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Since the U.S. Supreme Court struck down a federal ban in 2018, sports gambling has exploded in popularity. According to the American Gaming Association, it was projected that American adults would bet $35 billion with legal sportsbooks throughout the 2024 NFL season! If you’re planning on placing a bet, first learn how you can maximize your fun and play responsibly. BBB offers the following tips:
Tips for responsible sports betting
- Make sure sports betting is legal in your state. While the federal ban was struck down in 2018, not every state has decided to allow sports betting just yet. Do your research to determine if you can legally place a bet where you live.
- Only place bets with established, reputable bookmakers. Whether placing a bet in-person or online, only use “white-listed” sports books that your local gaming commission approves. Be wary of people on social media who reach out to you with betting opportunities. When in doubt, check with the BBB to see if it is BBB Accredited.
- Read the terms and conditions first. Terms can vary between bookmakers and sports betting apps. Get familiar with the requirements regarding your eligibility, placing bets, how to withdraw your winnings, and managing your account. When using online betting sites and apps, you will likely have to prove your identity to withdraw your earnings since sports betting isn’t legal in every state. Take time to learn these requirements and be proactive about providing the proper information to avoid headaches when you want to withdraw your funds.
Also, look for details on the service’s right to freeze your winnings or your account activity. Legitimate sports betting sites can restrict your activity for “seeming to have an ‘unfair advantage’ or ‘irregular playing patterns,” reports Lifehacker. - Understand gambling terminology. A basic wager in which you bet on who will win a game is called a money line bet, but there are many other terms you’ll need to get to know as well. Get familiar with point-spread, prop and futures bets and how each works. In addition, learn what terms like juice, parlay, total, and teaser mean before you start placing bets.
- Get familiar with sports statistics. It should go without saying, but don’t place a bet without researching. Use reputable sources to get statistical breakdowns on the teams and players on which you want to bet to ensure the odds are in your favor.
- Set limits for yourself. The International Center for Responsible Gaming (ICRG) recommends establishing what constitutes an acceptable loss before you start gambling. Knowing when to stop and only gamble with money you can afford to lose is critical. You may also want to set time limits for yourself regarding sports betting. Consider setting a budget for your bets.
- Avoid high-risk betting. Don’t borrow money to gamble, and avoid gambling if you are emotionally distressed. Remember that gambling under the influence of alcohol is risky since your good judgment could be compromised.
- Read the fine print of special incentives. Gambling sites and apps often offer incentives or bonuses to new users or around major sporting events. Before going all in, read the fine print and ensure there isn’t a catch. Know how you are spending your money!
- Only place bets with reputable bookmakers. Whether you’re placing a bet in-person or online, only use “white-listed” sports books that your local gaming commission approves.
- Be wary of paid handicappers. Sports handicappers may offer amazing odds thanks to “insider information,” but often, scams are behind their too-good-to-be-true promises. Some handicappers offer money-back guarantees or free picks if you make a losing wager, but these are also signs of a scam.
- Watch out for scams. Handicappers aren’t the only source of scams regarding sports betting. Watch out for pop-up gambling ads, email spam, or text messages that take you to websites offering “risk-free” bets, exaggerated incentives, or deceptive bonuses. Bogus betting websites often use these tactics to draw in unsuspecting customers.
- Get help if you need it. If you suspect you or a loved one suffers from a gambling addiction, get help from the National Council on Problem Gambling. You can call their hotline or find other resources available in your state.
For more information
Get tips on spotting sports betting scams. Getting ready for the big game? Learn more about shopping for team merchandise and buying tickets.
Get expert advice on how to spot a scam by visiting BBB.org/SpotaScam. If you spot suspicious activity or dishonest business practices when placing sports bets, report your experience to BBB.org/ScamTracker. Your report can help others avoid falling victim to a scam.