Addiction can take hold with devastating speed, as one 25-year-old caller to "The Ramsey Show" found.
James, a business owner with an annual income of about $120,000, told host Dave Ramsey how he lost between $45,000 and $55,000 in just six weeks to a sudden gambling habit after moving to Atlantic City.
He explained that the addiction started small, with $25 bets while socializing with new friends. As his friends increased their bets, it pushed James to higher-stakes gambling.
"You feel like a wimp when you're dropping $10 and they're dropping $100," Ramsey said.
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James' habit quickly escalated as he started going alone, with his nightly losses ballooning from $100 to between $2,000 and $5,000.
"I don't drink. I don't smoke. I don't do anything at all. I live a fully sober life," James told Ramsey.
The sudden, intense addiction left James feeling out of control. He described a "blackout" phenomenon when inside the casinos, where he feels like he's not himself until he leaves and the reality of his actions sets in.
Ramsey, who said he has worked with countless addicts facing financial ruin, offered James a three-pronged action plan:
- Seek immediate help by contacting Gamblers Anonymous to begin a 12-step program.
- Find a one-on-one therapist or counselor to process the crisis and understand the cognitive basis of his addiction.
- Connect with a local church to build a healthy support network and spritual foundation, intentionally making new friends who do not frequent casinos.
"100% of addicts eventually have financial troubles," Ramsey told James.
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Ramsey's co-host, financial expert George Kamel, said James should implement financial guardrails such as limits on his bank accounts or enlisting a friend to hold him financially accountable and add more friction to the destructive impulse.
Ramsey said that if these steps fail, James should consider moving away from Atlantic City to a location without easy access to casinos, noting that removing the temptation may be necessary for healing.
James isn't alone in his addiction.
An estimated 1.2% of the world's adult population has a gambling disorder, according to the World Health Organization.
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And it's not just the addicts who are impacted. WHO reports that for every person who gambles at high-risk levels, an average of six others — usually nongamblers — are affected.
The disorder often leads to job loss, bankruptcy and resorting to illegal acts like theft or fraud to finance gambling or repay debts, according to the Gateway Foundation.
Because James is so young, Ramsey said it's likely he will rebound from his gambling setbacks.
"The good news is … he's young enough that he's going to recover from this, and it will just be a giant stupid tax, hopefully he looks back on," Ramsey said.
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