Your Best Bet? Knowing the Facts.
We’re setting the record straight on sports betting.
This varies state by state, and sports betting is not currently legal in Minnesota. While every state in the U.S. has the option to make it legal, a significant number of states haven’t done so. If you visit a state where sports betting is legal and choose to participate, research which types of wagering are permitted since not all legislation is the same.
No matter what you might hear about unauthorized or offshore sites, using them can put your personal and financial information at risk, on top of causing you legal trouble. These sites aren’t monitored or held to regular standards, meaning valuable information, such as your social security number or credit card information, could be stolen and sold. Since these sites are illegal, there’s no protection or support available once this happens. And incurring debt with an offshore casino won’t shield you from their aggressive collection practices.
A particular team may be on a winning streak or have a seemingly reliable track record, but the outcome of a game is always unpredictable. This is what makes sporting events entertaining. There’s no way to guarantee that the likelihood of winning will be higher with sports gambling than traditional gambling — it’s easy to lose money doing either.
While sports betting isn’t always done in a casino, it’s still a form of gambling since it involves risking money with a high chance of losing. As much as someone placing a bet might believe in a particular team, there’s no way to control how they’ll play.
Like any type of gambling, sports betting can become compulsive. If playing in a state where it’s legal, it’s important to set a spending limit that won’t affect financial stability. If betting behavior becomes frequent, out of control, or causes financial strain, problem gambling resources and support can help stop the pattern.
In states where sports betting is legal, it’s often a social activity enjoyed among sports fans as a form of camaraderie and friendly rivalry. Playing occasionally with close friends or family members is a way to remain open and accountable about your betting behavior while keeping things casual and fun.
SIGNS OF PROBLEM GAMBLING WITH SPORTS BETTING CAN RANGE FROM DISCREET TO OBVIOUS.
- Believing a win is just around the corner
- Betting to win back losses
- Constantly thinking about wagers
- Feeling relief when placing bets
- Missing school or work to partake in betting
- Avoiding family or friends to continue betting
- Using money reserved for necessities to place wagers
- Lying to hide betting behavior
Awareness of the risks can help prevent them.
Sports gambling in Minnesota isn’t legal, but if you plan to bet while out of state, make a careful plan with strategies you can stick to. Always be prepared to lose the money you wager, and don’t ask to borrow money from anyone for a bet. Treat sports betting as a fun social event that can be done occasionally rather than a chance to make money.
GETTING
BLITZED
BY THE
RUSH?
Each year, the Big Game draws viewers from around the country — nearly 15 million watched in 2023. Not surprisingly, it’s also highly popular for sports betting, with a record high of 50 million Americans placing bets on the game.
This year, prepare yourself to play it safe. Ads with bonus offers and free entries can tempt people to place bets during the Super Bowl. But what’s not highlighted is the significant risk of losing what you bet. In 2023, the estimated value of wagers doubled from the previous year, with an estimated total of 16 billion dollars placed on the game. (American Gaming Association, 2023)
BUZZER
BEATERS
TO BUZZ
KILLS
In March, the college basketball tournament is a fan favorite for brackets and betting. Before partaking, understand the odds. People placing money on brackets in states where it’s legal to do so have extremely limited odds of perfect accuracy. Those who are somewhat familiar with basketball have a one in 120.2 billion chance, and for people making a guess, the odds are far slimmer at one in 9.2 quintillion.
Last year, 68 million Americans bet an estimated $15.5 billion on the tournament. With the momentum of many games happening one after the other, it’s easy to bet more than you’ve planned and lose money. These risks can affect anyone. Sticking to legal forms of gambling, setting limits on wagers, and keeping others in the loop can help protect you from going too far with sports betting.
