In 2018, the U.S. Supreme Court struck down a law that banned sports betting in most states. Today, sports betting is legal in the majority of states and growing at an astonishing rate. In 2019, the first full year after the Supreme Court paved the way for legalized sports betting, American gamblers wagered just over $13 billion on sports. Last year, their bets reached $149 billion, and this year is expected to surpass that figure (as of June, wagers have approached $80 billion, with most occurring during the football season).
In the United States, watching any sporting event is unavoidable to be bombarded by overwhelming gambling advertisements. The promises in these ads sound too good to be true: bet just $5 to get $300 in additional betting credits, or get up to $1,500 in bonus credits if your first bet loses (such real offers are available on major platforms currently). Faced with such tempting promotions, how could participating in sports betting go wrong? Most platforms promise low thresholds and low risks, but the truth about sports betting is far from what it seems on the surface.
The house always wins.
Since 2018, the percentage of total wagers that sports betting companies retain as revenue (known as the hold percentage) has increased year by year, rising from 6.7% to 10% so far in 2025. Of course, their odds haven’t improved, but they have become increasingly adept at guiding users to make losing bets. For example, sports betting companies particularly favor parlay bets: the average hold percentage for parlays is as high as 18.2%, compared to just 4.9% for single bets. Data from New Jersey last September showed that parlays accounted for nearly a third of total wagers, with a hold percentage as high as 24.2%.
Even if you completely avoid parlays and only bet on what you know, your chances of winning are still slim. There are very few reliable ways to profit from sports betting: one is to exploit differences in odds between different bookmakers (known as arbitrage betting), and the other is to bet on odds errors. Bookmakers have full authority to restrict your account or even ban you from betting entirely for such behavior. Gaining any form of edge is extremely difficult, but if they detect you doing this, they can limit your betting privileges or even ban your account outright.
The statistics on sports betting are worrying, as many gamblers struggle with gambling problems. A survey conducted earlier this year found that 50% of sports bettors have used gambling addiction support tools in sports betting apps. This means that half of the surveyed sports bettors either know they have a gambling problem or think they might have one. The same survey also found that 37% of people bet more than they could afford to lose, and nearly a quarter (23%) have had others express concern about their gambling habits. It’s worth emphasizing that this survey was not targeted at problem gamblers, but at all sports bettors.
Can you gamble rationally?
Shortly after sports betting was legalized in my state, I signed up with a major sports betting company and placed a small bet, around $50, on the University of Georgia (UGA) football team to cover the spread in a bowl game (the January 1, 2021, game against the University of Cincinnati). I graduated from UGA and am a fan of their football team, so betting on UGA to cover the spread felt like a natural choice. I placed the bet after the game started, with UGA favored by 2.5 points. This meant I would lose if UGA won by 2 points or fewer, or if Cincinnati won. I would win if UGA won by 3 points or more.
The game was absolutely crazy. UGA was trailing Cincinnati 19-21 by 2 points and kicked a field goal with 3 seconds left to take a 22-21 lead by 1 point. I was happy that UGA had taken the lead, but at the same time worried that I would lose my bet. However, on Cincinnati’s final play, their quarterback was sacked in the end zone for a safety (2 points), and UGA won 24-21, securing my win.
That was the last time I participated in sports betting (or any form of gambling, for that matter). The game itself was exciting enough, and I realized how random gambling outcomes are. I had won on a lucky safety on the game’s final play. I had bet on a team I was emotionally attached to, which is never a wise move.
But the main reason I decided to stop gambling after that win was the thrill I felt in the final moments of the game. Not UGA’s field goal that put them ahead by 1 point, but that insignificant safety that ended the game. It was a feeling I had never experienced while watching sports before, and I realized how addictive that feeling could be. I knew that if I continued gambling after that win, I would keep chasing that high from that day and would likely develop a gambling addiction.
The house always wins, and if you manage to consistently beat the house, they’ll kick you out. The percentage of Americans who believe sports betting is harmful to society has been steadily rising, currently reaching 43% (50% believe it is neither good nor bad, and only 7% think legalizing sports betting is a good thing). Men under 30 are the primary demographic for sports betting, and their attitude shift has been even more pronounced. In 2022, only 22% of men under 30 believed sports betting was harmful to society. Now, 47% of young men hold that view.
I ultimately decided that sports betting was too risky for me to worth taking a chance on, and that occasional gambling could easily evolve into a more serious habit. Your situation may be different, but if you do choose to participate in sports betting (or any form of gambling), be sure to set rules for yourself. Never bet more than you can afford to lose. Don’t expect to make money from gambling; be prepared to lose in the long run. Before you consider using any money for sports betting, ensure that you are investing at least 25% of your income for retirement.
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Sports Betting: Side Hustle or Threat to Your Financial Future?
