Whether it’s placing a bet, buying a lottery ticket or tossing a coin in the air, most people have gambled at some point in their lives. But gambling is more than just a form of entertainment: It’s also an industry with a global economic footprint and complex social effects. Here, we examine some of the basic facts about gambling: what it is, how it works and what kinds of gamblers there are.

Gambling involves wagering something of value on a random event, where instances of strategy are discounted. It can involve any activity that involves risk and a prize, from betting on sports to playing slot machines to playing games of chance, such as poker or blackjack. While some people may develop a gambling disorder, the vast majority of those who engage in gambling do so without problems. Nevertheless, it’s important to understand the risks and take precautions.

One of the most effective ways to avoid gambling-related problems is to create and maintain healthy habits. Set money and time limits before you begin to play, and stick to them. If you have a problem with gambling, it’s also helpful to seek therapy. This can help you address the underlying mood issues that often contribute to compulsive gambling, such as depression, stress or substance abuse. Getting to the root cause of your gambling problems can make it easier to overcome them and prevent relapse in the future.

While it’s possible to develop a gambling disorder at any age, it tends to be most prevalent among younger individuals. Some research has suggested that this is because younger people have less developed brain reward systems and are more impulsive. Another factor is that many people start gambling at a young age in their culture or community, which can shape their thoughts and values about it, making it more difficult to recognize when their behavior becomes problematic.

In the United States, gambling has become a billion-dollar industry with more than $10 trillion in legal wagers made annually (and much more in illegal wagers). While most adults and adolescents engage in some type of gambling, a small subset goes on to develop a gambling disorder, which is defined by the Diagnostic and Statistical Manual of Mental Disorders Fifth Edition as a persistent, recurrent pattern of gambling that causes significant distress or impairment.

If you’re struggling with a gambling addiction, it’s important to seek treatment as soon as possible. Several treatment options are available, including cognitive behavioral therapy and family and group therapy. Some of the most successful treatment methods are based on the 12-step program used by Alcoholics Anonymous, such as finding a sponsor and taking steps to recover from addiction. Creating a strong support network is also essential, and you can do this by reaching out to friends, joining a book club or gym, volunteering for a charity or seeking out a peer support group, like Gamblers Anonymous. These groups can be invaluable in helping you regain control of your life and reclaim your happiness.