March Madness is the biggest sports betting event of the year, but how do you wager safely? Keeping responsible gambling practices in mind can help keep your betting experience fun.
It’s worth taking some time to plan out your wagering with the big dance right around the corner.
Budget for responsible March Madness gambling
March is Problem Gambling Awareness Month, so the overlap with the NCAA Tournament makes right now the perfect time to take a look at your gambling habits.
If you feel like you’re spending too much money on gambling, then that may be a sign of problem gambling.
One thing that could help prevent this is setting a budget for your March Madness betting. Don’t expect to make it rich, and don’t compromise your budget with impulse wagers.
After all, just because your friends are hopping in on the latest parlays doesn’t mean that you have to join.
Sticking to your budget with help make sure that you don’t overspend. Gambling is supposed to be fun, so avoiding spending shame will help make sure that it stays that way.
Don’t chase your losses
Let’s face it, losing a bet sucks. No one enjoys it, but it’s a reality in the world of gambling that you’ll lose at some point.
Sports are emotional by nature. The March Madness team that you bet on might lose in dramatic fashion at the buzzer.
Some gamblers will try to double down to make up for their last loss. This is a very bad idea.
More often than not, you’ll just end up digging yourself deeper in the hole. If you’re not careful, then things could end up snowballing in the wrong direction.
One wager is not a bandage to fix another. Not chasing your losses is a great thing to make a habit of.
Losing a bet is unfortunate, but taking your loss on the chin and moving on is one of the best practices to keep in mind for responsible gambling.
Keep an eye out for problem gambling signs
March Madness will be one of the most popular sports betting options this month. Whether it’s as simple as entering a bracket pool with your friends, or as intricate as placing multiple same-game parlays, plenty of Hoosiers will be wagering on the tournament.
It’s important to keep an eye out for common signs of problem gambling with so much betting going on.
Check out the list of possible warning signs below. This isn’t the complete list, but it’s a good place to start when it comes to being on the watch for potential red flags.
- Borrowing money to gamble
- Selling possessions for gambling money
- Being reluctant to use your “gambling money” for other expenses
- Arguments or frustrations leading to gambling
- Having an urge to gamble again to win back your losses
- Gambling until you run out of money
Even if you never experience problem gambling yourself, keeping an eye out for the people around you can help you prevent problems before they begin.
Keeping responsible gambling in mind can make this March Madness one worth remembering.