How to Rebuild Your Finances after Gambling Addiction

 Omolabake Fasogbon

Amid a growing poverty rate and unemployment, gambling has been a way out for many. This has so taken root that many with stable jobs still stake their resources to multiply their wealth, either to offset heavy financial obligations or elevate their lifestyle, as the case may be. 

Indeed, it has been a source of financial breakthrough for many in the country also as report indicate that they reap a whooping N2 billion from the lottery sub-sector annually.

According to a projection by Statista, the gambling market may hit $3.10bn in 2025.

As lucrative as this sector, its threats to humans seemingly outweigh its gains.  

Despite being regulated, Nigeria’s lawmakers recently considered banning sports betting, citing concerns over addiction and accompanying negative consequences.

According to data from the National Lottery Trust Fund (NLTF), over 65 million Nigerians spend an average of $15 per day on betting. But behind this staggering figure are sorry tales of addiction, and lives trapped in financial ruin, despondency, mental health issues, debt distress, suicidal intentions and even suicide. 

In the case of Mr. Victor, he has given up on life after he staked a N15 million business worth and a monthly paid job to gambling. 

Victor’s ordeal began the day he won N20,000 from Baba Ijebu (premium lotto) by chance, and like the fictional Oliver Twist, he wanted more.

While narrating his story, Ayodele Arowosegbe, who became Victor’s lender, said he met Victor at a bar feeling downcast and penitent.  Even in his low state, he still had craving for betting still. 

“On this day, he had no transport and wanted me to lend him N1000 to convey him home, after already losing N20,000 to betting. I gave him the N1000 which he immediately placed on a bet again. He won N2000 and returned my N1000. He still placed the left N1000 on betting, but lost this time around without a dime left on him”, Arowosegbe said.

He said this has been Victor’s typical life ever since he tasted betting. 

“He used to have a job and a side hustle that fetched him N15 million a year. His business began to suffer as his belief in betting grew. He once staked N2 million after selling his car and lost everything. He told me he’s made money, which always finds its way back into bets. Now he’s broke. His friends who lavished his payouts with him have also turned their back against him”, Ayo narrated. 

Victor is grappling gambling addiction, described as an urge to gamble continuously despite harmful negative consequences or a desire to stop.

Victor’s life, once marked by financial success, is now overtaken by compulsive betting. But he is not beyond recovery, likewise many others in his shoe. 

Chief Economist /Managing Editor of Proshare Nigeria, Teslim Shitta -Bey said rebounding from a loss requires a cognitive shift, adding that a gambler will need a new mental map that steers away from gambling to investing. 

“Every good thing requires time and effort. The gambler will have to rethink his or her money choices and decide to take the hard long walk to financial freedom, where growing passive income liberates people from the daily treadmill of life,” he submitted. 

Speaking from experience, a survivor of a gambling addiction, Kevin Anyango, maintained that financial health remains one of the most challenging areas to rebuild for a gambling addict. 

To navigate the process, he advised, “Create a realistic budget and debt repayment plan, starting with high-interest debts. One may also need to engage a financial or addiction recovery advisor to develop a tailored plan. Cut unnecessary expenses, avoid new debts, and consider additional income sources like part-time jobs or freelancing. Celebrate small victories to stay motivated and committed to regaining financial control”.

A finance expert, Dr. Uju Ogubunka, believes that a survivor of gambling addiction could build a sound financial life again by being intentional, noting also that it is a challenging journey, but achievable. 

“The path to rebuilding after financial loss begins with a critical personal decision. The first step is deciding whether you truly want to stop gambling; without that decision and sufficient reasons to back it, one is likely to relapse. Recovery isn’t just about money; it’s about mindset, “he stated. 

He added that following a decision to back out, affected person should consider alternative income source that will be financially sustaining enough. This he said can either be taking up a job, starting a business, or even learning a trade. 

“Continuing to gamble in hopes of a big win only deepens the cycle of loss. 

More so, an accountant cum tax expert, Dr. Titilayo Fowokan opined that recovery starts with self realisation. 

“The affected person should accept that the money lost is gone. He needs to forgive himself, retrace his steps, take a new turn into productive activities, and flee from gambling to have a lasting mental stability. Way forward is to channel future funds to ventures that yield defendable returns”, she advised.