Reducing Harm in Sports Gambling

by Alexander Connoly

As sports gambling and prediction markets continue to grow in popularity and accessibility across the United States, it is important to understand both the potential harms associated with these activities and the ways people can better protect themselves. Through both my personal experience with sports gambling and my research in this area, I have seen that there are ways individuals can gamble more responsibly and reduce the likelihood of harm.

Sports gambling and prediction markets, like many forms of gambling, can be harmless and enjoyable recreational activities for many people. However, they also can become risky and lead to financial, emotional, and interpersonal harms. For the purpose of this blog, I want to focus on harm reduction: if you choose to gamble on sports or participate in prediction markets, what are some practical steps you can take to protect yourself and reduce the potential harms?

Of course, the only way to have avoid gambling-related harm entirely is to avoid gambling altogether. owever, for those who choose to participate, there are several strategies that may help reduce risk.

Harm Reduction Strategies

Financial Strategies

• Treat gambling as entertainment, not income. Think of the money spent gambling as the “cost of entertainment,” similar to paying for a movie ticket or a round of golf.
• Do not bet more than you can afford to lose. Know how much money you are spending and set limits ahead of time.
• Use limit-setting tools. Many gambling platforms offer responsible gambling tools such as deposit limits, spending limits, time limits, and self-exclusion options. If your platform doesn’t use these formal tools, you can also can try to set and enforce your own limits yourself.
• Gamble occasionally and in moderation. Try to keep gambling as an occasional recreational activity rather than a daily habit.

Tracking and Consistency

• Track your bets. Keep a record of your wagers, wins, and losses. It is easy to lose track of spending over time, and many people end up losing more money than they realize.
• Use a betting unit system. A betting unit, or a set amount that you bet on each wager, helps keep wagers and prevents bet sizes from escalating impulsively. Some bettors recommend keeping each wager around 1% of your gambling bankroll.

Avoid Higher-Risk Behaviors

• Be cautious with live/in-play betting – In play wagers, while fun, can be especially impulsive because they happen rapidly during games, making it easier to make emotional decisions.
• Be careful with parlays. Parlays can be exciting because of their large payouts, but they are also much less likely to win. Understand that attractive payouts often come with very low probabilities, and when betting on parlays, focus on fun rather than a way to win it all back.
• Avoid gambling while drinking or using substances. Alcohol and other substances can impair judgement and increase impulsive decision making, often leading to riskier or larger wagers.
• Do not chase losses. Chasing losses means trying to win back lost money quickly through additional wagers. This can lead to increasingly impulsive betting and even greater financial harm.
• Pause before placing a bet. Taking a brief moment to reflect before making a wager can help reduce impulsive decisions driven by excitement or emotion.

Knowledge and Awareness

• Learn the warning signs of problem gambling. Recognizing risk signs in yourself or others can help you know when to step back, reduce gambling, or seek support.
• Research before placing wagers. When betting on sports or prediction markets, make informed decisions rather than impulsive ones.
• Understand odds and probabilities. Learn what betting odds mean, how implied probability works, and what each type of wager actually represents. Sometimes bets feel more likely to win than they truly are.
• Avoid betting on things you do not understand. Betting on unfamiliar sports, markets, or events can increase risk and reduce informed decision-making.

These are just some of the many harm reduction techniques that individuals can use if they choose to participate in sports gambling or prediction markets. Responsible gambling is not about eliminating enjoyment; rather, it is about understanding risks, staying informed, and maintaining control over your behavior and spending. If you’re a parent concerned about your teen or young adult gambling online, visit YGAM.com for information about handling youth gambling.

If you believe you may be experiencing harm from sports betting, reach out to Peopleworks! Our services are at no cost, and having even a brief conversation or email exchange may help you to sort out your needs.  Email us at peopleworksnm@gmail.com; Call us at 505-990-4186; or set up a consult time from our website: https://peopleworksnm.org/free-consultations/

Peopleworks-NM was founded in 2009 by Cindy Anderson, MSW, LCSW, IGCC-I, to provide mental wellness services to older adults, without consideration to economic status. Peopleworks currently provides services to individuals 16 years old and up. PeopleWorks NM Is here to support your mental health therapy needs.