party. But even a single night of gambling could have serious financial consequences.
To that end, one thing you may want to do is only bring cash with you to a casino. Decide how much money you can lose without it being painful, and bring that exact amount with you. Leave your credit and debit cards at home to avoid the temptation to gamble more or "win back" your losses.
Another option, of course, is to just say no to gambling altogether if it's something you're not comfortable doing. It's okay to opt out of social situations that aren't within your comfort zone.
It's also important to recognize when you or someone you love has a problem with gambling. The NCPG says that an estimated 2.5 million U.S. adults meet the criteria for a severe gambling problem in a given year. Another 5 to 8 million meet the criteria for mild or moderate gambling problems. But even a "mild" problem could upend your finances.
As a starting point, if you feel an intervention is needed, you can call 1-800-GAMBLER to get connected with help in your area. You can also look into local counseling centers that focus on gambling addictions.
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