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According to the Rutgers Addiction Research Center, it is estimated that approximately 5 million Americans struggle with gambling addictions. This number is roughly 30% of the average viewership of an NFL game.
Over the past few years, sports betting has been on the rise, with websites like FanDuel and DraftKings being available at your fingertips. With sporting events for both men’s and women’s teams happening almost all year round, it’s easy to be enticed into what appears to be an easy way to get a few bucks if you’re a sports fan.
“I enjoy having the opportunity to win money at my fingertips,” says an anonymous respondent in a short survey conducted about sports betting and betting habits. “Plus, it gives me an extra incentive to go and watch the game, whether it’s at my house or at a bar or wherever.”
In a study done by RG.org, it has been shown that the overall viewership of sporting events has been proven to go up due to gambling on games. While the overall amount of elevated viewership is difficult to track, a significant difference can be seen over multiple countries, such as the United States, Brazil, and France, in the amount of viewership games get based solely on betting status (how frequently one is betting). In fact, when compared to the study I put out, 54.2% of my respondents stated that placing a bet on a game would make them more likely to tune in and watch, with a strong majority saying that it makes the game more “fun” or “thrilling” to watch.
“It’s a rush,” one respondent stated. “[It] makes watching games more fun, and is addicting.”
This “addiction” to gambling on sports can lead to financial as well as mental health issues, with many gamblers suffering from “loss-chasing,” which is the act of placing more bets in the face of prior losses, which can lead to a downward spiral in a player’s finances. This spiral can be easy to overlook due to betting services such as DraftKings and BetMGM, which give players free money to gamble with. Once this loss-chasing takes hold, however, it can have serious effects on one’s mental health.
The Journal of Gambling Studies says, “DFS [daily fantasy sports] players are characterized by high gambling frequency and problem severity and comorbid problems, notably suicidal ideation.”
With gambling made easy online despite the obvious risks, it’s easy for anybody to try and make a few dollars, no matter what their prior knowledge of sports may be. To prove how easy it is to get roped into the thrill of it all, I joined in on the fun and placed bets on the men’s March Madness bracket.
How it works
When I entered myself into the chaos of March Madness, I initially knew nothing about basketball, and I admittedly still don’t. When it came to picking a team to support, I chose to support Alabama, simply because Alabama is my grandfather’s favorite college football team.
Based on the study I conducted, I found that the average wager placed on bets, according to my respondents, was $10, so I bet $10 on Alabama every game. If they won, I got $10, and if they lost, so did I. At the risk of not losing any real money due to my lack of knowledge on the sport, I bet hypothetical money and kept track of my wins and losses on paper.
The Madness begins
When March Madness first started, I didn’t think much of it. I would look and see when Alabama would play their first game, wait for the game to end, and then check the score. It wasn’t until after their second win in a row that I started to get invested.
During the first two games of the March Madness season, Alabama came out of the gate rather strong (in my unknowledgeable opinion), with the scores of their first two games inching closer and closer to triple digits. At this realization, I saw an opportunity to make more money. Along with my initial $10 victory bet, I placed a $25 bet, which seemed to be in the upper-middle ground of betting ranges for my respondents, that Alabama would score a point amount in the triple digits. To my surprise, they blew BYU out of the water in their Sweet 16 game, winning with a score of 113-88.
With each new round of play on the bracket, I found myself paying attention to other teams. I started placing bets on multiple games and reaping the rewards from them.
These bets would be smaller, placing $5-$10 on what teams I thought would win based solely on their previous scores, so then not only was my team of choice getting me money, but now others were as well. Three games into the season and $70 in my pocket, I was starting to feel pretty good. Soon enough, however, I came crashing down from my high.
Elimination
The Elite Eight game between Alabama and Duke was when I started to notice the impact the betting had on me. While out with friends at a bar, I found myself paying more attention to the game displayed on the restaurant’s TV than to our conversation, even chiming in with my own commentary, expressing my disappointment with Alabama’s performance.
Ultimately, Alabama lost their Elite Eight game, eliminating themselves from both the March Madness bracket and my wallet, cutting off the steady flow of cash I had coming in every few days. I found myself scrambling to place more bets, looking at the scores of previous games on the bracket and trying to find a way to keep the money coming.
I found that these new bets were rushed, and I was betting higher cash amounts on certain games in the hopes of getting my money back. At this point, I had already made $85, and I easily could’ve pulled away from the competition with my earnings. However, in the face of loss-chasing, my average amount of my wagers quickly went from $5-$10 to $20-$30, effectively doubling or tripling my wages and causing me to lose $45 in a week.
Starting with the Final Four games, I didn’t make a single bet that made me any money. Due to my lack of basketball knowledge and my need to make a quick buck, my final earnings kept getting lower and lower, with my total at the end of the bracket coming out to a whopping five dollars.
Conclusions
In the age of technology that we are currently living in, you can watch and bet on sporting events anywhere, at any time. While gambling in the United States is only legal for those 18 years of age and older, online gambling services can make it easy for any participant with a credit card to sign up, no matter their age, and play to win.
The effects of gambling can be dangerous to participants, no matter their age or prior knowledge of the subject. Flashing lights, favorite teams, and an almost guaranteed chance to win are enough to get a few cards on the table.
