What to Do When Clients Struggle With Gambling Issues

All bets are off. A roll of the dice or a same-game parlay can be thrilling, but it often ends in losses. For the roughly 20 million Americans who report having a gambling problem, per the National Council for Problem Gambling, the behavior can be a hard cycle to break. The ultimate goal for advisors who witness clients with any addictive behavior is to guide them toward professional help. In many cases, wealth managers are among the first to notice something is wrong. “Clients might feel shame, regret, or like they’re a bad person,” said Dr. Preston Cherry, a CFP and certified financial therapist with Concurrent Wealth Management. “You can’t treat them clinically, but how you speak to them and not judge them can help.” Judgement-Free Zone Patterns like large or frequent withdrawals can signal an issue. When raising concerns, advisors should anchor the conversation in the financial plan, showing how certain behaviors conflict with long-term goals like retirement or buying a home. Not every client will be forthcoming, but warning signs appear in account activity. “The stories are in the statements,” Cherry said. If a client opens up about gambling, advisors should treat it like any other major life event: It’s an opportunity to better support them. “When someone addresses addiction and admits it out loud, that takes real courage,” Cherry said. “They’re looking for a collaborative partner.” Always in Reach. Gambling itself isn’t new, but the latest mobile apps and online platforms have made betting constant and immediate. According to research from the American Gaming Association: - All gaming channels, including traditional gambling, sports betting and iGaming reported collective revenues of nearly $79 billion last year, which means Americans lost quite a lot of money. - iGaming revenue reached nearly $11 billion, while sports betting hit almost $17 billion. - Americans wagered about $170 billion on sports last year, up 11% from 2024. “It’s right there in your palm,” Cherry told Advisor Upside. “You may or may not have alcohol in the house. You may or may not have drugs in the house. But the gamification of impulses and addiction are right there on your phone.” The post What to Do When Clients Struggle With Gambling Issues appeared first on The Daily Upside.