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  • Online Gambling and Its Impact on Your Finances
Online Gambling and Its Impact on Your Finances

17 January 2025

Online Gambling and Its Impact on Your Finances

In today’s digital age, online gambling has become easily accessible, and for some, it may start out as a harmless pastime. However, for many, it can quickly spiral into a serious issue that impacts not only their emotional well-being but also their financial stability. As a credit union, we understand that our members may face many challenges, and we want to provide both support and information to help navigate the potential pitfalls of online gambling.

How Online Gambling Can Become a Struggle

Online gambling can often start innocently, with the excitement of trying out a new game or placing a small bet. But over time, what may seem like fun can turn into a problematic habit that is hard to control. Many individuals who find themselves dealing with gambling problems may feel overwhelmed, embarrassed, or even isolated. It’s important to recognise that these feelings are normal, but it’s equally important to understand that help is available.

If you find that online gambling is affecting your finances or mental health, you are not alone. It’s common for those struggling with gambling addiction to hide it, hoping it will resolve itself. But when it doesn’t, it can lead to significant financial strain, relationship problems, and a sense of helplessness.

How Online Gambling Affects Your Finances

The financial consequences of online gambling can be severe, especially if it becomes an addiction. For credit union members, gambling may lead to significant debt. Some individuals may struggle with paying bills, and others may take out loans or use credit cards to fund gambling habits, further escalating financial difficulties.

This financial strain can have long-term effects on your credit rating (CCR), loan eligibility, and your overall financial stability. At times, these problems may seem insurmountable, but there are options available to help you regain control. The first step is acknowledging the situation and seeking assistance, there’s no shame in asking for help.

Lorna Hanlon ANSACs Senior Member Service Officer states “We would consider significant bank account gambling to be an expense when evaluating loans. Gambling may have an impact on a member's capacity to pay back loans and other debts that are not related to ANSAC, such as mortgages.
This is because we need to make sure that ANSAC Credit Union are lending responsibly.

When it comes to financing, members who engage in a lot of gambling are at high risk. Social gambling and other such small-scale activities wouldn't be problematic.”

How to find out the impact on your credit rating

ANSAC advises that anyone concerned about the knock-on effects gambling has had on their credit rating, can make an application for it on The Central Credit Register (CCR) website Continue your application (centralcreditregister.ie) and order their credit report free of charge for a personal report to see what information prospective lenders can access about their credit history.    Three types of identification documents will be requested when applying for your credit report:

  • photo with signature (such as passport or driving licence)
  • proof of your address (must be no more than 6 months old)
  • proof of your PPSN

Seeking Help and Finding Support

If you or someone close to you is affected by gambling addiction, reaching out for help is the most important step. If you’re struggling with online gambling, please remember that you are not alone, and there are many supports available to you to help. Acknowledging the problem is the first step toward healing, and it takes courage to reach out.

Ricky McCausland

Community Engagement Officer

ANSAC Credit Union

 

Supports

Defence Forces Personnel Support Services Telephone and/or Online Support and Counselling Services - Defence Forces

ONE Veteran Support Officers HOW ONE MAKES A DIFFERENCE TO OUR VETERANS IN IRELAND | Organisation of National Ex-Service Personnel

GamblingCare.ie - Get help for Problem Gambling in Ireland

Gamblers Anonymous Ireland

Free Counselling for Problem Gambling in Ireland (ROI & NI) - Extern Problem Gambling

 

 

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Online Gambling and Its Impact on Your Finances

ANSAC Credit Union

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