Sports betting is a hit. In 2024, 1 in 8 adults placed a sports bet every month, with a large bulk of these bets coming online. BetVictor even discovered that online sports betting is actually most popular with 25-34 year-olds, who’re currently hooked on the “acca” trend that’s swept across Premier League and EFL football, showing that online gambling has very much become a young person’s game.
Unlike a night streaming Netflix, though, betting on any sport comes with a built-in risk. It doesn’t matter if you’re gambling on Erling Haaland to bag a hat-trick or Newcastle to qualify for the Champions League, there’s always a risk involved. This is perfectly fine when you know how to manage that risk, but what’s become obvious over the past five years or so is that lots of people don’t know how to do it.
So, what do we know at the moment? Well, between 2023 and 2024, the number of young people with a gambling problem jumped from 0.7% to 1.5%, and it’s expected to increase again by the time 2025 wraps up. The figures aren’t great, which is why there’s a push going on at the moment for safer gambling.
Fortunately, we’ve got some advice for you. By following the steps below, you can ensure safer betting, protect your funds, and avoid falling into the trap of problem gambling.
How to Stay Safe When Gambling Online Understand the Odds
1.Only Bet on Sports You’re Knowledgeable About
Before anything else, the golden rule of betting online is that you only ever bet on sports you’re knowledgeable about. Sticking accas and punts on random sports you’ve never watched before is a terrible idea that’s gotten countless people in trouble over the years. Ex-Arsenal player Paul Merson estimates he lost over £7 million during the height of his gambling addiction, thanks largely to the fact he was betting on sports teams he’d never even heard of. The lesson here is that you should only be betting on sports and leagues you’re familiar with, as doing the opposite of this is a one-way trip to disaster.
2.Understand Betting Odds
Next, understand the betting odds you’re looking at. Once you understand the odds, you know whether you have a good shot at winning. Remember, all odds do is represent the probability of an outcome happening. There’s been a recent rise in cricket betting, so if you were betting on Australia to win the Cricket World Cup at 4/1 odds, this means there’s roughly a 20% chance of it happening. They’re not terrible odds, but if you’re looking to win frequently and reduce losses, it’s generally recommended you only pick odds of around 2/1 (33%) or shorter. Anything higher than this means there’s a bigger risk involved, which you don’t want.
3.Never Mix Alcohol with Gambling
Alcohol is one of the main reasons why so many people develop online gambling problems. When you drink alcohol, it impairs your decision-making while also creating a situation where your brain can’t understand the consequences of a bet going wrong. For example, you’re much more likely to place a risky £200 bet on the Copa America while under the influence of alcohol than if you were completely sober. This is why alcohol and online gambling should never mix, even if you’re someone with a good track record of being able to control your behaviour when drinking.
4.Set a Monthly Budget
Budgeting is key when it comes to online gambling. Without a strict budget, you’re in trouble, so it’s best to draw one up fast if you don’t have one already. The best way to go about doing this is calculating your monthly disposable income and then choosing your budget based on 5% or 10% of that. For instance, if you have a monthly disposable income of £500, 10% of that is £50, which in this case would make for a good gambling budget. Once your budget is set, you can then change the settings of your online betting account to enforce a deposit limit. In this case, you wouldn’t be allowed to deposit more than £50, helping you to stay within your budget at all times.
5.Don’t Chase Money You’ve Lost
No matter which sport you’re betting on, you’re going to lose some bets. That’s an inescapable fact of gambling. But when you do lose, you should never chase that money back. For instance, if you bet a little bit of money on Man City to win away at Arsenal but they finish up drawing, don’t then suddenly start placing new bets to reclaim your losses. This almost always leads to even more losses piling on top, so the best course of action is to simply remove yourself from the situation, accept you lost the bet, and hope you win the next time around. Don’t chase losses, as it just doesn’t work.
Get Professional Help if Your Online Gambling Is Out of Hand
The unfortunate part about online gambling is that you can sometimes take all the precautionary steps in the world and yet still find yourself slipping into a major problem. It’s widespread, with 13% of online sports bettors aged 18-34 having called a problem gambling helpline to seek emergency help. They’re certainly an excellent help tool and have saved countless gamblers over the years, so you can always call them if you’re struggling. There are also plenty of other professional help resources out there, too, such as support groups and self-exclusion programs for if your online gambling ever gets completely out of hand.
Remember That Online Gambling Is Not a Way to Make Money
It’s also important to keep in mind that online gambling should never be treated as a way to make money. If you’ve got outstanding debt, bills to pay, or a holiday you can’t afford, never turn to online gambling as a way to pay for them, as it will more often than not make the situation even worse. Sure, there’s a select group of people out there who do make a living from gambling online, but they’re usually professionals with years of experience. When it comes to online gambling, you should only ever see it as a leisurely activity for fun rather than a way to make big money, as it’s just not what it’s meant for.