All Bets Are Off: Best of Luck
*Article from Lexington Line Autumn/Winter 2024 Issue, pages 34-36
Check out the full issue here
The ads are everywhere: “Bet $5, get $200 in Bonus Bets.”
The first hit, as they say, is free.
In 2018, the U.S. Supreme Court ruled that the Professional and Amature Sports Protection Act of 1992 violated the U.S. Constitution, prompting individual states to decide on their own regulations. Since then, sports fans have crumbled under the pressure to make or lose a quick buck.
After sports betting became legal, the annual Gross Gaming Revenue (GGR) was $400 million, according to Visual Capitalist. GGR is the total amount of money wagered minus winnings. From 2018 to 2023, annual GGR jumped to $11 billion.
It can be hard to control gambling habits once they start. Winning is only an incentive to bet more, and losing creates the desire to cover losses. This can lead not only to financial problems, but afflictions like anxiety, substance abuse, and the breakdown of personal relationships.
Researchers at Ipsos, a market research and consulting firm, found that 96% of 11 to 24-year-olds have been exposed to gambling marketing messages in the past month. Draft Kings, BetMGM, ESPN BET, and FanDuel are some of the biggest players. Their sign-up promotions guarantee “free bets” and can lead to false confidence in consumers’ betting skills, leading to them make more bets and lose more money.
Caron, an addiction care center in New York City, started treating gambling addiction earlier this year.
“As with drug addiction, gambling stimulates the brain’s reward system,” according to Caron’s website. “When these receptors are stimulated by normal activity, like eating a good meal or winning a game, dopamine is released. This encourages us to repeat the behavior to get more of that same good feeling.”
Even though gambling is a slippery slope, if you’re at all curious, you’ll probably end up giving it a shot at some point. It’s possible to do it recreationally in ways that don’t negatively impact your life. According to the Office of Addictive Service and Supports of New York State, The Sports Geek, and Yahoo! Sports, there are factors you need to consider if you’re going to do it safely.
1. Think Of Who You Are And What Traits You Have
What kind of personality do you have? Do you get addicted to things quickly? Are you impulsive? If your answer was yes to either of those questions, betting might not be for you. To bet, you need to be rational, and your decisions should be thought out for more than five minutes. If you get addicted easily, one thing leads to another, and you can lose hundreds, even thousands of dollars.
“Certain personality characteristics such as competitiveness, impulsivity, and restlessness may also contribute to an increased risk of gambling addiction,” says Ahaana Singh of Osmosis, a medical and health sciences technology company. “Individuals with a family member who has a gambling problem are also more likely to engage in such behavior.”
2. Consider Your Finances
When you’re betting, you have to think about how much you have to lose. Winning big can also mean losing big, so prepare for the worst.
Keep records of how much you’re betting, and don’t take extra money set aside for other purposes, like savings or rent. Don’t ever borrow money from anyone to make bets, because you may not be able to return it. Use only money you intended to use for recreational purposes like eating out or attending events—money that you would have no chance of recouping either way.
“You shouldn’t rely on gambling as a source of income, banking your financial hopes on winning the following slot spin, blackjack hand, or sports bet,” according to Jeremy Olson, a writer for Casino Center.
If losing will have any real repercussions for your finances, don’t make the bet.
3. Bet With Stats, Not Emotions
Use whatever information is available to make your choices. Who is picked to win? How do these teams perform under pressure? Is the weather going to impact how certain players perform during the game? Did the team just get back from an away game? Does travel negatively affect certain players?
Don’t engage in confirmation bias; that is, don’t solely seek information that supports the bet you are considering. Numbers don’t lie, but at the same time, overconfidence can lead to aggressive betting, and in sports, nothing is certain.
Read up on the sport you are betting on, even if you think you know everything about it. You may find something you didn’t know that can positively impact your betting experience.
4. Don’t Get In Large Amounts
Anything you win means more money than before, so don’t bet too big, no matter how strong the temptation. In particular, don’t chase losses—making larger wages is tempting when you want to make up for a loss, but this is emotional betting that is likely to bury you in a deeper hole.
“If you're making numerous wagers each day, it's vital to keep bet sizes smaller to prevent rapid depletion of funds,” according to Futsalua, a match analysis and prediction site.
“By understanding how bet volume correlates with appropriate bet sizes, you can better maintain the longevity and health of your bankroll over time.”
5. Don’t Bet On Your Favorite Team, Just Don’t
If you’re betting, it’s best to remove your emotions from the equation. Remove your bias, even if you eat, sleep, and breathe your favorite teams.
“You can bet on your favorite teams if you want to, but I recommend using a separate bankroll to do it,” says Sarah-TSG, a guest writer for The Sports Geek. “It’s difficult for a fan to look at their favorite team and players without bias, and this bias costs you money in the long run.”
Let go of the guilt you may feel when it comes to betting against your favorite teams. The players and the organization don’t know that you’re betting against them.