Millennials And Gambling Addictions

The psychology of gambling has been studied for decades and historically, many of the reasons for partaking make a whole lot of sense. In the case of millennials, the reasons are quite similar, yet slightly different all at once.
11/15/2016 03:22 pm ET Updated Nov 16, 2017

Millennials (technically anyone who has reached adulthood by the year 2000) are the generation of the Internet. There has been tons of talk about how these keyboard heroes are living their lives differently than the generations before them. There are the ups, the downs, the wins and the worries; but all anyone really knows is that these groups of people are much different than any other humans that came before them.
As the worries over whether or not people will know how to connect on a human level or if brick and mortar businesses will go extinct, one concern that doesn't reach everyone's radar is over gambling. With online gambling available to nearly everyone with a smart phone, gambling addictions seem to be a looming problem amongst this generation.

Like most addictions, an online gambling addiction can be detrimental to health, social life and wellbeing. If you are worried about one of your loved ones or yourself succumbing to this vice, pay attention to some of the signs and symptoms listed in the previous link. They can help you realize if a problem is occurring and what to do in order to remedy it.

Reasons Why Millennials Gamble

The psychology of gambling has been studied for decades and historically, many of the reasons for partaking make a whole lot of sense. In the case of millennials, the reasons are quite similar, yet slightly different all at once.

Profit: A little bit of gambling is a way for people to make some quick cash. Although most will lose more often than they win, it's hard to part with the prospect of making a whole lot of money doing very little work. Millennials are called privileged and entitled all of the time so why wouldn't they want to jump at the chance to earn a large sum of money without having to put in the hours.


Trying to Impress
:Millennials are young and at that age, trying to impress others is often important. It's also this age bracket that are starting to come into money and success for the first time in their lives and gambling to prove what they have. Blowing money on games is the ultimate display of wealth in many of their minds.


The Experience:
While this generation is known to prefer experience over material possessions, it seems that the signals in this area are getting a bit mixed. Going to the casino and gambling away bundles of cash seems like an experience worth having to many young people, even though they are essentially spending their money in nearly the same way as if they were blowing it on material items.


Gratification:
According to studies in neuroscience, there is a part of the brain called the anterior cingulated cortex that thrives on gambling. By stimulating this part of the brain, it's easy to get addicted to the drug-like feelings that coincide.

Who is at Risk?

After looking at why millennials gamble, we can consider who exactly is most at risk.

• Those With College Debt

It's common knowledge that most young people these days are in significant amounts of debt due to school. While digging out of it can sometimes seem impossible as useless degrees loom and no jobs are to found, gambling can seem like an easy way out.


• People With no Career Path

While liberal art degrees were once common, more and more graduates are discovering that they don't have a direct career path to follow. As many are confused and lost, they turn to other income options like gambling to make a living.

• Those Who Are Tech Savvy

Most millennials are good with technology but some of them are better than others. For those who are particularly savvy, online gambling can seem like an easy point of entry into the world of making an online income.


• High Risk Takers

It seems like an obvious one but people who are high-risk takers in general may be highly likely to partake in online gambling. Even though places like Vegas may not be accessible to them, they can easily open up their laptop to take a risk with their income.


If you or someone you know seems to be at risk for this type of addiction, make sure to get the proper help by joining a support group or talking it over with friends and family before the road to financial success gets lost.