5 tips for responsible betting during March Madness

Gambling is not inherently wrong or bad. However, it is important to remember that gambling sites, games and apps are all designed to keep you betting. They do this by stimulating your brain’s reward center, much like alcohol and other drugs do, which can lead to addictive behaviors.

If you’re interested in how your brain reacts to gambling wins and losses, you can read more about the science behind gambling. Knowing how your body is reacting beyond your control can help you be more mindful and know when it’s time to take a break.

It’s also a good idea to check in with yourself to review your gambling habits. Think back over the past 12 months and ask yourself:

• Have you gambled more often or with more money?
• Have you withdrawn from relationships?
• Have you borrowed money to cover gambling debts?
• Do you hide your bets or gambling habits from others?
• Do you feel the urge to keep betting even when you’re losing?
• Has gambling caused you any health-related issues, including stress or anxiety?
• Have you ever felt guilty or remorseful about the way you gamble or what happens when you gamble?

If you answered yes to these questions, it may be time to reassess your gambling habits. You can also take this quick free quiz to get help evaluating your current habits.

Setting limits around how much money and time you spend on gambling can help you avoid unwanted financial consequences. Here are some ways you can mitigate your financial risks and significant losses:

• Set time and money limits. Take advantage of the features available on gambling sites to help you monitor your play and know when you’ve gone over your time or money limit. Resist the urge to keep betting or playing once you’ve reached this limit.
• Budget for gambling. What can you reasonably afford to spend on gambling? Set a budget for yourself and stick to it. If you struggle to keep track of your spending, consider removing your credit or debit card information from your phone or laptop so it can’t autofill on sites. Additionally, if you’re going out somewhere to bet, leave your cards at home. Never borrow money or use money that is intended for basic needs (e.g., rent and food) to place bets.
• Know how it works. Research how a specific game or betting system works before you place your bets. For instance, some bets may depend on the outcome of the game, while others may rely on a point spread or games that will be decided in the future. Knowing what types of bets you’re making and how the system works can help reduce your risk of losing more than expected.
• Bet only what you can afford to lose. All gambling comes with risk. Sometimes you’re up and sometimes you’re not. That’s why it’s important to consider how much money you’re willing to lose before you place any bets. Remember, if you lose your money, don’t try to win it back. This often results in bigger losses than you would have incurred if you had let the money go.

Gambling for long periods can make it difficult to keep track of your time and money. Stepping away regularly can help you clear your head and foster a healthier relationship with gambling. Here are a few tips to help you strike a balance between gambling and other activities:

• Balance recreational gambling with other hobbies or interests.
• Delete gambling apps from your phone, laptop and other devices.
• Consider removing your credit or debit card information from the ‘autofill’ function on your phone, computer or other devices.
• Set time limits or block sites that you’d like to spend less time on using software like Bet Blocker or GamBan.
• Avoid betting or playing when your emotions are heightened (e.g., stressed, upset, angry, frustrated, etc.).
•  Avoid gambling while under the influence of alcohol or other substances. This may cause you to take more risks than you normally would when betting.

It’s common for people to be more open about their experiences when they result in success or winnings. However, it’s also important to address losses you may have experienced.

Encourage your friends to start having open, honest and balanced conversations around sports betting and gambling. Being vulnerable and sharing your real-life experiences with the highs and lows of sports betting can help you identify habits or tactics that are working for you as well as those that aren’t. It can also provide insight into how others view gambling, what limits they have in place and how it impacts people’s lives differently.

Here are a few questions you may consider asking friends:

• How does betting impact the enjoyment of watching sports for you?
• How risky do you believe sports betting is compared to other types of gambling?
• What types of sports do you bet on?
• How hard/easy is it to make money betting?
• Have you experienced any losses this year? What was it like?
• How do you see your relationship with betting changing over the next few years?