Action
Problem Gambler
Many "action" problem
gamblers can be characterized
as highly competitive, domineering,
controlling, manipulative and
egotistical. They see themselves
as friendly, sociable, gregarious
and generous. They are energetic,
assertive, persuasive and confident. In
spite of all this, they usually
have low self esteem. Historically
they may have started gambling
at an early age, often in their
teens, by placing small bets on
sporting events or playing cards
with friends or relatives. They
progress through the four
phases of the disorder over
a ten to thirty year time span.
Action problem
gamblers typically gamble primarily
at "skill" games such
as poker or other card games;
craps or other dice games; horse
and dog racing and sports betting. Both
legal and illegal sports betting
is dominated by these gamblers. They
gamble to beat other individuals
or the "house" and
often believe they can develop
a system to achieve this goal. During
the desperation phase of the
disease, many action gamblers
often begin to gamble specifically
for escape, medicating the pain
they are feeling from the destruction
created by their gambling with
the narcotic-like effect of
slot or, more likely, video
poker machines. Adapted
from material written by Don
Hulen, AZCCG.
Escape
Problem Gambler
Escape problem gamblers typically
play games that do not require
high levels of skills or knowledge
such as handicapping. They tend
to choose games such as slot
machines, video poker, cherry
masters, bingo, keno, pull tabs,
etc. The escape problem gambler
may go into a "trance like"
state and spend extensive amounts
of time "lost" in
their gambling.
Most escape
problem gamblers have been nurturing,
caring responsible people for
most of their lives. Most
are not egotistical, have no
indications of narcissism and
are not out-going. They appear
to be "normal" and
have an almost exact opposite
character profile than that
of the action problem gambler.
During their
lives, various psychological
traumas have occurred. These
individuals frequently suppress
those negative feelings and
do not deal with them. As
time goes by and the traumas
increase, a single traumatic
event may take place which causes
situational or clinical depression. Friends
and relatives of the person
become aware of the depression
of the person.
After the predisposing
issues come to the surface,
depression is prevalent and
the individual will often do
what most do, attempt to self-medicate
or escape from the trauma (make
themselves feel better).
These individuals
are prone to use drugs, food,
sex, alcohol or gambling as
a way to self-medicate.
Most escape
gamblers begin by visiting a
casino with friends or family
once or twice as a social event,
an opportunity to take a break
from their problems and "have
some fun". In other
words, they gamble for recreation. However
a few may quickly step over
the line into escape problem
gambling. They rapidly fly through
what is often referred to as
the "winning" phase. However,
for escape problem gamblers
who gamble at games of luck,
no winning phase exists. It
is more like an Introductory
Phase. On occasion there
are winning episodes, but not
phases. They
may or may not have a big monetary
win. For them, "winning"
may have to do more with the
empowerment that comes from
entering a world which is free
from outside controlling factors
which provides a narcotic-like
relief or escape from their
worries. They are into
phase two, the chasing stage,
almost immediately and reach
the third phase of desperation
and fourth phase, hopelessness,
within two to three years. They
often seek professional counseling
prior to attending their first
self help meeting. Adapted
from material written by Don
Hulen, AZCCG.
Internet
Problem Gambler
Internet gambling is the placing,
receipt, or other transmission
of a bet or wager which
involves the use of the Internet. This
type of gambling is available
24-hours a day. The internet
problem gambler can be more
capable of concealing harmful
activity from friends and loved
ones.
Stock
Market Problem Gambler
Stock market problem gambling
is impulsive day trading and
"playing" the market
that results in negative financial
and emotional consequences to
the gambler and their loved
ones.
Some
investors may be at risk for
problem gambling in the financial
markets:
When people gamble excessively,
and their behavior negatively
affects other areas of their
lives, gambling becomes a
problem. Problem gambling
may occur in the traditional
recreational forms of gambling,
such as sports betting, casinos,
or the lottery. It can also
be a problem in any financial
transaction, including the
financial markets, when money
is risked in an attempt to
gain more money.
