No matter how much they may love their families, gambling addicts can pose direct financial harm to them.
That harm might range from never repaying loans to stealing their spouse’s and children’s identities to access more credit. It could involve emptying joint bank accounts and college funds, or tapping home equity. It could mean getting into trouble with the IRS and facing the prospect of wage garnishment or property liens. Or it could lead to stealing money at work to pay gambling debts and then losing their job, reducing the family’s income.
Whatever the scenario, it’s often the problem gamblers’ spouses who try to remedy the damage to the family finances, as well as prevent future financial abuse of themselves and their kids.
While problem gambling is not new, it could become more prevalent. Ever since the Supreme Court struck down in 2018 a federal ban on state-authorized betting, which paved the way for the legalization of online sports betting sites, the opportunities to gamble now range from casinos to the phone in your pocket. As of last year, 38 states and Washington, DC, had operational sportsbooks.
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