A question of sin

January 9, 2020

My Dear Reader,

Sports gambling has taken the nation by storm. In just a few years it has become legalized pretty much Nationwide. the reasons for it’s widespread implementation are obvious;  the moral fabric of the United States is obviously deteriorated, or at least moved away from the sins of gambling. The second reason is because it’s very profitable for sports associations and networks, and obviously Vegas and bedding institutions.  It’s always amazing to see how fast something can get done when there’s enough public and Wealthy support behind a movement. Of course that’s not my concern, I’m more worried about the personal financial aspects of what sports betting brings to us.

There was a recent article in Forbes which explored why the average investors rate of return was so low. The blame did not fall on the shoulders of the investor, or the adviser but actually more so on the fund manager. This actually has to do with psychology, and the uniqueness of psychology and money.  For instance, if a manager has two funds, we’ll call them A and B, and he’s doing phenomenally and B is performing and a subpar fashion, humans will be more likely to take money out of A, or stop supporting A, in an attempt to dump more money into B. The reason for this is because, we really just don’t like to be wrong. So if we have done all the research and made the decision to go with B, and it doesn’t work, we are not just going to admit defeat. 

There’s a similar problem when it comes to gambling. Because of the advances in technology, individual plays may be able to also be gambled on. For instance, whether or not a kicker will make a field goal on a certain down and distance turn off. Or whether or not a quarterback will attempt a certain amount of passes, or how far that pass will go in the air. So if somebody takes a gamble and loses on a game. Or feels as though there that’s on a certain events will not go as they forshaw, there’s a greater chance but they will take an opportunity to bet on smaller occurrences in the game. This could greatly magnify the amount of money lost per person.

 I’m not saying that this is a guarantee, nor am I saying that it’s going to happen to everyone who takes a bet or gamble on a game. But I believe it will increase the likelihood of somebody developing an addiction.  If you do know someone who has or is developing an issue with gambling, don’t be afraid to call the gambling hotline.

This is a small issue, but I felt as though I was just as necessary to bring it up, and that’s a lot more serious than any stop political occurrences from the past few weeks. But here’s to a hopeful and happy life and productive 2020. 

To your potential and creation,

Kevin Prendiville