Seniors Who Bet Their Life Savings Away

How to recognize the signs of an older family member or friend who may be struggling with a gambling problem

Imagine working hard your entire life to save money for your retirement and then losing it all due to a gambling problem. More active seniors are facing this reality due to their gambling activities at casinos, the track, and even on the Internet.

According to Bobbe McGinley, a nationally-recognized expert in addiction recovery, most adults who struggle with a gambling problem are over age 35 and a great percentage of them are over age 50. She says older adults gamble for a variety of reasons, including social interaction, emotional escape, independence, to boost self-esteem, and the excitement of living on the edge. Seniors also perceive gambling sites as safe places to go because guards are there 24 hours a day.

Sadly, The Golden Years turn bleak for many older problem gamblers.

"A 75-year-old does not have the ability to re-earn what he or she lost," McGinley says. "When older adults get into trouble with gambling, it becomes a huge problem. There is a ripple effect. Not only is Grandma broke, but she may have gambled your inheritance away. And if Grandma is broke, who is going to pay for her living expenses and health care? Not to mention the fact that she may owe a lot of money to credit card companies or loan sharks."

To compound the problem, McGinley says many older adults do not understand addiction and are less willing to seek help. In addition, some older adults may have a cognitive impairment that interferes with their ability to make sound decisions. She says problem gamblers are very good at hiding their addiction but there are some signs to watch out for. An older adult may have a gambling problem if he or she:

  • Started gambling with groups, but now gambles alone
  • Gambles as a means to cope
  • Gambles more often, for more money, for longer periods of time
  • Talks only about wins, not losses
  • Is bored when not gambling
  • Can't explain the absence of household or personal items
  • Hides gambling losses from family members
  • Is depleting his or her financial reserves
  • Is unable to meet living expenses previously met
  • Gambles on credit
  • Borrows from family and friends
  • Withdraws from family and friends

"If you think your loved one has a problem gambling, he or she probably does," says McGinley. "Don't ignore the problem. Seek help as soon as possible either through a therapist, a community support group, or if need be, a residential treatment program. Gambling addictions are devastating to the entire family, so be sure to seek help for yourself too."

McGinley is a program consultant to Calvary Center, a Phoenix-based, nationally-recognized residential recovery service facility that was founded in 1964. An expert in problem gambling and addiction recovery, McGinley wrote Calvary Center's 30-day residential treatment program for problem gamblers. Launched in December 2006, this is the only treatment program of its kind in the Valley and one of just a few in the nation for problem gamblers. McGinley also serves as CEO and clinical director of ACT-Counseling and Education. For help or information, call 1-866-76-SOBER.