I have been writing about how technology can contribute to bankruptcy. In keeping with this theme, today I will address online gambling and bankruptcy. With the 2021 NFL season kicking off this week, it is a good time to discuss this topic. For example, the American Gaming Association estimates that a record 45.2 million Americans will bet on NFL football games this year. That is a 36% increase over last year. Besides football betting, all gambling is on the rise in America. This is especially true for the online gambling market. In 2020, the United States online gambling market was valued at $1.978.57 billion. This figure is expected to grow by double digits for the foreseeable future. COVID-related closings of traditional casinos and gambling venues, increased states’ gaming legalization including New Jersey, and technology are all contributing factors to this increase.
It is estimated that there are 23 million Americans suffering financial hardship from gambling debt. Further, it is estimated that the average loss is approximately $55,000 for those with a gambling problem. With New Jersey’s long history in the gambling industry (i.e., Atlantic City) and New Jersey currently being the largest market for regulated online gambling in the United States, I can safely assume that many of our fellow residents are among the 23 million. With casino access 24/7, right on their phones, I can confirm that I am seeing more and more clients with debt from online gambling.
When Luck Runs Dry
Gamblers see their debt pile up in a number of ways. After using savings, retirement accounts, and selling off assets, many gamblers will use credit cards. And, as we know, with high interest rates, credit card debt can add up quickly. This is all obvious, but it does not address the root problem. The real problem is that many gamblers have an addiction. Therefore, to fix financial problems due to gambling, one first needs to get the right help and support. In other words, the addiction needs to be cured first.
For your information, here is a link to the Carrier Clinic’s website. Accordingly, the link provides valuable information about online gambling addiction, the signs of it, and treatment options. Also, if you or a loved one has a gambling addiction, please visit the Council on Compulsive Gambling of New Jersey, Inc. or call 1-800-GAMBLER.
Next – Focus on the Financial Cure
Again, all you really need to do to enter the world of online gambling in New Jersey is to have a smart phone or computer and a credit card. So easy, so convenient, and so high the potential for massive credit card debt. The good news, and I do not say this lightly, is that there is a way to deal with the debt. For instance, most credit card debt can be discharged in bankruptcy. Likewise, personal loans are dischargeable. However, if any money was received fraudulently, creditors may object to your bankruptcy filing. The point is that all situations are unique but there are solutions.
We are here to answer any questions you may have about online gambling and bankruptcy. And a free consultation to discuss your situation is just a phone call away. Get on the path to recovery today!