You’ve seen ads on social sports gaming platforms everywhere—whether it’s social media or while playing video games—haven’t you?
For once, you must have wondered why fantasy sports, sports prediction games, and free-to-play sports betting apps are gaining traction.
The explanation is simple: social sports gaming allows people to put their sports knowledge to the test and win real money while competing with friends. Their popularity has made the global social sports gaming sector a $235 billion market.
As much fun as social sports gaming is, approaching it responsibly is important. Or, you might end up in the hard water.
Here, we’ll share a few tips that will keep your social sports gaming experience positive and, most importantly, responsible.
#1 Don’t Spend Above Your Means
The golden rule of social sports gaming is never to spend more than you can afford to lose. Treat your gaming budget like entertainment money—something you’re okay with losing. Once you hit your limit, stop playing. Don’t dip into the next week’s or month’s allowance, as that can spiral into financial trouble.
In the U.S., eMarketer reveals that half of the mobile gamers spend between $1 and $50/year on games. That is an ideal sum; try to keep your limits within this range.
Globally, spending habits vary, however. In Brazil, for instance, 43% of people reported spending up to R$50 (US$8), and 21% spent between R$50 (US$8.26) and R$100 (US$16). You can use these benchmarks as well to guide your limits.
#2 Treat Every Pick as a Loss Before You Place It
Losses are an inevitable part of sports gaming, especially betting. That is why you must be prepared to lose when placing a pick.
Just as even the best teams lose, on occasions, no wager wins every time. Even the most calculated picks can go awry due to unexpected injuries, referee decisions, or sheer bad luck.
Cyprus Mail advises being accustomed to losing if you plan to engage in social sports betting on a regular basis. It’s not about pessimism but realism. This mindset will make sure your social sports betting remains fun, controlled, and financially responsible.
Before every wager, consider if you’re fine with losing this amount. If you say no, it would be best to step back.
One more thing: never chase losses. According to PGA TOUR, chasing losses involves placing further or greater bets in an attempt to recoup prior losses. This is dangerous as it can negatively affect your finances as well as your mental well-being.
Rebet advises setting loss limits. It suggests users decide the maximum amount they are willing to lose each day. This will help you avoid making reckless picks driven by overconfidence or emotional attachment. Thus, you’ll focus more on the fun than chasing wins.
#3 Learn from Your Past Picks
Every pick you make in social sports betting is an opportunity to learn, whether it’s a win or a loss. Keep a simple log of all your picks. Jot down who you bet on, why you made that pick and the outcome.
Over time, you’ll start to notice trends. For example, maybe you do better with underdog bets or struggle when wagering on unfamiliar leagues. Or, perhaps you get too emotional when betting on your favorite team. Use this data to refine your strategy and make more informed choices moving forward.
Don’t just focus on losses, however. Wins are equally important. Phys.org states that focusing on the gains will prevent you from being bogged down by past regrets. They can teach valuable lessons, too. You can analyze what factors led to success and how you can replicate them in future picks.
#4 Stay Informed About the Risks
Social sports gaming is fun, but there are risks. Don’t ignore them; you’ll end up in hot water.
Educate yourself about the risks associated with social sports gaming. Placing a pick on your favorite team can sometimes cause you to overspend.
An article published in The University of Kansas reveals that play-for-fun sports pick apps are draining household finances. They are leading to higher credit card balances, a reduction in net investments, and fewer available credits.
Harms from social sports gaming can also lead to bankruptcy and debt, says Taylor & Francis Online.
Many gaming platforms also employ features like bonuses to encourage continued play. These are no doubt tempting, but these offers can lead to impulsive decisions if you’re not cautious.
At the end of the day, social sports gaming is meant to be enjoyable. The second it feels stressful or financially burdensome, it’s no longer a game—it’s a problem.
Being mindful and setting boundaries will allow you to enjoy the thrill without the risk. Just keep in mind that the goal is to have fun, not to make a fortune. Now, go ahead and place the wager.