I don’t think I ever knew that there is an “American Gambling Association” but it does exist. The Association recently estimated that over 45 million Americans will be betting on NFL football games during the 2021 season. Much of this gambling is now online betting which is no surprise. The AGA states that this 45 million number of gamblers is a 36% increase over last year. WalletHub reports that US consumers experience over $100 billion per year in total gambling losses.
The statistics posit that the increase in online betting is partly due to the closure of traditional casinos due to COVID and pent up demand. Gambling is also projected to be on the rise due to increased isolation online during COVID. Of course, today’s gaming is totally 24/7 with a mere touch on your phone.
Recreational gambling within your budget can be entertainment. However, the bankruptcy system knows that there is a long history of financial hardship due to gambling debt. And the bankruptcy discharge can be complicated when it comes to gaming debt.
Many compulsive/addicted gamblers run through cash on hand including retirement funds, and then continue to gamble using credit card debt or casino credit, carrying high interest rates. This cycle is pretty much impossible to escape once the interest charges are added and continue to build up.
If you or a loved one suffer from “problem gambling,” there are numerous resources available online to help and provide information. It is important to get the symptoms and causes under control before turning to deal with existing debt that has accrued. Work with a competent bankruptcy attorney to understand what facts will be important in your situation as to how bankruptcy may help and whether your gaming debt will be discharged.
About DelCotto Law Group
DelCotto Law Group is Kentucky’s asset preservation and business restructuring law firm known for its commitment to the lifetime success of its clients. With offices located in Lexington, Louisville and Danville, DLG serves Kentuckians with complicated financial matters, especially in the areas of bankruptcy and complex litigation. For more information please call (859) 231-5800, email [email protected] or reach us on our contact page.