“Treat sports betting and gambling like any other leisure activity,” said Andrew Kim, associate professor of psychology at Toronto Metropolitan University and Canada Level II Research Chair in Addiction and Mental Comorbidity. “Don’t look at it as a way to make money; put aside the amount of money you’re comfortable losing and don’t go over budget,” he said. For example, it’d mean setting a limit of $100 monthly and being comfortable with losing that cash.
Setting guidelines for gambling
The Canadian Center on Substance Use and Addiction has put in place guardrails for those excited by betting, Kim said. One guideline is to spend not more than 1% of your annual household income on betting.
“However, for young adults, annual household income will be slightly lower,” he said. For someone with an annual income of $30,000, the organization recommends gambling not more than $25 a month. It can be advisable to not bet greater than 4 days a month and to limit the form of gambling activities, Kim said.
Sarah McCarthy, CEO of the Responsible Gambling Council, said it was really necessary that individuals resolve what they will afford to lose before the event begins. The Council is a gambling-neutral harm reduction body that focuses on preventive measures. It also offers consulting services to firms and industry players.
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Many sports betting apps have built-in safeguards, comparable to setting spending limits or limiting the period of time you spend on the app, which McCarthy said must be done prematurely. The goal is to stop you from overspending or betting impulsively when emotions are running high during a game.
McCarthy also warned people to not bet once they are upset, stressed, or drinking alcohol or using substances. “As we all know, emotions and substances affect our judgment, so if you’re going through a tough time, gambling is definitely not what you want to do,” she said.
For those in Ontario, where her council is predicated, McCarthy advisable using licensed esports apps which have a industrial operating agreement with Ontario iGaming and are registered with the Alcohol and Gaming Commission of Ontario. This ensures gaming sites and apps meet player protection standards in comparison with unlicensed sites and apps, she said.
Never chase gambling losses
What’s more necessary, said McCarthy, is that you should not chase the losses. “If you’ve lost your budget, just stop,” she said. “Trying to get it back almost always makes things much worse.”
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Some kinds of sports betting will also be riskier than others, she said. For example, in multiple bets, where multiple bets are combined right into a single bet, a win-win or lose-all situation can arise. “While the payouts can be much higher than other bets, the probability of winning decreases significantly with each added piece,” McCarthy said. “Although they can seem quite tempting, it is very unlikely that players will win.”
Live in-play betting can be dangerous since it encourages people to spend money impulsively throughout the game, she said. These micro-decisions add up and may cause you to lose track of the cash you are spending – and increase the danger of going over budget.
Experts say players also should be wary of the illusion of control, especially amongst those that are avid sports fans and imagine they know the ins and outs of the game. “If we look at the data, the majority of people will actually lose,” Kim said. “Only a small proportion of people make money from sports betting.”
How to inform if gambling is addictive
In the warmth of the moment, you possibly can easily do without guardrails. And the signs that you just’re getting closer to addiction are sometimes subtle. It can start with spending more time on the betting app than planned, checking the app very first thing within the morning, or feeling the necessity to chase losses – which might all the time spiral uncontrolled.
Kim said a robust indication is concern. “They spend a lot of time betting on sports or thinking about betting on sports,” Kim said. This could mean investing more time researching the chances, player stats, head-to-head competition, or just planning what you must bet on next.
“If you’re having trouble sticking to your self-imposed boundaries, that’s another red flag that you need to give up,” Kim said. Or if you happen to cannot cover your regular living expenses, those are also worrying signs.
Financial hardship is probably the most common negative consequences of sports betting when it gets uncontrolled, Kim said. But there’s help for individuals who need it, each self-help and skilled resources.
“Delete the apps, take a break, and then reevaluate your relationship with sports betting,” Kim said. “If you feel like you can start doing it again, then do it at a safe level. For some people that’s possible, but for (others) it’s not.”
