Sports betting: How to set limits and reduce your risk
Sports betting and prediction markets can make following a game or event feel even more exciting. They can also make it easy to spend more time or money than you planned.
If you choose to bet or put money on future outcomes, knowing your own limits can help you make choices that work for you. Here are ways to plan ahead, check in with your habits, notice when things may be getting off track and know where to turn for support.
Prediction markets allow you to put money on what you think will happen in the future. Depending on the platform, this might include the outcome of a sporting event, election, economic announcement or another event.
These platforms may use terms such as “trading,” “contracts” or “markets,” but you are still putting money at risk based on an uncertain outcome. Like other forms of gambling, this can become difficult to control for some people.
Prediction markets and sports betting are regulated differently, so rules and protections can vary. If you choose to participate, consider the same strategies you would use with other forms of betting: set limits for your time and money, avoid chasing losses and take a break if it starts affecting your finances, relationships, academics or well-being.
Check in with your gambling habits
Changes in how you gamble can be an early sign that it’s time to reassess. Think about your habits and ask yourself:
- Am I betting more often or spending more money than I used to?
- Do I spend a lot of time thinking about betting or checking odds?
- Have I bet more money or for longer than I planned?
- Do I keep betting to try to win back money I’ve lost?
- Have I borrowed money or used money meant for other expenses?
- Do I hide how much I gamble from other people?
- Is gambling affecting my schoolwork, relationships, sleep, finances or mental health?
If gambling is starting to feel stressful, less fun or taking over, consider taking a break. You can also check in on your gambling habits and explore additional resources.
Know your plan before you bet
It’s easier to stick with choices you make ahead of time. Before you bet, think about what limits work for you.
- Set a spending limit. Decide how much you’re comfortable spending and can afford to lose. Keep money for essentials like rent, food and tuition separate from money you choose to spend on gambling.
- Set a time limit. Decide how much time you want to spend betting or checking bets. Many betting apps have tools that can help you set time and spending limits.
- Don’t chase losses. Trying to quickly win back money you’ve lost can lead to spending more than you intended.
- Understand the bet. Know the rules and odds before placing a bet, and remember that knowing a team or sport well doesn’t guarantee an outcome.
- Avoid betting when your judgment may be affected. Stress, frustration, alcohol and other substances can make it harder to stick to the limits you set.
In Colorado, you must be 21 or older to place a sports bet. Colorado also has laws that provide additional protections for people who use sports-betting apps, including limits on some deposits and advertising practices and a ban on using credit cards to make sports-betting deposits.
Know when to take a break
Gambling can be one activity you choose to do without becoming the focus of your time, attention or budget.
Consider taking a break if you find yourself constantly checking betting apps, thinking about your next bet or feeling stressed about wins and losses.
You can also make it harder to bet impulsively:
- Delete betting apps if they’re becoming a distraction.
- Remove saved payment information from betting accounts.
- Use blocking tools like BetBlocker or Gamban to limit access to gambling sites.
- Make time for activities that don't involve betting.
Learn more about responsible gambling, including ways to reduce your risk and recognize warning signs.
Talk honestly about sports betting
Wins tend to get more attention than losses. Talking about both can help you and your friends keep sports betting in perspective.
Consider checking in with each other:
- Is betting making the game more fun or more stressful?
- Are you spending more than you planned?
- How do you feel after losing a bet?
- Is betting starting to feel harder to control?
If you’re concerned about a friend, you don’t need to diagnose their gambling habits. Let them know what you’ve noticed, ask how they’re doing and encourage them to connect with support if they need it.
Get support for gambling concerns
It may be time to reach out if gambling is causing problems with your finances, academics, relationships or well-being, or if you’re having trouble cutting back or stopping.
Collegiate Recovery Community (CUCRC)
CUCRC provides community and support for students in recovery or seeking recovery from a range of behaviors, including gambling.
Counseling & Psychiatric Services (CAPS)
CAPS can help students explore concerns related to gambling and connect with additional support and resources.
National Problem Gambling Helpline
Get confidential support and connections to gambling resources by phone, text or chat.
Gamtalk
Gamtalk offers free, anonymous peer support for people experiencing problems related to gambling.
Gambling is prohibited in CU Boulder residence halls. NCAA rules prohibit athletics staff and student-athletes from participating in sports wagering activities on NCAA-sponsored sports at any level.