If you’re an avid sports fan and you love to follow your favorite teams, you’ve likely considered gambling in the past. Putting a bit of money on the outcome of a game can make you feel more invested in the outcome, and make those crucial final moments of a match all the more thrilling.
Obviously, there are also some downsides and risks associated with sports gambling. Gambling addiction is a real disorder, and it can have highly destructive effects on your finances, your relationships, and your mental health.
If you do decide to gamble on sports, there are some important do’s and don’ts to follow.
Do: Realistically Assess Your Financial Health
Before you begin gambling, take an honest assessment of your current financial health. If you’re not making much of an income, or if you’re already deep in debt, you shouldn’t be gambling anything. On the other hand, if you have a robust portfolio of rental properties and a steady job with a decent income, you’ll have a bit more disposable income to play with. In general, the lower your debt and the better you budget, the more comfortable you can be with gambling. However, you shouldn’t use this as an excuse to gamble away your savings.
Don’t: Bet on “Sure” Things
Lots of people gamble when they think they’ve got a “sure” thing. They’ve heard from a friend about some insider information, or they feel like they have knowledge that other people don’t. Realistically, the outcomes of sporting events are unpredictable. If you feel overly confident, it’s probably going to lead you to a foolhardy decision. You’re better off acknowledging the existence of unpredictable odds.
Do: Pay Attention to Your Thoughts and Feelings
Gambling can negatively affect your mental health in several ways, so it’s important to observe your patterns of thoughts and feelings as you gamble. How do you feel when placing a bet; do you feel compelled to do this, or are you just trying to have a bit of extra fun? Do losses haunt you and drive you to gamble more, or are you okay with them?
Don’t: Bet More Than You Can Afford to Lose
This is an important step that can save you from financial ruin. Gamble as if each of your bets is a nonrefundable payment; in other words, never gamble more than you can afford to lose. Some gamblers set aside designated money for gambling, so they never dip into their savings or bet more than they originally intended. Whichever combination of strategies you use, keep your losses to a minimum.
Do: Choose Your Platform Carefully
There are many places where you can place bets on sports, but not all of them are equal. Some will offer different odds, different spreads, and different fees. Make sure you choose a platform that favors you best, and don’t be afraid to experiment with different platforms to see which ones are better. Additionally, it’s a bad idea to gamble with anyone “off the record” or in ways that might jeopardize your personal safety or financial security.
Don’t: Chase Losses
A common hallmark of problem gamblers is the compulsive need to “chase losses.” The idea here is that a gambler loses money on a bad bet; they feel bad about the loss, and feel the need to follow up with another bet to try and recover that loss. After all, if they win a follow-up bet, they might be able to make up for the loss and then some. However, this can lead to a terrible spiral of continued losses, each one pulling you further into those negative feelings.
Do: Reach Out for Help If You Need It
If you feel a compulsion to gamble, or if you’re suffering from a major financial loss because of your gambling, don’t hesitate to reach out for help. Your friends, family members, and loved ones will be more than willing to help you recover from the brink of addiction. In more extreme cases, you can rely on help from a counselor, or from group therapy sessions, to improve.
Don’t: Lie to Continue Your Habit
If you live with a partner or if you share financial responsibilities with others, one of the worst things you can do is lie in order to keep indulging your habit. When you feel the need to lie, it’s a sign you have a problem, and it’s time to take a step back and be honest with your situation.
Sports gambling isn’t for everybody, even if you separately love the activities of gambling and watching sports. Consider your current finances and mental health carefully before engaging in any kind of gambling activity, and never bet more than you can afford to lose.
