For those struggling with gambling, money eventually becomes a major pain point – whether it's the effort to recover losses or the frequent borrowing to fund gambling habits, finances are deeply intertwined with this type of addiction. Even if you’re already experiencing financial hardship, the compulsion to continue gambling can lead to depleted savings, maxed-out credit cards, and loans from multiple sources which often carry high interest rates and other risks – all of which can contribute to a cycle of financial instability and increased gambling.

With online sports betting and mobile apps making gambling more accessible, the number of people struggling with problem gambling is on the rise. In the United States, approximately 2 million people meet the criteria for severe gambling addiction, and an additional 4 to 6 million people are classified as problem gamblers.

As the National Council on Problem Gambling explains, “Problem gambling is an emotional problem that has financial and other consequences. The only way to overcome problem gambling is to change harmful gambling habits, and social support and encouragement are a crucial part of that change.”

For those who are working to overcome problem gambling, practical strategies for managing debt and rebuilding financial stability can be essential for long-term recovery.

Put protections in place to help reduce gambling

When you’re working hard to overcome problem gambling, it can help to put safeguards in place that limit or prevent you from gambling. Here are a few to consider:

Self-exclusion

People can sign up with a gambling operator or regulatory body to have their access to gambling services blocked, though restrictions vary by jurisdiction and unregulated websites can often still be accessed. This is a common harm-reduction tactic for those struggling with problem gambling, because failure to follow self-exclusion rules can result in penalties (e.g. fines, criminal charges, etc.). While self-exclusion can be a useful tool for problem gamblers, experts emphasize that it should not be relied on as a standalone solution.

Spending settings 

Many modern banks allow users to set up spending alerts or impose daily limits on transactions or ATM withdrawals. And if you use a True Link Visa® Prepaid Card as your preferred payment method, you can use the unique, built-in Spending Monitor features to directly block access to cash, gambling websites, and casino-related purchases. This card works as expected outside of blocked categories, so the cardholder can spend and live freely outside of problem areas. 

‍Freeze credit

Credit freezing can help those struggling with gambling avoid taking out new lines of credit to fund their gambling, which may help limit financial damage during an episode of compulsive gambling. When you freeze your credit with the three credit bureaus, it makes it difficult for new credit accounts, loans, or credit cards to be opened in your name – even by you.

Add on financial accountability

Often, a person in recovery from gambling addiction can benefit from additional accountability. In the case of True Link, you can have a prepaid Visa card issued in your name, while a supporter, professional, or loved one can manage spending settings and have visibility into transactions. Here’s an example of how Will and his roommate Brendan used True Link to help address Will’s gambling habit. 

Financial tools and services that can help you get back on track

Problem gambling can impact many aspects of your financial life. Here are some tools and services you may want to look into to help on your recovery journey:

Debt management

It’s not uncommon for those who struggle with compulsive gambling to carry tens of thousands of dollars worth of debt. And it’s important to your recovery to come up with a repayment strategy that feels possible for you to achieve without using potential gambling wins. Certified credit counselors, like those with the NFCC or other nonprofits can help build a repayment plan and provide support consolidating and negotiating debt accumulated from gambling. 

Saving up for emergencies

Rebuilding an emergency fund can be another critical step in the recovery process, so you have something to fall back on during hard times. Automatic savings apps can help people gradually rebuild their savings by setting up small, regular contributions. This can help you slowly reestablish a financial safety net that might have been depleted during gambling struggles.

Rebuilding your credit

If you’ve accumulated a lot of debt and skipped payments, your credit score is likely to suffer. Talk to a credit counselor about your options – they may recommend using tools like secured credit cards or credit-building loans to help you slowly restore creditworthiness and build your credit score back.

Financial counseling

Certain organizations like GamFin or the National Foundation for Credit Counseling (NFCC) even offer free or low-cost financial counseling to help get you started. These organizations offer expert guidance to help people regain financial control and build long-term financial security. 

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While addressing the emotional and psychological roots of problem gambling is critical, rebuilding financial stability plays an equally important role in recovery. By combining financial strategies with the right support systems, those struggling with compulsive gambling can work toward a more stable financial future on their road to recovery.

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‍It’s important to note that addressing money issues in a vacuum is not a solution to overcome a problem gambling habit. If you or a loved one are struggling with problem gambling, you can reach out to the National Problem Gambling Hotline via phone call, text, or online chat or consider joining a meeting for Gamblers Anonymous. Your state may also have other local resources you can use.