Gambling is an activity in which people risk something of value (money, possessions or other items) for a chance to win a prize. It can take many forms: a game of chance or skill, such as card games, video poker machines or slot machines, sports betting like horse and greyhound racing, football accumulators and the lottery, or even financial trading.

Despite the wide range of benefits and enjoyment gamblers can experience, there are also several risks involved in gambling. These can include negative impacts on physical and mental health, relationships, work and study performance, and financial situations. Problem gambling can also lead to serious debt and even homelessness. In addition, gambling can have a significant effect on the local economy and community, with increased pressure on businesses and services.

Studies of gambling impacts have tended to focus on monetary costs and benefits and ignore non-monetary effects, such as emotional distress and family problems. This article aims to fill the gap in knowledge by describing a framework for assessing socioeconomic impact that includes both economic cost-benefit analysis and non-economic harms and benefits.

The methodological challenges of assessing gambling impact are complex and relate to the nature of impacts, which occur at three levels: personal, interpersonal and community/society (Fig. 1). Personal level impacts affect the gamblers themselves, while interpersonal and society/community level impacts are visible to others. These include the costs and benefits of gambling that are general, those related to problem gambling, and long-term costs/benefits.

A number of different research approaches have been used in studying the impacts of gambling. Some studies have analyzed the harms from gambling using a cost-of-illness perspective that is commonly used in alcohol and drug research, but neglects the benefits side of things [37]. Other analyses have focused on a benefit-cost approach that calculates changes in well-being as dollar values, but also considers intangible harms that are not necessarily monetary in nature, such as the suffering of family members of problem gamblers [38].

Gambling has been shown to have positive economic and social impacts on some individuals and communities. In addition, it is a popular group activity and can provide some socialization benefits. However, many people gamble irresponsibly and end up spending more money than they can afford to lose.

There are ways to reduce the negative effects of gambling. For example, you can start with a fixed amount of money that you are willing to lose, and then only spend that amount. You can also practice relaxation techniques and try to find healthier ways to deal with unpleasant emotions, such as exercising or spending time with friends who don’t gamble. You can also talk to a counselor if you have trouble controlling your gambling.