Over 50 million Americans are forecasted to bet $16 billion on Super bowl LVII, per an American Gaming Association survey. That would be 61% more bettors than last year and more than twice the money bet. With an abundance of cash flowing into sportsbooks, cases of Super Bowl problem gambling will inevitably pop up, too.
The NFL partnered with the National Council on Problem Gambling in October 2021 for the sole purpose of providing financial support to prevent gambling addiction. Below are the ways that bettors can stay away from this type of behavior before and during the Super Bowl — with help from industry experts.
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Exploring Super Bowl Problem Gambling
As the number of betting markets continue to expand, giving bettors an opportunity to wager more often during the Super Bowl, there’s an even greater risk of succumbing to a gambling addiction.
For one, sportsbooks are offering odds on the result of the next play or drive. These types of wagers are a part of the recent micro-betting craze, which essentially combines live betting with prop betting. But there’s also the obvious route towards problem gambling — chasing. This concept revolves around attempting to recover a gambling loss.
Let’s say a bettor fired a $1,000 wager on the Eagles to cover the first-half spread, but the Chiefs wound up ahead after the first 30 minutes. Chasing may trigger this person to put $2,000 on Philadelphia to win the second half Super Bowl 57 odds. This harmful mindset showcases an attempt to recover the initial loss while ending up in the green in the process.
Whether or not the second bet wins, the likelihood is that someone of this nature will proceed to spiral yet again.
“I heard from a person in recovery that a few years ago he lost so much money during a Super Bowl he became sick to his stomach and ran out of his own house party as he couldn’t bear to be around friends and family who were enjoying the game, unaware of his desperation and pain,” Keith Whyte, the NCPG executive director, said.
“Only bet what you can afford to lose” is a phrase that is often tossed around the sports betting industry. There’s no better time to implement this notion for yourself than this weekend.
Although price shopping is often necessary to obtain closing line value (CLV), remember to resist the urge to deposit a substantial amount of money into multiple sportsbooks if it isn’t within your means.
Understanding Hold Percentage
Jeffery Benson, the sportsbook operations manager at Circa Sports, shared that bettors should comprehend the true likelihood of an outcome — as opposed to solely the odds that the sportbook presents. That way, they’re less likely to fall into a trap in the first place.
“Obviously, there’s a reason why some sportsbooks are promoting these kind of things, given the high theoretical hold that you’re going to see on these correlated markets,” Benson said. “It’s not something that we (Circa Sports) currently offer (same game parlays).
“When you look at these markets, I think it’s important for the consumer to understand that when they’re betting into a side or a total on the Super Bowl, and understanding that the hold percentage (on those markets) is less than 5% as opposed to betting into some of these same game parlays where the hold can be north of 20%.”
So why is the hold percentage critical for the Super Bowl among other major sporting events? It comes down to finding the best possible odds. These steps can help deliver more practical decision-making down the road.
“If you go to the local grocery store, you don’t want to pay more for apples at this grocery store than you would be paying somewhere else, and that’s very similar to sports betting,” Benson said. “You don’t want to be laying 6 (points) when you can ultimately be laying 5.5 (points), and you don’t want to be betting into future pools with a 30% hold when you could be betting into ones with, say, a 20% hold.”
Related: Beat The Closing Line’s Super Bowl Preview
Think You May Have A Gambling Problem?
If you or anyone else struggles with Super Bowl problem gambling, call the National Problem Gambling Helpline. It’s available 24 hours a day, seven days a week at 1-800-522-4700.
You can also visit ncpgambling.org/chat. If you’re worried you may have a gambling problem but aren’t sure how serious it is, the NCPG has a 10-question quiz you can take to assess your situation.
“Make sure people who are at risk have the support they need to stay safe during the big game,” Whyte said. “For some it may be downloading software to block access to gambling sites. For others it may be going to a Gamblers Anonymous meeting to seek strength from shared experience.”
