Lured In: Understanding and Overcoming Gambling Addiction in Youth

PRESS RELEASE
Published February 26, 2024

The Super Bowl looms, the biggest sports betting event of the year. With the rise of mobile sportsbooks, it’s easier than ever for young people to get caught up in the action. The temptation goes beyond traditional wagers – crypto trading, and stock apps like Robinhood also offer that adrenaline rush. Behind it all lies the risk of gambling addiction, a serious and growing issue impacting our youth. 

“Sports betting used to be taboo, now it’s openly promoted and easily accessible through phones,” says Dr. Louise Stanger, an interventionist and gambling addiction expert. “Young people are especially vulnerable as their prefrontal cortex isn’t fully developed. They’re seeking excitement and peer validation, not recognizing the downsides.”

While gambling is illegal for those under 18 or 21, depending on the state, access has never been easier with offshore websites and apps that have lax age verification. The stakes go beyond money – a 2022 study showed that “Suicide is among the most severe harmful consequences that have been connected to gambling.” Early intervention is key. 

As Dr. Stanger explains, “The sooner we can get troubled young adults and young people 13 to 17 into programs, the better chance they have of avoiding addiction down the road.” Educating youth on gambling literacy, risks and responsible gaming strategies must start early.

New Outlets Drawing Youth to Risky Behaviors

  1. Sports Betting

Between 2015 to 2018, US sports betting increased 300%, accelerated further by mobile betting. Sportsbooks aggressively market sign-up bonuses and free bets, downplaying the reality that most amateur bettors lose money in the long run. They target young audiences through partnerships with professional sports teams and campus activations, well aware this demographic is heavy internet and mobile users.

The ease of access from anywhere enables youth to bypass gambling age requirements. Geolocation tools are far from foolproof if phone settings are tweaked. This risks normalizing betting in young minds as simply another form of entertainment. The highly addictive nature makes it harder to withdraw even when negative impacts emerge, like using funds needed for regular expenses. Warning signs include repeated failed attempts to cut back despite wanting to and continuing to bet more to try to recuperate losses.

  1. Crypto Investing

Cryptocurrencies captured the public’s attention through dramatic value upswings that produced big wins for early investors. However, extreme volatility makes losses just as likely. The complex dynamics that influence pricing are less understood by youth lured in by hype. Cryptocurrency trading apps employ video game-like graphics and familiar sign-up methods that downplay the financial risks. Youth interpret betting on digital coins more as entertainment and speculation than serious investing. 

When market drops wipe out portfolios, despair and shame often follow without adequate emotional resilience. Warning signs mirror other gambling addiction patterns – obsession over price watching throughout the day, drastic portfolio adjustments based on internet tips instead of financial literacy, and refusal to cash out profits when reasonable. According to one 2022 study published in Addictive Behaviors Reports, over 20% of young adult cryptocurrency traders exhibited problematic use.

  1. Trading Apps

Stock trading apps like Robinhood fueled a rise in day trading, especially amongst millennials and Gen Z. Their affinity for user-friendly digital platforms met an appetite to participate in the market as passive index-fund investing lost its luster. However, active trading is riskier than long-term buy-and-hold strategies, requiring financial mastery beyond most novices. While framed as “democratizing” investing, critics argue the variable reward features and instant access facilitate addictiveness. 

Robinhood’s average user age is 31 years old, with a significant segment being university students. The app encourages repeat engagement more akin to gaming apps than traditional brokerages – session lengths are shorter but more frequent. According to a 2021 study published in the Journal of Behavioral and Experimental Finance that compared user activity, Robinhood users open the app far more often than mainstream platforms like TD Ameritrade. This day trading pattern erodes careful strategy in favor of impulsiveness and thrill-seeking. Warning signs include repeatedly abandoning financial plans to chase temporary market manias.

