Gambling is the staking of something of value, with consciousness of risk and hope of gain, on an uncertain event, a game or a contest. In order for gambling to occur, three things must be present: consideration, risk, and a prize. Often, the prizes that are offered are money or goods.
Gambling has positive and negative impacts on individuals, their families, and their communities. Gambling is a popular recreational activity among older adults, and the hope of a small win can improve quality of life for these people . However, it has been shown that gambling increases the risk of addiction among seniors.
It is important to understand the different factors that motivate people to gamble. For example, some people are motivated by social interactions with friends in gambling venues and others are mainly driven by the dream of winning money. Some consumers are also attracted to the thrill of gambling and the feeling it gives them. However, this can lead to harmful behaviours such as chasing losses or hiding evidence of their gambling from others.
A large number of studies have demonstrated the negative impact of gambling, including on health, work and family, but there are fewer studies that examine the positive effects. Longitudinal gambling research is difficult to conduct due to the difficulty of maintaining research teams over a long period of time, sampling issues, attrition, and the fact that longitudinal data are confounded by aging and period effects.