Sports betting — A little hobby that can become a nightmare
Money is what the world lives and breathes for so, what harm could betting a little money do?
Millennials along with other young adults love to look for shortcuts to earn any extra money they can. One may look for ways to earn money by working multiple jobs, helping out neighbors, and finding some side hustles. On the ways some people believe they can earn money is through gambling. Now this can be through a casino playing slot machines, card games, or sports betting.
The topic I am going to focus on in this article is sports betting. Sports betting used to be done in person, but nowadays the internet makes it easier than ever to place online bets. For most people gambling is a recreational event, but for the significant minority, it progresses to a serious problem.
Gambling is a behavioral addiction that if not resolved early on can lead to financial, physical, mental health, and family problems. Smoking is very similar to gambling because it has the effects of tolerance, withdrawal, repeated attempts to cut back or quit, and many other types of interference with life.
A huge part of betting is based on one’s “risk tolerance”. Risk tolerance is the degree of variability in investment returns that an investor is willing to withstand in their financial planning. There are tests online that help you determine your risk tolerance. Mine is a 62 out of 100.
Personal Experience
Out of curiosity, I gave sports gambling a trial run. Immediately, I could see why it is addicting. The thrill of seeing your team do exactly what you need to win that bet is exciting. The risk and reward of sports betting is a calculated risk, but sometimes impulsiveness can take over and have you make some bonehead decisions.
At times, no matter how much research I did, the results wouldn’t produce. Other times, my impulsive bets would hit and I would feel like a genius for beating the bookmaker. My first win was when I risked $50 and made $47 back. It was on tennis, a sport I barely understood, but I won. I thought it was easy money and proceeded to bet low the next following games and figure out a system that worked for me.
Once I found a system, it felt great. I would only bet high on events I was certain about and hesitate to bet on events that were up in the air. Luckily, I found a way to try and either break even or quit when I was up each day and didn’t fall into a deep hole.
My biggest loss was $250 and I probably won’t bet that much again. I have slowed down my playing, but when I was in the midst of betting addiction I slowed down and made sure it didn’t consume me.
Emotions
Experiencing wins feels amazing, but only for a couple of minutes. Taking losses, on the other hand are incredibly frustrating and the regretful thoughts come to mind. A loss hurts far more than a win makes you happy.
Message
To anyone out there curious about trying to bet on sports bet, I say go for it! But first understand if you’re in it to do recreationally one time or if you want to try it out long-term. Not to discourage anyone, but there are bookmakers who use super computers and have insider knowledge on events and have the ultimate edge. This makes winning long term highly unlikely. A little fun doesn’t hurt as long as you have self awareness and don’t play out of your budget.
Keep track of the money flowing in and out of your account and see if and when you should quit. It will be hard, however losing $100 will hurt a lot less than losing $10,000 and breaking the news to your family.
At the end of the day, its your money! Try to be self aware and do your research! The experience can be a lot of fun! Or not. The choice is yours.
https://www.brainfacts.org/diseases-and-disorders/addiction/2015/gambling-addiction-and-the-brain