Causes Behind Gambling Addiction in Youth

Greater societal acceptance of gambling has diminished its taboo reputation, aided by aggressive marketing from sports teams and celebrities that lends it credibility. Youth adopt more permissive attitudes without grasping the risks, wrongly assuming it’s a legitimate path to wealth and status.

Developmental vulnerability also plays a role – teen minds are still forming, with lower impulse control and a lack of experience weighing future outcomes. Their neural reward pathways easily get hijacked by addictive stimuli. At this life stage, exploration and peer approval matter greatly, enabling poor decisions.

The mainstreaming of gambling via digital technology is another driver, as accessing these domains is now as easy as everyday social media use. Whether it’s sports betting, crypto trading or gaming-style stock apps, the psychology of variable rewards and immersive design has similar effects on developing brains as gambling and videogames.

The aggressive targeting strategies of gambling platforms rely heavily on young users less averse to risk-taking. Sportsbooks, cryptocurrencies and trading systems enable underage sign-ups through lax age checks. Celebrity spokespeople and associations with youth entertainment seduce impressionable minds into believing these are sophisticated behaviors rather than concerning ones.

Warning Signs of Problem Gambling for Parents

  • Worsening academic performance, truancy and loss of interest in hobbies or social commitments
  • Heightened defensiveness, irritability, lying about time usage or inexplicable need for money 
  • Expressions of suicidal thoughts relating to gambling losses
  • Taking out payday loans or pawning belongings to get funds for continued gambling
  • Altered sleep patterns to enable late-night gambling

How Families Can Protect and Support At-Risk Youth  

Greater awareness and early prevention is still needed around youth gambling addiction. Parents play a key role as they better understand typical teen behavior versus troubling signs warranting intervention. Protective measures are important even if issues aren’t apparent yet.

Parents should have open dialogues with children about the risks and ethical problems with gambling before exposure happens. They can closely monitor digital usage by setting screen time limits and installing filters blocking gambling sites. Increasing involvement in positive outlets like sports, creative activities and community service is also helpful. Teaching financial literacy skills allows parents to review bank statements together and convey their money values. Watching for changes signaling emotional distress, like falling grades or withdrawn behavior, enables early detection. Addressing mental wellness proactively through counseling builds critical coping skills and resilience.

In cases where addiction is already suspected, seeking professional support right away is crucial. The stigma around mental health is fading as people recognize it’s an issue requiring compassionate care rather than punishment. There are many resources to guide families through the recovery journey.

Overcoming Gambling Addiction 

Recovery is very possible, especially when caught early before too much damage is done. “The goal is identifying unhealthy patterns before youth are emotionally and financially devastated. Then we can work on perspective taking, coping strategies and pursuing passions unrelated to gambling,” says Dr. Stanger.

Cognitive behavioral therapy helps modify obsessive thought patterns and self-destructive behaviors by building self-awareness and healthy habit replacement. Group therapy surrounds clients with support networks who understand their struggles firsthand. This facilitates authentic sharing and reduces feelings of shame. Financial advisors offer guidance in money management, responsible investing and assessing risk-reward tradeoffs. In some cases, anti-addiction medications are prescribed to control cravings and urges.

Establishing new routines and social circles is critical to avoid exposure to familiar addiction triggers. Youth counseling typically involves family sessions as well to reconcile damaged relationships and rebuild trust through improved communication. Treatment programs also commonly incorporate physical wellness elements like nutrition guidance, yoga and nature immersion. 

Youths may be tempted by today’s omnipresent gambling opportunities, but the risks are substantial. Chasing highs often leads to a crash – depression, loneliness and despair can follow when obsession gets out of control. But there are always healthier alternatives and pathways forward, activities that stimulate excitement and social connections without jeopardizing well-being.

Protecting and empowering our youth is a collective responsibility. Through education, wise guidance and open support systems, we can divert them from the pitfalls of instant gratification and help them forge their own virtuous path. They deserve that chance to build lives of purpose, meaning and genuine fulfillment on their own terms, not sabotaged by youthful misjudgments amplified by uncaring industries.

 

CDN Newswire