Sports gambling, also called sports betting, involves prediction of sport results by making a wager on the outcome of a sporting event. The legality and acceptance of sports betting varies from one nation to another. It also varies from one state to another. The legal age limit for sports gambling is usually twenty-one years.
Some of the sports that a person can bet on are NFL games, horseracing, professional hockey, hound racing, and baseball. Some of the sports that are not usually available for gambling are golf, Indy 500, and tennis. A gambler can wager on sports in Nevada and Oregon where betting is legal. Wyoming also allows betting on sports but there is some ambiguity about the subject.
Although it is illegal to bet on sports in the US, there are many illegal bookmakers in every town and city. Other betting options include Internet and offshore gambling that are a relatively new phenomenon. Internet gambling is a little riskier compared to land based gambling because the gambler cannot judge the quality of the gaming institute. Many frauds and swindles have become known in the recent years. However, many people successfully bet on-line and win on a regular basis.
There are many types of bets in sports gambling. Some of the popular types include spread bets, proposition bets, money line bets, over/under bets, parlays, and teasers. The winnings and procedures for these bets differ according to the bets themselves. All gambling wins and losses are to be reported to the IRS every year and anyone betting an amount in ufabet excess of $10,000 will have to fill up a form for the IRS before starting the betting procedure.
According to surveys, seven out of ten adults in the US betted on some sport in the year 2005. The total revenue generated because of online betting exceeded $12 billion in the same year. This shows that sports- betting is not frowned upon as much as other gambling since it is a skill game where the knowledge of the gambler about a particular sport is tested along with his betting abilities.
Problem or compulsive gambling as some call it, has always been an issue among the adult population. The availability of Internet gambling and online betting sites has served to exacerbate the problem. But even of more concern, is that teenage gambling, once a minor problem for parents, is today a growing phenomena. Unfortunately, it is not unusual today to hear about teens who have become addicted to gambling online.
In a review of 1,300 calls to the National Problem Gambling Helpline for immediate help, 106 clients (8%) reported that their primary problem was internet gambling. The predominant age of these individuals was aged 18-25. Furthermore, a recent study by the Annenberg Foundation found that almost 600,000 youth (aged 14-22) reported gambling on the Internet on a weekly basis.
These numbers are concerning, but not surprising.
Why is it dangerous?
- Children and teens are more susceptible to addiction. So exposure to gambling at a young age is particularly risky.
- A gambling addiction is not different from an addiction to drugs and alcohol. The potential destructive effects can be devastating to the individual and the family as well as lead to other compulsive behaviors.
- The popularity of online poker and the glamorization around it have contributed to making gambling more acceptable and mainstream. Gambling today is normal behavior, even among teens.
- 20% of problem gamblers try to commit suicide at some point.
Signs of a problem
- Experiencing a big win can lead to continued gambling. Keep an eye out.
- They spend more and more time gambling in place of other entertainment or hobbies.
- There is a change in their academic performance.
- They need to borrow money frequently and/or start to exhibit pressure about finances.
- You find that money is missing from the house or your wallet.
- They start buying new, expensive items without reasonable explanations of the source of the money.
- Irritable behavior and mood swings.
- Even if you think it is under control, if your child is gambling, talk to them about it. Open communication is the best way to know what is happening and to prevent problems.
- If you suspect your teen is hiding an online gambling problem, you can look at their computer and see what sites they are visiting online.
- If you decide that your teen should not be permitted to gamble online, you may want to enforce certain Internet rules by installing a Parental Control software.
- If you suspect a serious problem, consult with a professional.
- If your teen admits to a problem, you use a software solution, such as a web filter to block gambling sites and simply prevent access. In many cases, eliminating the access will be enough to eliminate the problem.