CINCINNATI — Ohio State will play Texas in the Cotton Bowl on Friday, and maybe you're considering putting some money on the game.
If you've watched sports on TV recently, chances are, you've seen advertisements promoting sports gambling apps. Whether you're a regular when it comes to sports gambling or you're trying it for the first time, it's important to know about some of the risks to your finances.
Some finance experts say it's possible to enjoy sports betting in moderation, but there are some concerns about the impact it could have on your personal finances.
“In 2023, in the state of Ohio alone, there was over $7 billion that was wagered on sports,” said John Bovard, owner ofIncline Wealth Advisors. “Obviously, there are some inherent risks that are involved with sports betting.”
In Kentucky, state funding is now being dedicated to address unhealthy gambling behaviors.
“For example, the problem gambling assistance fund, where they're using tax dollars because they're noticing the increase of activity, and also the effect on personal finances,” said Brandon Wright, an Ohio University sports management professor.
Bovard said sports gambling can be a slippery slope, and you should never bet money you can't afford to lose.
"If that's money you rely on and that you need, you definitely shouldn't wager that," he said.
He said sportsbooks will try to draw people in by offering free money or free bets.
"Because they know if you're betting enough, or long enough, that the house always tends to win,” he said.
Wright said it’s easier than ever to place a bet.
"As long as you have a phone, a copy of your license and a bank account or credit card, you can make a bet in a state where mobile gambling is legal without actually having to step inside a casino or step inside of a racetrack or any of the other retail-based locations," he said.
Bovard agrees.
“That’s also what I think has led to the spread of sports betting is the convenience of it," Bovard said.
He said the risks of sports gambling aren’t always obvious.
“I do think there is a sense of camaraderie when you're all watching the game together,” Bovard said. “As the game is going on people are talking about what they bet on the game."
What was fun at first, can quickly take a hit to your finances.
"A lot of people can get into trouble if they're chasing losses and they think they can win it back on the next game," he said.
Bovard said you should avoid sports betting altogether if you have any debt.
“If you have any credit card debt, student loan debt, car loans, I would not even consider betting on sports,” he said.
Wright said while sports leagues are benefiting financially, there are also concerns they're trying to navigate.
"Certainly now, the concern is how much is that going to expand into the sanctity of our competitions, because if you don't have that, you don't have your entertainment product,” he said. “But you also probably are going to limit the amount of gambling because people are not going to make bets on results they think are predetermined.”
Bovard said it's important to check in with yourself as you bet. For example, if you start to feel like you can't watch a game and just enjoy it as a viewer without feeling like you have to place a bet on it, that's when you should consider hitting the pause button and taking a step back or even seeking professional help.
"Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps").
Follow John:
- Facebook:John Matarese Money
- Instagram: @johnmataresemoney
- X/Twitter: @JohnMatarese
Follow Taylor:
- Facebook: Taylor Nimmo
- Instagram:@tnimms
- X/Twitter: @tnimms
For more consumer news and money-saving advice, go to www.dontwasteyourmoney.com
