Sports Betting: Don’t Let the Super Bowl Burn a Super Hole in Your Wallet
Published on February 5, 2024
•3 min read
The Super Bowl is one of the biggest events of the year for sportsbooks and gambling services.
More than 50 million Americans were estimated to have gambled in some fashion during the 2023 Super Bowl, generating about $16 billion (yes, billion) in profits for betting and gambling companies. Those numbers are predicted to be around the same, if not more, this year.
Metro does NOT encourage anyone to spend their dollars on gambling of any kind. We do understand, however, that it is happening—so we wanted to pass along some information on how to keep yourself and your money safe if you do take the money line this Sunday.
Don’t Spend Money You Don’t Have
The odds of doubling or tripling your money are very slim… too slim to even try.
Don’t bet money thinking you’ll make more, especially if that money has been set aside for important expenses like rent, groceries, or other necessities. Chances are you’ll lose the bet and this is how issues snowball as you start taking money from other places to replace losses - then suddenly there’s no more money left to take.
Set a Hard Spending Limit
Only spend money you’re okay with losing. What does that mean? It means that if you lose that money on a bet and never get it back, you won’t miss it because you don’t need it for a real-life expense.
It also means once you lose that money, you don’t go back and put down more. If your limit is $10, you spend $10 and lose $10, then that’s where you call it quits.
Credit Cards Aren’t Free Gambling Funds
You might be tempted to use your credit card before your debit card when the stakes are high—but we can tell you that’s a very bad idea.
It’s your responsibility to pay your outstanding credit card balance. Remember, that balance you just used to gamble will accrue interest if you don’t win money that can pay that balance back, and if you don’t have other savings, then suddenly your monthly credit card payment has gone up and you’re now spending more money than what you initially lost because of the interest that gets added on.
Some gambling services won’t allow you to use a credit card at all, so take that as a sign that perhaps it’s not a good idea to be betting at all —especially if that’s your only way to place a bet.
Don’t Pay ATM Fees to Play
If you’re gambling in-person, say at a casino, bring cash you can afford to lose and don’t use the ATM. Withdrawing at the ATM comes with a withdrawal fee, and those fees stack up if you keep withdrawing. Avoid losing more money and stay away from the ATM altogether.
Be Honest If You Have a Problem
Gambling addiction is real. Whether you’re at the blackjack table or trying to cash in your online parlay, it’s hard to admit when you’ve taken it too far, but it’s never too late to get help and rebuild.
The Mayo Clinic warns that signs of gambling addiction can include:
- Someone who is preoccupied with gambling activities often
- Needing to gambe increasing amounts of money for the ‘thrill’
- Trying to control or cut back on gambling without success
- Feeling restless or irritable when trying to cut back
- Gambling to escape or relieve real problems like helplessness, guilt, anxiety, or depression
- Chasing losses by betting more
- Lying to family about your gambling
- Loss of relationships
- Asking others for money to bail you out of financial troubles
If you or someone you know is struggling with a gambling problem, please call The MA Problem Gambling Helpline at 1.800.327.5050 or the Substance Abuse and Mental Health Services Administration (SAMHSA) National Hotline at 1.800.662.4357.
*Metro Credit Union does not condone or promote sports betting or gambling of any kind.
