Chances are you’ve been around people betting on sports or may have even placed a bet yourself! Sports betting can be as harmless as a being part of a playoff game pool at work or playing the odds of a horse race.
We get excited from the risk of betting and possibly losing our hard earned money, and sometimes the payoff is thrilling! There’s the monetary upside to sports betting but there can also be a danger when—for some people—sports betting turns into a gambling addiction.
First of all, what is sports betting? Well, it’s basically a pool of people gambling on the outcome of a sports event—a boxing match, the Super Bowl, basketball playoffs, horse racing—and the bets are typically dictated by the odds calculated from how many times that athlete or team has won or lost.
Keep in mind that outside of regulated, approved venues, sports betting is illegal. That doesn’t necessarily mean that the police will bust down your door to haul you in for your hockey playoff pool with friends. But people who run underground gambling groups might be subjected to criminal prosecution.
Another interesting statistic is that college graduates are 24% more likely to gamble on sports than people who don’t have a college degree. Perhaps it has to do with college graduate typically earning more with a degree [i] and that translates to more expendable income with which to bet.