What are the Negative Effects of Sports Betting?
Betting on sports is fun. It can also be an extra way to make money on the weekends. And if you like to analyze games with friends, it can be a reason to socialize and network. That said, betting on sports has some negative effective side effects. Some of these downsides are minor and manageable. Others can alter your life drastically. Below are these effects and how to best avoid them.
It Can Be Addictive
Addiction is the worst-case scenario for betting on sports. It can happen to anyone: men, women, doctors, lawyers, stay-at-home moms or students. And when it happens, the best thing you can do is to stop betting entirely. Fortunately, every problem gambler experiences some warning signs before things get worse.
If you take these signs seriously, you can avoid serious problems like depression and financial ruin:
- Dedicating too much time to betting
- Failure to quit betting even when you want to
- Lying about how much you spend on betting
- Borrowing money to bet on sports
- Gambling to escape the realities of life
If you experience one of the signs mentioned above, seek help. Sports betting should be a hobby. It shouldn't be something you do all day. More importantly, it should be fun and not cause stress or arguments with your family.
You Can Lose Money
According to the New York Times, less than 1% of all sports gamblers make it as career gamblers. Now, this doesn’t mean you can’t win a few sports bets once in a while. It means you can’t rely on betting to help you pay bills.
Sports can be unpredictable. A team that has won the last 10 games could lose to the worst side in the league. A tennis player who’s always dominated his opponent can lose. In other words, losing money is part of betting on sports.
Some people lose a lot more money on sports than others. Let's say you have a habit of betting your entire salary on your favourite team. You could lose it all in one bet. Likewise, you can lose your money fast if you bet without doing any due diligence.
Lesson: draft a sports betting budget. Join a safe sportsbook like Bwin and bet on sports you know well. Then work on your skills to improve your profitability, but learn to quit on your bad days.
It Can Lower Your Productivity
Picture this. Your favorite sportsbook has a weekly jackpot worth $250,000. To win, you must predict 16 matches correctly—all games take place from Thursday to Sunday. If you really want to win this jackpot, it means you need to spend a lot of time predicting these games.
Trying to make a prediction for each game can take up to 30 minutes. And this does not include all the time your will spend second-guessing your picks. Predicting 16 games could take an entire day or two. Considering most people lose parlay bets, are they worth all the time they take to predict? Against that backdrop, it’s essential to know how to manage your time as a gambler.
It Can Get You into Debt
One of the most common side effects of betting is that it turns you into a perpetual borrower. The explanation is it’s easy to lose money in this industry. You may lose a small amount. Then you decide to spend all your money.
Once you have no money to spend, the next step is to borrow. First, you borrow your friends and family. Soon they get tired of your habits. And you are left with no option but to sell household items to fund your addiction.
Despite that, borrowing to finance betting is an early sign that you should take a break. You should bet a small amount of money you can afford to lose. This is possible only if you budget your money accordingly. Clear your bills and save for emergencies. If you have any money left that you want to enjoy basketball betting, use it.
Sports Betting Can Be Stressful
Every first-time gambler thinks they will win a lot of money after a short while. In reality, betting tends to be stressful. You can bet 10 times and lose all your bets. It’s even worse if you spend more money than you should. You may bet $50 today. Tomorrow you decide to spend $100 to recover yesterday’s loss. Within a few days, you might end up spending your monthly income on your hobby.
This can cause stress once you realize you have no money to settle certain bills. The frustration of losing repeatedly can lead to depression. And depression sometimes leads to self-harm. Can you avoid sports betting stress?
Yes, you can. Treat betting as a hobby. Keep in mind you can lose money and if this happens, don’t get worried. Also, stick to your budget so that if you lose, you won’t feel the need to chase the money.
Gambling Can Ruin Your Family
Sports betting looks fun and harmless. But it tears families apart sometimes. The way this happens is when one spouse becomes a betting addict. When you’re a problem gambler, you can gamble your family’s savings. And this is cause for divorce.
Another possible problem is that betting could cause stress and depression. And if you react to this stress by doing drugs or becoming an alcoholic, your spouse may decide to divorce you. In the worst case, betting-related stress can trigger suicide. It has happened before in many countries. And obviously, this has a permanent impact on a family.
It Can Make You Lazy
Although sports betting is partially based on your skills, it’s also dependent on luck. Some people take the luck aspect too seriously. They will often spend a lot of money on parlay bets hoping they could win.
Sometimes you get lucky and hit a significant jackpot, say $5000. Once you taste this little success, you stop working to capitalize on betting gains. Without a job, you spend all your time chasing luck which might never come.
