January 2022 - DHS Problem Gambling

3 Things to Know About Sports Betting

Posted on January 24, 2022 - 5:19 pm by [email protected]

A man bets on a live sports game from his phone

There’s nothing quite like gathering with friends on Super Bowl Sunday, or being part of the rivalry between your favorite team and its longstanding opponent. Watching sports is a way unwind, take pride in your roots and socialize, bringing together friends and strangers alike. While many choose to watch games for the fun of it, sports betting raises the stakes by risking money in hopes of a certain outcome. For some, this is a harmless social activity done only on occasion. But it can also lead to a gambling addiction, especially since it can now be done on smartphone apps rather than confined to a casino. Here’s what you need to know about the growing sports betting trend.

1. Types of Sports Betting

Sports betting varies depending on the game being played. Typically, the person placing a bet predicts how a certain game will end, depositing money that will either be lost or increased based on the outcome.

In a moneyline bet, each participant predicts a game winner – this is the most common form of sports betting. A spread bet is slightly different: participants predict how close the final score will be and choose an expected point difference. Similarly, in total bets each person guesses whether the combined teams’ final score will be higher or lower than a certain set amount. A parlay bet combines several of these elements.

Each sports bet can have different rules and nuances, so it’s important to be fully informed and comfortable with the rules before getting involved.

2. Why it’s Rising in Popularity

In May of 2018, the federal government overturned a national sports gambling ban – Nevada had previously been the only state where it was legal. Since then, each state’s government has had the power to decide on the issue. So far, more than thirty states have chosen to legalize it with several more in the process.

Along with these changes, sports gambling has become easy to access online and through smartphone apps. This convenience factor means people can make a bet at any time, just as easily as they can send a text, listen to a song or order a ride. The variety of apps and types of sports betting available attract people with interests ranging from ice hockey to boxing, as well as people who simply bet for the satisfaction of winning.

Sports fans who haven’t gambled in the past are also now being targeted with ads for betting sites and apps. Enticing offers like sign-up bonuses and rewards appeal to both regular gamblers and those who don’t typically gamble.

With growing social interest, easy accessibility and prevalent marketing, sports betting is now a normalized part of American culture. According to the American Gambling Association, more than 23 million Americans planned to place a bet on the 2021 Super Bowl. To put this in perspective, that’s nearly three times the population of New York City. The financial amount totaled $4.3 billion, with nearly a third of bets placed digitally through online sportsbooks.

3. Risks to Be Aware Of

Like any other form of gambling, sports betting can be enjoyable when done in moderation. In a controlled approach, betters gamble only a pre-determined amount of money that they can afford to lose, recognizing that this is likely. But maintaining control isn’t always easy or possible, and sometimes unsuspecting people develop problematic sports gambling habits.

Borrowing from others while gambling or in order to gamble, spending excessive time betting and dipping into personal funds reserved for something else are just a few dangerous tendencies that can quickly derail your finances. If you lose money while sports betting, it can be tempting to try to win back the lost money by gambling more. To avoid losing more money and the complications that go with that, always stop betting once you’ve spent the amount you budgeted for.

If you notice changes to the way or reasons you participate in sports gambling, or find yourself lying about how often you’re doing it and how much you’re spending, seeking help can get you back on track. Using sports betting to relieve stressful emotions or noticing it affecting your relationships, job or goals are also signs that call for support.

If you currently participate in sports betting in a controlled way, continue to monitor your spending closely and be aware that gambling addictions can develop over time. It may be a good idea to choose a trusted accountability partner who you can touch base with about your betting habits periodically. If you’re concerned or struggling with sports gambling, you’re not alone. Don’t hesitate to get free confidential help, and know that recovery is possible.

Online Gambling: Is it Legal?

Posted on January 24, 2022 - 5:10 pm by [email protected]

Abstract representation of online gambling

Once reserved for poker rooms and casinos, gambling can now be done online in some states. This has transformed the gambling landscape, adding a new level of convenience with poker, sports betting and casino games at your fingertips anytime. But this is still illegal in many parts of the U.S., including Minnesota, and participation introduces the possibility of developing a gambling disorder. Understand the laws and risks here.

History and Appeal

Online gambling is slowly becoming legal in some states today, but the concept was introduced back in the mid ’90s when poker, casino and sports betting sites began to emerge. Eventually, certain laws were put in place limiting these activities. Today, every state in the U.S. has the authority to decide whether or not to legalize different types of gambling, meaning it’s important to understand the nuances where you live, especially since laws can change over time.

In states that allow online gambling, website perks like having a wide variety of games to choose from and low-minimum bets can attract participation. The ease of playing games and making bets from a desktop or mobile phone also facilitates frequent gambling, whereas going to a casino requires a designated amount of time and potentially costs more money.

