Gambling and Losing Money

  • October 16, 2019

Gambling online will lead to problems when you need the cash. That’s the message from the University of Melbourne, Australia, which released a study today suggesting that gamblers who make bets online have to be aware of the high risk of losing money.

And it’s not just online, says Dr. Ian Walker, head of behavioral science and policy at the University’s Schapelle Corby Centre for Mental Health Research.

He says the risk of losing your money is higher than with a regular bet on a sporting event or lottery game. The study looked at all bets made by 2,400 Australian adults in the year before they were surveyed for the study.

Researchers found about 20% of those people had lost money due to their gambling. Walker says that makes online gambling riskier than gambling on lottery tickets, for example.

“For every $10 invested in a lottery ticket you are likely to get back $4.10. For every $100 invested in a sports ticket you are likely to get back about $20.” Walker says there is an opportunity for better outcomes in sports betting, like live streaming matches, and less-risky betting games like poker. For example, if you put $50 into poker games like Hold’em, your chances of winning are very slim. A person’s chances of winning with online gambling are less, but people can do more for more than just money if they are willing to risk it.

The people who lost money in online gambling were the ones who failed to take advantage of the opportunity to get something they could really use.

The world isn’t ready for sports betting

If anyone was on the fence about sports betting, we hope they can see the value of sports betting as an alternative to the casino. Think about the difference between sitting back and betting $5,000 on a horse race and playing a slot machine. That is not how most people think of gambling. A big part of it is the social aspect. I don’t have to play in a casino to be happy. I don’t need to take a chance on my future with another player.

Sports betting is a great way to meet people. The people who lose money online, the ones who don’t see the real value in the sport they are watching, are not the ones who are missing out. They are the ones who are wasting money on someone else’s gambling chance. You need to invest in sports betting if you want to build a team.

Do you think the legalization of sports betting will affect sports in the United States in a positive way?

There are still so many loopholes for illegal betting in this country. If sports betting is legalized, I believe that it will impact how people view sports in America. Just think about it, every time someone goes to an NFL game, or a college game, and sees a betting ad, they think it’s wrong. But there are loopholes that allow it to happen.