Gambling is risking something of value (typically money) on an event that is largely based on chance in the hope of realizing a profit. It has existed in virtually every society since prerecorded history and is incorporated into many customs and rites of passage. Gambling is a significant component of the economies of countries around the world. In addition to this, gambling also contributes to the general welfare and well-being of communities through various social benefits. These include promoting socializing, mental development and skill improvement.

Gambling creates benefits and costs that can be classified into three broad classes – financial, labor, and health and well-being. These impacts manifest at personal, interpersonal and community/society levels. The personal and interpersonal levels concern those who gamble directly, including their friends, family, and work colleagues. At the societal level, money spent on gambling generates a variety of economic impacts, including increased tourism, impact on other industries, and infrastructure cost or value changes.

Those who support gambling often argue that it attracts tourist dollars and increases tax revenues, generating a positive long-term effect on the economy of regions where casinos are introduced. On the other hand, those who oppose gambling often claim that it ruins lives by depriving individuals of their families’ financial stability, encouraging impulsive and thrill-seeking behaviours, and creating debts that impair people’s abilities to support themselves or their children. In some cases, cultural beliefs can also make it difficult for people to recognize a gambling problem and seek help.