What is sport betting?
A pool of people gambling on the outcome of a sport event such as football, basketball, baseball, hockey, boxing, horse racing and more. Sports gambling is illegal unless is regulated, approved venue. Some people more prefer to go through USA casinos and make some fun, but sports betting is something different and we can’t say the casino can go in that group.
Why do people gamble?
– The excitement, a high adrenaline release.
– Competitive element, a desire to beat other players, a bookie, the dealer or the casino.
– The thrill asscoiated with the risk of placing large bets.
– To make money to solve financial problems.
– A distraction from stress or worry.
Who’s betting?
Gender
– Men are nearly twice as likely to gamble on sports.
Age
26% – 18-24 year olds
18% – 35-45 year olds
11% – 55 +
Income
6% – Lower-income households (annual household income of $30k or less).
17% – Middle-income households (annual household income of $35k-$75k or less).
28% – Households with $75k+ income.
Education
– College graduates (24%) are much more likely to gamble on sports than non-graduate (14%).
Potential dangers of Sport Betting
Gambler’s Fallacy (aka. Monte-Carlo Fallacy)
– The mistake belief that after a series of more-frequent-than-normal results (like a repeated results of “heads” when flipping a coin), the opposite result must happen soon. This is incorrect, since the odds for a result are the same every time (the odds of getting “tails” when flipping a coin is always 50/50).
Gambling Addiction
– An estimated 2-3% of Americans suffer from a gambling addiction.
– People in the USA spend $5 BILLION annually on gambling activities, according to study.
– Approximately 6% of American college students grapple with gambling addiction.
– Clinical studies show that sports betting has a higher addiction potential than playing the lottery.
– Approximately 750,000 people aged 14-21 have a gambling addiction.
– The families of those suffering from gambling addiction are more likely to experience domestic violence.
Gambling and Mental Illness
– People with a gambling addiction posses higher likelihood of developing a mental health disorder.
– Post-traumatic stress disorder (PTSD) symptoms affect 12.5 – 29% of gamblers addicts.
– 34% of gambling addicts who seek treatment express symptoms of PTSD.
– People affected by alcohol use disorders have 23% higher likelihood of developing a gambling addiction.
– Research by the University of North Carolina Greensboro states there’s higher incidence of the following in gambling addicts:
– Depression disorders
– Anxiety disorders
– Substance abuse disorders
– Anti-social pesonality disorders.
Treatment of Gambling Addiction
– SEEK SUPPORT: Whether through a professional psychologist, friend or relative, talking about the problem is the first step.
– AVOID TEMPTATIONS: Steer clear of places and situations that make it tempting to gamble.
– PSYCHOTHERAPY: Behavioral therapy or cognitive behavioral therapy (CBT) can be used to help change the behaviors and thinking behind a gambling compulsion.
– MEDICATION: Antidepressants or mood stabilizers can be used to treat the symptoms associated with gambling addiction (depression, obsessive-compulsion disorder or attention deficit hyperactive disorder).
