Gambling involves risking something of value on an activity primarily based on chance with the intention of winning something else of value. It is a common human activity that has existed in every society since prerecorded times and is incorporated into local customs and rites of passage. While most individuals gamble for fun and participate in the social aspects of gambling, a small percentage of individuals develop serious problems that have significant financial, family, community, and personal consequences.
Despite the differences in game rules and the various forms of gambling, psychologically they are all similar. The core features of gambling include risk-taking, reward seeking behaviours, and impulsivity. Some people may also be genetically predisposed to impulse-control difficulties and thrill-seeking tendencies. These factors are often linked to specific areas of the brain involved in decision-making.
While governments are generally responsible for regulating gambling operations, they must allocate resources to fund the costs of preventing and treating gambling problems, such as rehabilitative services. This has a direct cost to the economy because it reduces the amount of money available for other purposes. Furthermore, some communities may consider gambling to be a part of the culture, which can make it difficult for people to recognize their gambling activity as problematic and seek help when needed. It is important that we examine both the economic and non-economic impacts of gambling, which are referred to as social impacts. Social impacts are defined as costs or benefits that aggregate societal real wealth and affect more than one individual, but cannot be easily quantified.