2025-11-06T17:41:47
In 2018, the U.S. Supreme Court struck down a law that banned sports betting in most states. Today, sports betting is legal in the majority of states and growing at an astonishing rate. In 2019, the first full year after the Supreme Court paved the way for legalized sports betting, American gamblers wagered just over $13 billion on sports. Last year, their bets reached $149 billion, and this year is expected to surpass that figure (as of June, wagers have approached $80 billion, with most occurring during the football season).
In the United States, watching any sporting event is unavoidable to be bombarded by overwhelming gambling advertisements. The promises in these ads sound too good to be true: bet just $5 to get $300 in additional betting credits, or get up to $1,500 in bonus credits if your first bet loses (such real offers are available on major platforms currently). Faced with such tempting promotions, how could participating in sports betting go wrong? Most platforms promise low thresholds and low risks, but the truth about sports betting is far from what it seems on the surface.
The house always wins.
Since 2018, the percentage of total wagers that sports betting companies retain as revenue (known as the hold percentage) has increased year by year, rising from 6.7% to 10% so far in 2025. Of course, their odds haven’t improved, but they have become increasingly adept at guiding users to make losing bets. For example, sports betting companies particularly favor parlay bets: the average hold percentage for parlays is as high as 18.2%, compared to just 4.9% for single bets. Data from New Jersey last September showed that parlays accounted for nearly a third of total wagers, with a hold percentage as high as 24.2%.
Even if you completely avoid parlays and only bet on what you know, your chances of winning are still slim. There are very few reliable ways to profit from sports betting: one is to exploit differences in odds between different bookmakers (known as arbitrage betting), and the other is to bet on odds errors. Bookmakers have full authority to restrict your account or even ban you from betting entirely for such behavior. Gaining any form of edge is extremely difficult, but if they detect you doing this, they can limit your betting privileges or even ban your account outright.
The statistics on sports betting are worrying, as many gamblers struggle with gambling problems. A survey conducted earlier this year found that 50% of sports bettors have used gambling addiction support tools in sports betting apps. This means that half of the surveyed sports bettors either know they have a gambling problem or think they might have one. The same survey also found that 37% of people bet more than they could afford to lose, and nearly a quarter (23%) have had others express concern about their gambling habits. It’s worth emphasizing that this survey was not targeted at problem gamblers, but at all sports bettors.
Can you gamble rationally?
Shortly after sports betting was legalized in my state, I signed up with a major sports betting company and placed a small bet, around $50, on the University of Georgia (UGA) football team to cover the spread in a bowl game (the January 1, 2021, game against the University of Cincinnati). I graduated from UGA and am a fan of their football team, so betting on UGA to cover the spread felt like a natural choice. I placed the bet after the game started, with UGA favored by 2.5 points. This meant I would lose if UGA won by 2 points or fewer, or if Cincinnati won. I would win if UGA won by 3 points or more.
The game was absolutely crazy. UGA was trailing Cincinnati 19-21 by 2 points and kicked a field goal with 3 seconds left to take a 22-21 lead by 1 point. I was happy that UGA had taken the lead, but at the same time worried that I would lose my bet. However, on Cincinnati’s final play, their quarterback was sacked in the end zone for a safety (2 points), and UGA won 24-21, securing my win.
That was the last time I participated in sports betting (or any form of gambling, for that matter). The game itself was exciting enough, and I realized how random gambling outcomes are. I had won on a lucky safety on the game’s final play. I had bet on a team I was emotionally attached to, which is never a wise move.
But the main reason I decided to stop gambling after that win was the thrill I felt in the final moments of the game. Not UGA’s field goal that put them ahead by 1 point, but that insignificant safety that ended the game. It was a feeling I had never experienced while watching sports before, and I realized how addictive that feeling could be. I knew that if I continued gambling after that win, I would keep chasing that high from that day and would likely develop a gambling addiction.
The house always wins, and if you manage to consistently beat the house, they’ll kick you out. The percentage of Americans who believe sports betting is harmful to society has been steadily rising, currently reaching 43% (50% believe it is neither good nor bad, and only 7% think legalizing sports betting is a good thing). Men under 30 are the primary demographic for sports betting, and their attitude shift has been even more pronounced. In 2022, only 22% of men under 30 believed sports betting was harmful to society. Now, 47% of young men hold that view.
I ultimately decided that sports betting was too risky for me to worth taking a chance on, and that occasional gambling could easily evolve into a more serious habit. Your situation may be different, but if you do choose to participate in sports betting (or any form of gambling), be sure to set rules for yourself. Never bet more than you can afford to lose. Don’t expect to make money from gambling; be prepared to lose in the long run. Before you consider using any money for sports betting, ensure that you are investing at least 25% of your income for retirement.