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UPDATED: Wednesday, January 17, 2007

Gambling in retirement

Posted on Wednesday, December 27, 2006
 

By Michele Harris
THE ERICKSON TRIBUNE

It’s too cold to play golf. You’ve seen every movie at the local theater and you’re sick of shopping. What better way to spend a cold winter’s day than with an inexpensive day trip to a local casino? Odds are the price is right, with discounted transportation costs, a coupon for a free lunch, and perhaps they’re  even throwing in $15 worth of chips to get you started.

A recent survey by University of Nebraska clinical geropsychologist Dr. Dennis P. McNeilly shows gambling, namely bingo and casinos, is the top choice of entertainment for older Americans, surpassing movies, theater, dining out, shopping, or golf.

Problem gambling
With gambling legal in 48 states it’s never been easier to put your money down, and by all accounts, Americans are doing just that. In 1996, the gambling industry had a gross annual revenue of $47.9 billion. In 2005, it was up to  $84.65 billion.

Overall, an estimated two million Americans are compulsive gamblers and an additional four to eight million are problem gamblers. A problem gambler is  someone who lets gambling interfere with normal life such as work or family. It’s unclear how many problem gamblers are over 60, but it’s well-known that recovering from the financial ruin that accompanies problem gambling is far more difficult for someone in retirement or on a fixed income.

The National Council on Problem Gambling conducted a study in 2002 that shows a 30% surge in gambling activity over the past 20 years among older Americans, an increase unmatched by any other age group. “They have  disposable time. They have disposable income. For most, it is recreation and  they’re able to keep their gambling in control,” says Council Director Keith Whyte.


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Are we being targeted?
“Go to any casino midday or mid-week and you’re going to find,  overwhelmingly, patrons that are over 55. In many markets, they are aggressively and specifically marketed to. In the Midwest there are casino slot clubs that are for people 55 and older or 65 and older, and clubs where you can get discounts on your prescription meds,” Whyte says. “The thing that  concerns us is the gaming industry spends all this time and money targeting this group and they don’t spend a comparable amount of money helping them gamble responsibly.”

Any addictive behavior has the potential to ravage lives, but a gambling addiction may not be evident until financial hardship really sets in. “With gambling, it’s harder to detect,” says Whyte. “There are no track marks. You can’t smell it on someone’s breath.”

Once a problem exists, getting help can be difficult. Says Whyte, “For an older person, if they’ve gone through their retirement savings, how are they going to get that money back? Do they call their alienated kids, who are upset that they just lost their inheritance?”

Drug interaction
Researchers at the Mayo Clinic found that the Dopamine agonists, a class of drugs used to treat Parkinson’s disease, may increase a person’s risk of developing a compulsive gambling problem. Though rare, there are documented cases of people who never gambled at all losing their entire savings within a  matter of months after starting treatment for Parkinson’s. People often don’t recognize unusual behavior as a side effect of a medication. Always check with your doctor, if anything seems amiss—be it mental, physical, or behavioral.

A tax on the willing
What’s fueling the proliferation of gambling across the country? In an era where “tax” is a dirty word, legalized gambling such as lotteries offer states a tried and  true way to raise money without raising taxes. Thomas Jefferson referred to  lotteries as a tax on the willing. Lotteries have played a valuable role in America since the Revolutionary War when Ben Franklin and George Washington  sponsored lotteries to fund building projects. Today, lotteries fund many worthy projects such as new schools, better roads, and improved social services.

Keep it fun
According to a 2000 poll conducted by Peter D. Hart Research Associates and The Luntz Research Companies for the American Gaming Association, 62% of older Americans see casinos as an “inexpensive day out” for someone on a fixed income.

Key to keeping it fun without becoming a problem is setting limits, sticking to those limits, and never gambling on credit.

Just as a glass of red wine may be beneficial to your health, there are potential benefits from gambling. Socializing is an important part of good mental health and the challenge involved in many games helps keep the brain engaged. Says Whyte, “One of the things you want to do is keep active cognitively such as trying to pay attention to the cards or  the numbers. For healthy people, gambling could be a protective factor.”Editor’s note: For more information about problem gambling, contact the National Problem Gambling Helpline Network (800-522-4700) or visit www.ncpgambling.org

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