Is NFL Football Betting Risky?
Americans and a growing number of people around the world love watching NFL football.
It’s by far the most popular sport for betting in the U.S., with basketball a distant second. Online sportsbooks acquire the bulk of the customers during the football season.
It’s so lucrative for betting sites because many people are deeply emotionally invested in their team. The fanaticism with NFL football has been passed down through generations of people.
For some, betting on football can be a harmless activity. However, for many it’s an addictive activity. According to a 2023 study, 45% of NFL bettors “acknowledge having bet more than they could afford to lose.”
Nearly 8-in-10 Americans live paycheck-to-paycheck, according to Payroll.org, so even small losses can feel like a lot to NFL bettors. Losing more than you intended is an early sign of a gambling problem.
In this article, we’ll explain why NFL betting is risky for sports fans and what you should watch out for if you do decide to bet on your favorite team or players.
NFL Betting Risks
NFL betting is famously hard to win at in the long run. Sports betting sites, such as Bet365, FanDuel, and DraftKings, have the most data on the NFL, and the odds and lines are never in your favor.
Let’s look at some reasons why NFL betting is especially challenging and why you should never bet on the sport with the intention of making money in the long run.
Unpredictability: The outcome of football games can be highly unpredictable due to various factors such as player injuries, weather conditions, and unexpected game strategies. This unpredictability makes it challenging to consistently make accurate bets.
Vigorous Competition: The NFL is a highly competitive league where even the weakest teams can sometimes defeat the strongest ones. This parity increases the difficulty of making winning bets, especially moneyline and spread wagers.
Bookmaker Advantage: Sportsbooks set odds to ensure they make a profit, often referred to as the "vig" or "juice." This built-in advantage means that bettors must win more than 50% of their bets to break even, which is nearly impossible over the long run.
Emotional Decisions: NFL fans are especially emotional. Betting on a favorite team or based on personal biases rather than objective analysis can lead to especially poor decision-making and losses. Still, any analysis won’t be good enough to win consistently.
Complex Betting Options: There are various types of bets (point spreads, moneylines, over/unders, parlays, etc.), each with its own complexities. Understanding these well enough to have an edge is extremely difficult, and mistakes lead to significant losses.
Financial Risks: Betting with money that one cannot afford to lose can lead to financial distress, including an increased likelihood of chasing losses.
Aside from the risks of winning and losing bets, compulsive NFL gambling can lead to broken marriages and exacerbate bad heart health, according to studies.
Why NFL Betting is Addictive
Wagering on any sport can be highly addictive. But football is especially problematic.
NFL betting can be particularly addictive due to several factors unique to the sport and its cultural context:
High Frequency of Games: The NFL season includes a limited number of games each week, which creates a sense of urgency. This concentrated schedule makes each game feel significant, increasing the emotional investment and desire to bet.
Massive Popularity: The NFL is the most popular sports league in the United States. The widespread interest and media coverage contribute to the cultural normalization of betting on NFL games.
Fantasy Football Integration: Many NFL fans participate in fantasy football leagues, which often involve monetary stakes. This engagement with the sport through fantasy leagues can lead to an increased interest in betting on actual games.
Promotion and Advertising: Sports betting companies heavily advertise during NFL games, often featuring promotions, bonuses, and easy access through mobile apps. This constant exposure can encourage viewers to bet, even if they hadn't planned to.
In-Game Betting Options: The availability of live, in-game betting allows fans to place bets throughout the duration of a game, not just before it starts. This continuous engagement can lead to more frequent betting and higher levels of excitement and risk.
Social Aspect: Watching NFL games is often a social activity, with friends, family, or colleagues gathering to watch and discuss games. Betting can become a part of these social interactions, making it more enticing and harder to avoid.
Parlays and Exotic Bets: NFL betting offers a variety of bet types, including parlays (multiple bets combined into one) and exotic bets (such as betting on specific player performance). These can be more attractive due to the higher potential payouts, despite their higher risk, which can drive addictive behaviors.
Emotional Investment: Fans often have a strong emotional attachment to their favorite teams and players. This emotional connection can amplify the highs and lows of betting, making the experience potentially addictive.
Big Events: The NFL features major events like the Super Bowl, which is the biggest betting day of the year. The hype and buildup to such events can lead to increased betting activity and the potential for addictive behaviors.
NFL Betting & Alcohol
The social aspect of watching the NFL needs to be fleshed out further as it relates to problem gambling. Many people watch games at bars or at home in the presence of alcohol.
Heavy binge drinking is part of NFL fan culture, exacerbated by the usual weekend game schedule. Many fans wait all week to “let loose” with drinking during NFL games.
We recommend not gambling on the NFL if you are under the influence of alcohol.
Betting on the NFL while drinking alcohol can be particularly dangerous due to several factors.
Impaired Judgment: Alcohol impairs cognitive functions, including decision-making abilities. When under the influence, individuals are more likely to make impulsive and irrational betting choices that they wouldn't make when sober.
Reduced Inhibition: Alcohol lowers inhibitions, leading to more risk-taking behavior. This can result in placing larger or more frequent bets without fully considering the potential consequences.
Emotional Decision-Making: Alcohol can amplify emotions, causing bettors to react more strongly to wins or losses. This heightened emotional state can lead to chasing losses or placing bigger bets to capitalize on a short-lived winning streak.
Overestimation of Abilities: Alcohol can create a false sense of confidence. This overconfidence can lead to believing in one's ability to predict game outcomes accurately, resulting in riskier and larger bets.
Lack of Focus: Betting on NFL games requires analysis and attention to detail, such as player statistics, to have any chance of winning. Alcohol consumption can reduce concentration and the ability to process information effectively.
Peer Pressure: Watching NFL games is often a social activity that involves drinking with friends or in a group setting. In such environments, there can be social pressure to place bets, especially if others are doing so, which can lead to betting more than planned.
Delayed Realization of Losses: Alcohol can dull the realization of losses, leading individuals to continue betting even after significant losses, as the impact isn't immediately felt. Waking up the next day after losses can be emotionally devastating.
Image by eileenploh from Pixabay.