Your Best Bet? Knowing the Facts

Let’s Set the Record Straight About Sports Betting

Definition

Anytime two or more individuals wager money on the outcome of a sporting event, they are engaging in sports betting. Unlike traditional gambling, sports betting has a unique emotional factor with a strong connection to the pride and loyalty people feel for their chosen team.

Myths vs. Facts

Myth

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, be sure to research which types of wagering are permitted, since not all legislation is the same.

Myth or fact?

Sports betting is legal throughout the U.S.

Myth

No matter what you might hear about unauthorized 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 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.

Myth or fact?

Illegal online sports betting isn’t a big deal.

Myth

A certain team may be in 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 the likelihood of winning will be higher with sports gambling than with traditional gambling — it’s easy to lose money doing either one.

Myth or fact?

It’s easier to win with sports betting than it is with traditional gambling.

Myth

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 certain team, there’s no way to control how they’ll play.

Myth or fact?

Sports betting isn’t the same as gambling.

Myth

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.

Myth or fact?

There’s no risk of problem gambling with sports betting.

Fact

In states where sports betting is legal, it can be done both recreationally and responsibily. The key to responsible betting is to budget for an amount of money you’re prepared to lose before getting started. If you lose that amount, accept the loss and walk away rather than trying to win your money back. Understanding the type of bet of you’re doing, playing with other people, and sticking to legal platforms are also essential for smart, safe sports betting.

Myth or fact?

Sports betting can be done responsibly.

Fact

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 on ocassion with close friends or family members is a way to remain open and accountable about your betting behavior while keeping things casual and fun.

Myth or fact?

Sports betting is rising in popularity.

Risks and Prevention

With sports betting and other types of gambling, there’s always a chance of developing a problem. It can happen to anyone, regardless of gender, education level or financial status.

A young woman wearing a sports jersey appearing disappointed looks at her phone

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
Skipping 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 risks can help

prevent them.

Sports gambling in Minnesota isn’t legal, but if you plan to do it in another 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 like a fun social event that can be done on occasion rather than a chance to make money.

A group of young men at a bar crowd around a mobile tablet and watch something excitedly

Upcoming Sporting Events: What to Know

Each year, the Super Bowl draws viewers from around the country — nearly 100 million watched in 2022. Not surprisingly, it’s also highly popular for sports betting, with a record high of 31.4 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 wager. In 2022, the estimated value of wagers increased 78% from the previous year, with a total of 179 million dollars placed on the game.

In March, the basketball tournaments are 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, 45 million Americans bet an estimated $3 billion on the tournament. With the momentum of many games happening one after the other, it’s easy to bet more than planned and lose money in the process. 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.