Editor’s note: Birches Health is a national provider of Responsible Gaming educational resources and the leading gambling addiction recovery program in the United States, offering specialized care from the comfort of home, covered by insurance.
September is officially Responsible Gaming Education Month, but learning and following recommended best practices for betting and playing fantasy responsibly needs to be a year-round focus. Therefore, NASCAR has collaborated with Birches Health to provide guidance around responsible play to help try to ensure that fans who engage with these different forms of gaming do so in a healthy, sustainable way.
Here are 10 tips to keep in mind if you are of legal age and choose to bet on NASCAR races or any other sporting events.
1. Determine your bankroll
Your “bankroll” can be most simply thought of as a budget for betting and/or fantasy. This should be a portion of your disposable funds and an amount that you can afford to lose fully without any impact on your finances. Your bankroll should be sustainable for multiple weeks or months to avoid feeling a need to increase it or deposit more into your account.
2. Pick a unit size and stick to it
Related to bankroll management is the concept of unit sizing. A “unit” in sports betting is your usual amount for a single wager. Some recommend that this be between 1-4% of your total bankroll. Being disciplined and keeping your unit size small should allow you to maintain funds during inevitable “cold streaks” without the need to deposit again or increase your bankroll.
3. Set limits
Setting limits is an easy process nowadays. Sportsbooks and fantasy platforms provide tools to let players set personal limits that can help them play responsibly. These can be seen as an extra set of guardrails that assists all users (not just those who may have a problem) keep their play in check. Platforms generally offer: Deposit Limits (this can help with bankroll management, as noted above), Bet/Entry Amount Limits (set these to align with your unit size), Loss Limits, Time Limits and “Cool Down” periods.
4. See betting and fantasy as paid entertainment
The reality is that you are more likely than not to lose money in the long term when betting. Knowing that, it is recommended that bettors and DFS players approach it as an entertainment expense, such as buying tickets to a NASCAR event to elevate the experience of watching the race. Picks and lineups can create another level of engagement, but their outcomes should not ever impact your financial health. If your picks are correct and you do win, it can be a pleasant surprise. But in the (more likely) case that they result in a loss, it should be seen as a cost that helped increase your excitement throughout, not something you need to try to win back.
5. Never “chase” losses
Chasing losses involves betting or playing more – additional bets/picks, often at larger amounts – in hopes of winning back what was lost before. Our partners at Birches Health have seen first hand that loss-chasing is the most common at-risk behavior exhibited by individuals before entering their problem gambling recovery program. No matter how many times you’ve lost or come close to a win, you are not “due” for a correct pick. Betting more can result in compounding losses that may reach unforeseen levels.
6. Only bet with a clear mind
Your decision-making skills and risk-assessment abilities are critically important when betting or playing fantasy, so it’s paramount to only do so when able to think clearly. If you’re in a highly emotional state or have been drinking, you should not be risking your hard-earned money on sports picks.
7. Never borrow to bet
If you don’t have the funds for betting, you should not be wagering in the first place. Using borrowed money or credit to bet can be extremely risky and result in debts that you may not be able to pay.
8. Take breaks
Be sure to maintain balance between gaming and all other parts of life. If making picks, setting lineups or researching plays is taking up too much of your day, take time away to focus on other activities and priorities. The “Time Limit” options on gaming platforms can be a big help in making sure you’re not dedicating too much time to gaming.
9. No such thing as a sure thing
Unfortunately, there is no such thing as a “lock” or “guarantee” in sports betting or fantasy. There is an incredibly large number of variables that can impact the outcomes of sporting events and make it difficult to predict their outcomes correctly, so no pick is ever guaranteed to win. Always keep this in mind when making a pick – huge upsets and highly unlikely results happen regularly in the world of sports, including NASCAR.
10. Know where to turn for support
In case sports betting or fantasy ends up leading to issues for you, a friend or family member, being aware of the specialized resources available is also very important.
Birches Health has a nationwide team of counselors specially trained to help people dealing with gambling-related struggles. Birches offers the leading gambling recovery program in the United States, with costs that can be covered by insurance or state funding for eligible residents. Care is fully confidential and available virtually from the private comforts of home.
If you or someone you know could benefit from a conversation with Birches Health, you can simply click here, call (833) 483-3838 or email [email protected].