In addition to being a lucrative industry, gambling also has several negative effects. These effects manifest themselves on different levels of society, from a personal level to a social or societal one. The financial impact of gambling is evident in the increased revenue for casinos, the costs associated with other industries, and the changes in value and financial situations of individuals. The social or societal level impacts are primarily monetary, and include the costs and benefits associated with problem gambling and the general economy.

There are two main types of gambling: chance and skill. While both involve the risk of a loss, the house always wins. In addition to these factors, there are cognitive and motivational biases that affect the choice of bets. Nonetheless, the majority of people enjoy gambling. Some activities can be classed as gambling, while others may be more profitable than others. For example, a person can play poker for fun, while another might engage in risky activities like horse racing.

Psychotherapy may be an option for a person suffering from problem gambling. These sessions focus on changing negative thought patterns and behaviors. The goal of psychotherapy is to help an individual change unhealthy gambling habits and develop new coping skills. Besides psychotherapy, a patient may undergo counseling if their problem gambling is related to another health condition, such as bipolar disorder. However, gambling addiction may also be an indicator of other conditions such as bipolar disorder or depression.