The Business of Sports Betting and Gambling

by Kristina on March 30, 2011 · 0 comments

The NCAA March Madness Basketball tournament started last week.  Every year I enter a $5 NCAA March Madness pool and hope to be the winner with the most brackets correct to win the big pot, which is usually around $100.  It’s not about winning the money; it’s about the thrill of gambling; although I feel that I am the exception to this rule.  For most people gambling is definitely about winning money.  As I carefully watch basketball games that I don’t understand, and I choose teams to win from colleges that I have never heard of, I started to think about the major business of sports betting and gambling.

How Much do you Spend a Year on Sports Betting and Gambling?

I don’t actually like sports, and I know very little about most organized sports.  Of course I know the basics of the NBA and NFL because I have a boyfriend and a Dad.  But my interest in organized sports is limited to gambling on them.  I always bet on sporting events when I am invited into a betting pool.  Whenever someone asks me to be in a betting pool I always reply “I don’t know anything about sports, I just like to gamble.”

I don’t feel that I need to be a sports connoisseur to bet on sporting events.  There are always upsets in sports, and the underdogs can come out on top.  Every game has to have a winner, and that winner could be picked by me. Although truth be told, I never win; this is why betting on sporting events is a gamble.

My sports betting knowledge is limited to choosing the teams that start with the letter K like the first letter of my name, and picking teams that wear my favourite colours which are blue and purple.

When I go to the Horse Races my winning picks are based strictly on the horse’s name.  It always surprises me how much race horse names can resemble the names of strippers. I always bet on horses named something like Moonlight Lover and Stacey’s Starlight.  Last time I went to the Horse Races I bet on a horse named Candyfloss Carnival.

How Often do you travel to Las Vegas?

Entire cities such as Las Vegas and Atlantic City are based on the business of sports betting and gambling.  First, there is the cost of the trip to travel to Las Vegas, and then there is the amount of money that visitors spend on gambling while they are in Las Vegas.

People’s obsession with Las Vegas may be the thrill to be someone else for their trip since it is sin city.  But I am sure that the number one reason why people travel to Las Vegas is in hopes of coming home a little bit richer.  Gamblers always talk about their winnings but they rarely discuss their losses.  A gambler will always say I won $10,000, but they will never mention how much they spent to win that money.

How Much do you spend on the weekly lottery?

I don’t play the lottery because I think it’s a waste of time and money, but I do play Craps whenever I am in a casino.  I also play Black Jack if there is a free seat at a table.  I don’t gamble online and I don’t play poker.

Do you Play Online Poker?

I don’t play online poker because the idea of linking my bank account or credit card to a potential gambling addiction can be a financially dangerous habit.  The secret to enjoying gambling is to set a limit. I only gamble when I can control the amount of money that I gamble with.  I only take $100 to the Craps table when I roll the dice, and I only contribute $20 into a betting pool.  Having unlimited access to our money via our debit or credit cards can be very costly.

Photo by Plutor



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