“Treat sports betting and gambling as you would any other hobby,” says Andrew Kim, professor of psychology at Toronto Metropolitan University and Tier II Canada Research Chair in addiction and allied psychiatry. “Don’t think of (this) as a way to make money, set aside an amount of money that you can afford to lose and don’t exceed that budget,” he said. For example, it can mean a limit of $100 per month and be comfortable with losses.
Setting guardrails on gambling
The Canadian Center on Substance Use and Addiction has put restrictions on people who want to know about betting, Kim said. One guideline is to not spend more than 1% of your annual household income on betting.
“However, for young people, that annual income will decrease slightly,” he said. For someone with an annual income of $30,000, the organization recommends gambling no more than $25 a month. It also recommends not betting more than four days a month and limiting the types of gambling activities you engage in, Kim said.
Sarah McCarthy, CEO of the Responsible Gambling Council, said it’s really important for people to decide what they can afford to lose before the event starts. The council is a non-partisan gambling reduction agency that focuses on prevention methods. It also provides advisory services to businesses and industry stakeholders.
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Many sports betting apps have built-in security provisions, such as setting spending limits or limiting time spent on the app, which McCarthy said should be done early on. The goal is to prevent you from overspending or betting impulsively when emotions run high during the game.
McCarthy also cautioned people against betting when they are angry, depressed, drinking, or using drugs. “As we all know, emotions and certain things affect our judgement, so if you are going through a difficult time, gambling is not something you want to do at that time,” he said.
For those in Ontario, where his council is based, McCarthy recommended using licensed e-sports apps that have a commercial operating agreement with Ontario iGaming and are registered with the Alcohol and Gaming Commission of Ontario. That mandates gaming sites and apps meet standards to protect players, compared to unlicensed ones, he said.
Never chase a gambling loss
More importantly, McCarthy said, don’t rush to lose. “If you lose the money that you have saved, just stop,” he said. “Trying to get it back almost always makes things worse.”
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Some types of sports betting can also be riskier than others, he said. For example, a parlay bet, which combines multiple bets into a single bet, can be a win-or-lose-all situation. “Although the payouts can be much higher than other bets, the odds of winning decrease significantly with each additional piece,” McCarthy said. “Although they may seem attractive, there is little chance that the players will succeed.”
Live betting is in the same high-risk area because it encourages people to spend money impulsively during the game, he said. These small decisions add up and can make you lose track of money spent—and increase the risk of going over budget.
Experts say gamblers must be wary of the illusion of control, especially for those who are dedicated sports fans and believe they know the best of the game. “If we look at the data, most people are lost,” Kim said. “Very few people make money betting on sports.”
How to know if gambling is addictive
It’s also easy to leave guardrails in the heat. And the signs of slipping into addiction are often subtle. It may start with spending more time on a betting app than planned, checking the app first thing in the morning, or feeling the need to chase a loss—which can continue to spiral out of control.
Kim said the strongest indicator is anxiety. “You spend a lot of time betting on sports or thinking about betting on sports,” Kim said. That can mean you spend a lot of time researching odds, player stats, head-to-head competition, or just planning what to bet next.
If you’re having trouble sticking to your limits, that’s another red flag you need to stay away from, says Kim. Or if you can’t afford your regular living expenses, those too have signs of concern.
Financial hardship is one of the most common side effects of sports betting when it gets out of hand, Kim said. But there is help available for those who need it, both self-help and professional tools.
“Delete the apps, take a break, and revisit your relationship with sports betting,” says Kim. “If this is something you feel you can come back to, do it at a safe level. For some people, they can, and for some people, they can’t.”
