If you are a sports fan and if you like opportunities to earn some extra money, here comes the devil in disguise–sports betting. In simple terms, sports betting is a form of gambling centered around different athletic events. Bets can be placed upon who wins or loses a match, game statistics, or the number of points scored by the opponents at the end of a game. Sports betting occurs in almost every single sport, but the leading leagues include the NFL, NBA, and college-level athletics. We do not even have to go in person to the casinos anymore, as platforms such as DraftKings and FanDuel offer the ability to place bets from the comforts of our own homes.
Since its rise in popularity, we have seen sports betting take over the athletic world, especially for men aged 18-35. Whether bets are made from a barstool or on our couch, those who enjoy watching sports often attempt to earn a quick buck from the game. We often hear about the wonder stories behind betting, a guy who put his whole life savings on a game and ended up winning back double, or the clueless guy who has never watched a sports game in his life but somehow made hundreds. However, these stories are not the norm; they are the once-in-a-lifetime odds shining through the rest of the stories being hidden.
Though gambling can be exciting and thrilling, it is one of the easiest ways to fall into financial ruin. When anyone bets for the first time, or downloads one of the sportsbook platforms, they are not usually throwing all their money into it. It starts with one dollar here on a likely bid, then maybe five on something a little riskier. Then one dollar turns into a hundred, then five turns into a thousand, and suddenly we are digging up pennies to get through our lives. The excitement is not in losing our money, or having to hesitate before opening the bank app, it is in the possibility of winning big. Of being one of those wonder stories we constantly hear, but cannot read for ourselves. Individuals will often bet more than they can really afford, leading them to need to use their savings, use a credit card, or even take out personal loans just to pay back what they lost. These financial issues can continue to grow over time and individuals find themselves in devastating situations. Bankruptcy rates, delinquency rates, and loss of emergency funds have all increased since online sports betting came into the picture.
Gambling is not only a problem, but it is classified as an addiction. The levels of dopamine connected with winning, or even losing, bets cause our brains to continuously need to chase that same high. Just like drugs or alcohol, our brains can become dependent on the feeling that gambling provides us, despite how it may be negatively impacting our lives. Addiction brings further mental health problems, such as anxiety, depression, and guilt surrounding loss of a bet and loss of money. Sports betting can quickly consume someone’s life, and with how easily accessible it is, the issue is becoming more prominent. A sports fan and a lover of fun can easily turn into a financially desperate, addicted individual when we do not adequately educate ourselves on sports betting and gambling as a whole.
There are ways to promote a healthy connection with gambling and enjoy the practice without putting ourselves at risk. When we decide to place a bet, it is important to create a budget of how much money we will use. Rather than going into gambling without a financial plan, we know exactly how much money we have set aside to use for bets. Also, not placing bets on a regular basis keeps gambling fun and an experience, not a daily task. We maintain control of our finances and our bets instead of allowing betting to control us.
If you, or someone you know, are experiencing problems related to gambling addiction, the National Problem Gambling Helpline is 1-800-522-4700.