When
does investing become problem
gambling? A self-scoring quiz
is offered below to alert
investors to the potential
for problem gambling in the
markets along with suggestions
for where to go for help.
All
investments include risk of
some kind. Investors should
always know the risk that
they are taking and choose
investments to match their
risk tolerance. The problem
gambler can find gambling
opportunities in all market
areas, including simple stock
purchases.
Most
investors clarify specific
long-term goals, such as college
tuition for their children,
or economic security in retirement
and choose investment products
that match their goals.
A
small percentage of "investors"
are risking large sums of
money in market transactions.
Their goal is to make a lot
of money quickly and to experience
the excitement of the action.
These gamblers "play"
the markets as they would
play casino games.
Some
problem gamblers in the markets
have never gambled for recreation,
while others have gambled
problematically at some time
in one or more recreational
forms of gambling.
People
who have gambling problems
are seeking to experience
the same reactions in both
the markets and recreational
gambling. Their behaviors
meet the diagnostic criteria
for pathological gambling.
Pathological gambling is also
referred to as compulsive
or addictive gambling. It
is a clinically defined mental
disorder characterized by
obsession with gambling and
out of control gambling resulting
in serious negative consequences
in most areas of functioning.
If
you think that you or someone
you care about may have a problem
with gambling in the financial
markets, take this self-scoring
quiz to assess the behavior.
The questions identify the major
characteristics of compulsive
gambling as they apply to the
markets.
Financial
Markets Problem - Gambling Questionnaire
You
should seek help if you are
concerned about your answers
to these questions or you believe
the questions apply to someone
you care about. Pathological
gambling is a treatable mental
disorder which can only be diagnosed
by a qualified mental health
or addiction professional. Please
Note: All questions refer to
either past or present thinking
or behavior.
1.
I have been preoccupied with
seeking daily information about
the status of my investments
or trades or have been preoccupied
with thoughts of past and future
investments or trades.
Yes
No
2.
A major reason I have invested
or traded is to change an unhappy
mood, for example, escape worries,
pressures, anxiety, depression,
etc.
Yes
No
3.
I have experienced extreme highs
when I win and extreme lows
when I lose in the markets.
Yes
No
4.
I have felt uncomfortable when
any cash accumulated in my brokerage
account and have needed to quickly
find a way to keep it in action.
Yes
No
5.
I have been restless or irritable
when unable to be active in
the markets, for example, when
short of money, away on vacation,
trying to cut back on trades.
Yes
No
6.
I have needed to increase the
amount invested or traded to
maintain the high or excitement
of being in action.
Yes
No
7.
My investments or trades have
become increasingly speculative
or risky over time.
Yes
No
8.
I have had more money at risk
in the markets than I could
afford to lose.
Yes
No
9.
I have often engaged in high
volume investing or trading,
for example, to outguess the
direction of the market, etc.
Yes
No
10.
My investments or trades have
been highly leveraged.
Yes
No
11.
I have not opened brokerage
statements to avoid having to
think about my losses.
Yes
No
12.
I have borrowed money from family,
friends, credit cards or other
sources to invest or trade.
Yes
No
13.
I have borrowed money to invest
or trade and have not paid it
back.
Yes
No
14.
I have had to have someone else
provide money to relieve a crisis
caused by my investing or trading.
Yes
No
15.
I have lied to people in order
to hide that I was investing
or trading or to hide how much
money was involved.
Yes
No
16.
When losses have piled up, I
continued the same investments
and trades or increased the
amount, in hopes my strategy
would work, or my luck would
change and I would regain the
losses.
Yes
No
17.
I have wanted to stop investing
or trading but did not think
I could or I have been unsuccessful
when I have tried to control,
cut back or stop investing or
trading.
Yes
No
18.
I have risked losing or lost
important work, family, or other
commitments due to the amount
of time and money taken up by
my trading or investing.
Yes
No
19.
I have committed an illegal
act to get money to continue
to invest or trade or to pay
back a loan for my investment
activity.
Yes
No
20.
I have wondered whether I was
gambling excessively in the
markets.
Yes
No
