Gambling expert discusses risks involved with sports betting

March Madness Begins

CHATTANOOGA, Tenn. (WDEF) — With March Madness already in full swing across the country, experts are weighing in on the impacts of sports gambling.

As we gear up for the long-awaited sports season, here’s some tips that will keep you out of foul trouble.

The popular basketball craze, March Madness, is known as a time for action-packed games and season brackets.

Although it’s a fun way to catch up with friends and wager your favorite team’s stakes, it can also lead to severe debt.

Professor at the University of Memphis, James Whelan said, “There’s a lot of people that believe they know a lot. And they know who’s going to win. And what’s going to happen. So that confidence leads some people to take risks that maybe they shouldn’t take.”

The Tennessee Institute for Gambling Education and Research (TIGER) handles the cases of foul play rather than the slam dunks.

Whelan, Executive Director of ‘TIGER’ suggests, “Before the betting starts, well before the game starts, decide how much money you’re okay losing. That’s the critical part… Not how much you want to bet, but how much you’re okay losing.”

With many states passing bills in approval of sports betting, popularity for the habit is on the rise.

“It’s a new option for many people to choose to gamble. When it comes to March Madness specifically, you know the Super Bowl’s the biggest event– single-day event, for which there’s wagering in the U.S., but when you take into consideration the totality of March Madness, there’s a lot of betting that’s going to occur and there’s a lot of people who find that one of the things you can do in the tournament is make some games you don’t care about a lot more fun by placing a bet on it,” Whelan said.

He explained that the vast majority of people who get involved in the wagering process will walk away unharmed.

However, think about what you’re willing to lose before you bet those high dollar amounts.

“And we think about Tennessee, there are probably 250,000 people in Tennessee who will get their lives really screwed up because of gambling. And they mostly feel that in a way of financial harm, but also damage to relationships. Damage to others around them. The research shows that for every person that has a gambling problem, it’s going to negatively impact six other people– that’s oftentimes partners, children, those who are closest to us,” Whelan said.

If you are experiencing distress over gambling habits, there are treatment options available through the institute.

You can visit The Gambling Clinic online for more information.