When is Online Gambling Legal?

Although online gambling is legal in certain states, Minnesota does not currently allow it. Websites that let you place bets and earn or lose money through games fall under this category, and unauthorized gambling, including on online platforms, is considered a misdemeanor offense.

States that facilitate legal online gambling like Connecticut, Michigan and New Jersey typically permit online casino games, poker or sports betting. If you’re in a state that does allow online gambling and you choose to participate, the first and most important step is to make sure you’re using a legal platform. Stick with well-known sites and always check for licensing. Otherwise, you may be subject to a scam and risk sharing personal or financial information with an unknown entity.

Cautions to Be Aware Of

No one wants or expects to develop a gambling problem. But recreational gambling is popular, and the reality is that problem gambling is also common. In Minnesota alone, around 220,000 people deal with this disorder — that’s nearly two percent of the state population.

Compulsive gambling can be particularly easy to hide with online platforms. For people with a gambling disorder, the short-lived satisfaction of making bets often leads to bigger challenges. This can create financial strain and affects quality of life with relationship, career and educational challenges. If you’re dealing with a gambling disorder, you don’t have to do it alone. Get back on track with free confidential help, available to all Minnesota residents.

Trending Now: Cryptocurrency and NFTs

Posted on January 24, 2022 - 4:20 pm by [email protected]

An abstract tech background representing blockchain

A modern and popular alternative to the stock market, cryptocurrency and NFTs are emerging currencies that can also be used to grow money over time. Both types use blockchain technology as the pillar of their systems, which traces every exchange to prevent hacking. Unique benefits like this draw in eager investors and lead some to believe these currencies will become mainstream in the future. But whether trading cryptocurrencies and NFTs for fun or investing large chunks of money, the risks of financial loss can be parallel to gambling. Understand how cryptocurrency and NFTs work and what to be cautious of here.

The Rise of Cryptocurrency

Cryptocurrency, often simply called crypto, was introduced in 2009. Bitcoin was the first type available and was widely viewed as a radical concept. Cryptocurrency has since taken off with more than 8,000 types, or coins, and hopeful investors consider it an alternative to standard money.

Rather than being sourced from one entity or authority, cryptocurrencies are supported by computers all over the world through a distributed ledger, which saves transaction information and displays changes for everyone in the system to see. Cryptocurrency also facilitates quick, low-cost money transfers — a benefit over regular money, with fund transfers that can sometimes take several business days.

But there are downsides as well, which make investing in cryptocurrency riskier than traditional investing. Since coin prices often change drastically in short periods of time, the cryptocurrency market is unpredictable. If you make a large profit one day, your balance could drop to near-zero the next. While you can speculate on how to trade, it’s impossible to know how a coin’s value might change in the future.

What are NFTs?

Short for non-fungible token, NFTs are another new form of digital currency and can be purchased using cryptocurrency. These are original assets that are non-fungible, or non-exchangeable, meaning they’re one of a kind. While NFTs are digital in structure, they’re still considered original creative work — having one is similar to having a certificate of ownership for a collectable object. The asset can be shared and reproduced, but the owner of the NFT has a token with a code identifying it as the original, securely stored in the blockchain system.

The first NFT was created in 2014, and like cryptocurrencies, NFTs have since gained traction with nearly $11 billion traded during a single quarter in 2021. This concept has potential to extend into different types of digital spaces, but skeptics know NFTs could also become obsolete.

Gambling Versus Investing

With cryptocurrencies and NFTs, it can be hard to see the line between calculated investments and short-lived fun with harmful effects. Discussing which cryptocurrencies have potential and selecting trades with friends can feel like a strategic form of investing, sometimes clouding the reality of financial risk. For some, trading these currencies can turn into a problem.

People who regularly trade cryptocurrency and do sports betting have a high likelihood of gambling and disordered gambling, so it’s important to pay close attention to how you invest and why. If you find yourself investing large amounts of money due to friends’ advice or sudden market changes, it might cause fluctuations between short-term success and major financial loss. This approach is risky and much like gambling since you ultimately have no control over the outcome. Making spontaneous decisions, investing lots of money in a single coin and spending excessive time doing so are all concerning signs to look out for.

On the other hand, smart investing involves a careful recognition of risk and a long-term approach, using money that’s been set aside for this purpose. To keep your cryptocurrency and NFT investments under control, budget a small amount that you know might disappear completely. If you have extra money to spend on entertainment or something personal, cryptocurrency and NFT spending should fall into this category. These markets are new and though they’re gaining traction now, they aren’t guaranteed to stick around long-term.

Gambling is complicated, and sometimes it can throw people off balance. If you feel like your cryptocurrency or NFT investing habits are financially problematic or affecting your wellbeing, help is readily available

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