It could be me!
However, I don’t frequent casinos or play online casino games or bingo, and slot machines have never interested me. I have never borrowed money to gamble, although while I had all my credit card debts, you could argue that I was doing just that.
I see playing the lottery and betting on football as hobbies, I only place small wagers and if I lose, I don’t ‘try to win it all back’ by placing bigger and riskier bets.
However, I’ve yet to do a year long analysis of my spending and I guess that will truly tell me whether I have a problem/addiction or not…
But isn’t investing a bit like gambling?
In a way, a little. When you place bet on say a football team, you are gambling on a desired outcome, eg a win. When you put money in funds or shares, you are also ‘gambling’ on a desired outcome, ie shares increasing, returns/dividends. Generally, the higher the potential returns, the higher the risk of the investment, just as in betting, the higher the odds and potential returns, the less likely the event will occur.
The huge difference is that when you invest, you ‘own’ something, ie units/shares. When you place a bet, you own nothing. Also, money invested in funds/shares is for the long-term and you increase your chance of getting returns and increasing your original stake as time goes by. Betting is short term, instant in many cases.
Perhaps I need to turn my like for ‘gambling’ more towards investing in something like shares…it’s just that the stakes are a lot higher and I’ll need to educate myself about buying shares.
Anyway, back to my gambling, the World Cup kicks off on 12th June and I have been invited to join a predictions league and a sweepstake at work.
I have £7 remaining in my online betting account (actually, this balance is now £11 – I had a small winning bet on England to beat Peru 3-0 on Weds in the pre-tournament friendly!). I have resolved not to deposit any more money when these funds run out, although I shall place one bet at the start of the next football season and I shall place my usual bet on the Grand National horse race next April.
That’s it – 2 deposits a year – I think I can cope with that and the lottery. I’ll see how long I can make that £11 last!
Anyway, for what it’s worth, come on England!