Tuesday, June 11, 2024

Sports betting: A source of hope or misery?

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Adetunji Matthew
Adetunji Matthewhttp://www.aidthestudent.com
I’m Adetunji Matthew, an Economist, Social Media Manager, software Developer/Marketer Sales Consultant, and Ecompreneur. I’m popularly known as “Matt” As an artist and designer, I aim to create something brilliant daily. Eager to learn more, I use my free time to get better at w hat interests me, whether it's researching, teaching, or even something entirely new.
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John had a promising future, a potential medical doctor studying medicine at the University of Benin. And like every other guy out there, he’s a die-hard football fan, as if that did not suffice, he was obsessed with football gambling, popularly known as sports betting. I learned about him when he failed his MBBS exams quite a number of times and was asked to withdraw from the medicine. 

It was said that as a student in the University, he was so addicted to betting, that at one point he played a bet with tuition fees, with the hope that the odds were perfect for him. 

Unfortunately, the unexpected happened, and many more woes followed immediately, landing him in debt, and finally a ruin to his future. This is just one among the many whose lives have been marred and ruined by sports betting.

With betting, only one thing is certain, and that is loss and misery. If you have been indulging in this act for long, you will agree this is the absolute truth.

In the world of sports, the joy of seeing your favourite club win a Match or a trophy can be second to none and very captivating.

For millions all over the world, this euphoria goes beyond being a fan, leading them into the uncertain waters of sports betting.

And of course, betting on matches has become so widespread, driven by the hope of making quick money, and makes the whole experience more exhilarating. But behind this hope lies the unfortunate reality that is sapping the lives of many youths and adults in our generation.

The deception with many is that one day, they will win big and become millionaires. They have heard many who won big, and this gives them the false hope of the “one day”. What you don’t know is that betting is not sustainable, not reliable, and is deceptive and addictive. As you read on, they will be exposed to the false allure of betting, and the sting of misery it brings to anyone that is given to it.

In this article, sheds light on what sports betting entails, the false hopes and the negative effects of betting, together with knowing how and where to get help.

What is sports betting?

One type of gambling is sports. It is, in essence, the act of taking a financial risk on the result of a sporting event or any part of a sporting event. Making a profit is the aim. One type of gambling is sports. It is, in essence, the act of taking a financial risk on the result of a sporting event or any part of a sporting event. Making a profit is the aim. 

You have likely heard a great deal about online or personal betting from individuals you know. Although you can wager on a wide range of events, as we’ve already discussed, sports betting is the most common kind. Most commonly, bettors are contacted through websites or betting shops where bets are placed. The stake, or the amount we put on the wager, is multiplied by the odds provided by the betting operator to determine the amount of money earned on a certain bet. Bettors are people who engage in betting regularly.

The entire bookmaking industry is predicated on the odds, which are a representation of the probability or likelihood that an event will occur. These, let’s call them, rates that bookmakers are offering are dependent on a wide range of variables that could influence the likelihood of a specific event occurring. These figures indicate not just the implied likelihood of the event but also the maximum amount you may win.

The false hopes

A deeply regretful and devoted bettor stated, “I still regret placing my first bet.”Initially, it gives you a large gain and leads you to believe that there is a really quick and simple way to make money and become a billionaire overnight. You are more determined than ever since, of course, you have heard of individuals who have won large sums of money, and you believe that it could one day be your turn. After all, it fills you with happiness, hope, and an exuberant sense. And when you do win something, you begin to bet much more in the hopes of hitting it big.

In essence, sports betting, akin to other types of gambling, has the potential to fabricate an illusion of regular winnings, thereby tempting wagerers. People often have a more vivid memory of their victories than their defeats, which distorts their perspective of total profitability. In sports betting, even minor victories can provide the appearance of success, even if the bettor ultimately loses money. Where exactly does this misplaced optimism lead, though? Can it be sustained?

Negative effects of sports betting

1. Addiction

Like any gambling, sports betting has the potential to become very addictive. Your brain’s reward system may be activated by the surge of excitement and anticipation that comes with betting and the possibility of winning. 

Dopamine is released as a result, and it is a neurotransmitter linked to reward and pleasure. Like any gambling, sports betting has the potential to become very addictive. Your brain’s reward system may be activated by the surge of excitement and anticipation that comes with betting and the possibility of winning. Dopamine is released as a result, and it is a neurotransmitter linked to reward and pleasure. A win reinforces the behaviour, increasing the likelihood that you will repeat it in an attempt to replicate the same satisfying experience. A compulsive urge to keep gambling may develop from your brain conditioning sports betting with a feeling of satisfaction over time. You may believe that you are in charge, but you are not. You are already dependent on drugs.

2. Financial misery

Sports betting can easily result in disastrous financial problems when it develops into an addiction. Individuals sometimes chase losses in the hopes of recovering their money, wagering more than they can afford to lose. 

It is difficult to anticipate sports betting results with any degree of accuracy because there is a large element of chance involved. You can overestimate your chances of winning and underestimate the risks as a bettor. Your placing of bets with larger stakes than they can afford to lose can result in significant losses. Constant losses can mount up, putting you under a lot of financial stress and even making it harder for you to pay your bills on time. This careless practice may lead to severe debt, from which one may never fully recover for years.

3. Impact on relationships negatively

A person’s relationships may suffer in several ways when they develop a betting issue. This covers their loved ones, close friends, and romantic partners. The most important effect of an addiction to betting is the breakdown of trust between the afflicted person and their loved ones.

When you lie about the amount you bet or conceal your betting activities, as a bettor, you run the risk of causing a trust breach that is hard to mend.

4. Social and Mental Health Issues

Financial difficulties resulting from gambling can cause stress and anxiety, which can exacerbate several mental health conditions, such as depression and suicidal thoughts. Problem gamblers may also avoid social situations, which makes them feel alone and isolated. In addition, studies show that unhealthy gambling habits increase the likelihood of engaging in other harmful activities, such as smoking cigarettes.

How to quit sports betting

1. Seek help from a counsellor or a professional

As soon as you realize that you or a loved one might be experiencing difficulties, get expert assistance. Peer support groups, therapy, counseling, and residential treatment facilities are a few ways to get help.

Speak with a licensed clinician who can assess your case and make a professional decision to assist you in achieving the best possible clinical results as a first step. These tools have the potential to provide you or a loved one the direction and encouragement you require to kick your addiction to online sports betting and take back your life.

2. Block all access to sports betting sites on all your devices

Consider limiting access to internet sports betting websites if you are having trouble resisting the urge to gamble. Additionally, think about clearing out any online sports betting-related apps or bookmarks from your computer, gaming system, or phone.

3. Surround yourself with the right people

Be in the company of people who are aware of your struggles and who can offer you ongoing, even on-demand support. Speak with a loved one if they’re having trouble with sports betting online. Inform them of your availability for a chat and provide your support.

Discuss your desire to give up online sports betting with friends and family, and feel free to enlist their support in keeping yourself accountable. Participating in a support group can also be helpful since it allows you to interact with people who are experiencing similar things.

Conclusion

It’s good to know and admit your weakness, seek help and be determined to make a positive decision no matter the cost, and this is true for an additive gambler. Gambling, like any other vice, seems good at the onset, but as I opined earlier, its Strings are deadly and can lead to irreparable ruin.

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