Sports Betting - How to Play Safer

Sports Betting - How to Play Safer

Now that Sports Betting is seemingly everywhere all of a sudden, it’s important to understand some of the primary risks when gambling on sports.

In this lesson we’ll explore a few things to be aware of when placing your next sports bet, and a few tips on how to better manage the risk.

Approaches to Managing Risk While Sports Betting

There are specific risks that come along with sports betting.  Let’s explore some of the most common, as well as practical tips for how to effectively manage the risk:

Risk: Emotional Involvement

Betting on sports events can intensify emotional involvement in the game, especially if you’re a fan of the teams or athletes involved.  This emotional attachment can cloud judgment and lead to impulsive betting decisions.

Practical Tip: Be Wary of Betting with Your Heart

We all love to see our team win, but be careful about letting your emotions cloud your judgment.  Remember that discipline is one of the key skills of the experienced bettor.  Do you really need to place a bet on your favorite team to enjoy the game?  Is it really enhancing the experience, or will you be thrilled with them winning in any case?  If it’s not enhancing the experience, those are good bets to skip.

Risk: Variety of Betting Options

Sports betting offers a wide range of betting options, including moneyline bets, point spreads, over/under bets, prop bets, and parlays.  The diverse betting options can be overwhelming, and difficult to understand.

Practical Tip: Keep Track

Remember that you are gambling for entertainment.  If you place so many bets that you are constantly checking your app or bet slip, you’re probably missing out on the genuine entertainment of the event.  We recommend keeping it simple, and sticking with bets that enhance your experience.

Risk: Live Betting and In-Play Options

Many sportsbooks offer live betting options, allowing players to place bets during an ongoing game.  The real-time nature of live betting can be addictive to gamblers seeking instant gratification and constant action.  It can also do this funny thing to your perception where a win can feel like a loss if you “missed out” on better odds that were offered to you during a particular point of the game.

Practical Tip: Enjoy the Ride

Games have ups and downs, and with so many live betting options it can be difficult to say no to constant action.  Just remember, there is always another game on the horizon.  Manage your bankroll and stick to your budget if you want to enjoy gambling long-term.

Risk: Social and Peer Pressure

Betting on sports events can be a social activity, with friends or peers encouraging you to place bets that may be outside of your comfort level.  It can be challenging to resist the influence of others, leading to excessive betting that makes you uncomfortable, or places you in more financial risk than you intended.

Practical Tip: Be Assertive

If you ever feel uncomfortable due to peer pressure or excessive temptation, don't hesitate to say no.  Be assertive but polite when declining offers from others to bet more or deviate from your budget.  A simple "No, thank you, I'm sticking to my budget" can be effective.  Don’t worry about the FOMO, the good thing about sports is there’s always another game.

Risk: Easy Access and Convenience

Online sports betting platforms provide easy access to betting options from anywhere at any time.  The convenience of placing bets can make it difficult to control your gambling behavior, especially if you are engaging in other activities that may cloud your judgment such as drinking alcohol.

Practical Tip: Timeouts/Betting Limits

Online sports books have responsible gambling features that allow you to set deposit limits, bet size limits, and take temporary time-outs from the platform for anywhere between 12 hours to a full year.  We recommend using a timeout feature if you’re going out to party and are concerned you may make a poor decision with your gambling account.  Think of it like giving your car keys to your designated driver when you go into the bar.  Friends don’t let friends make huge bets when drunk.

Let's Reflect

Are there certain factors or events in sports betting that you find particularly challenging or tempting to navigate?

How can you prioritize mindful behavior while participating in sports betting activities?

Closing Thought

Managing the risks of sports betting is essential for maintaining a healthy and sustainable approach to this activity. 

By recognizing the potential pitfalls and implementing effective strategies to mitigate these risks, you can better safeguard yourself against gambling harm.

If you’re having a hard time controlling your behavior, or experiencing negative consequences from your gambling, it may be time to take a break.