Gambling involves risking something of value (e.g., money) on an event whose outcome is determined by chance and in which instances of strategy are discounted. It evokes a range of emotions and behaviors, which may contribute to the development of gambling problems.

While gamblers typically display a variety of psychological and behavioral symptoms, there is a growing consensus that some individuals who engage in gambling behavior have more serious problems than others. Those with more severe problems may be progressing toward pathological gambling or, at least, meet the DSM-IV criteria for a gambling disorder in remission. Still, 5-8 million adults (2-3%) have mild gambling problems; these individuals do not meet the DSM-IV diagnostic criteria for pathological gambling and are not at risk of developing one, but they are experiencing significant difficulties related to their gambling behavior.

Gambling is often a highly impulsive activity and, in contrast to other activities that require creativity or useful skills, it does not provide the opportunity for self-sufficiency. Moreover, it is often an activity that is conducted in social settings. It is not unusual, for example, for employees to form betting pools at work on events such as sports games or reality TV shows.

In addition to the impulsive nature of gambling, research suggests that it is associated with a number of cognitive distortions. These distortions include an elevated confidence in the probability of winning, and an overestimation of the amount that can be won. As a result, people who experience these distortions may end up chasing their losses, thinking that they are due for a big win.