Sports gambling a wager that may not pay off

According to the Nevada Gaming Control Board, Nevada’s sports book handle in 2007 was $2.59 billion. That only accounts for money legally wagered.

While it’s impossible to gather hard numbers on illegal wagering on sports around the United States and the world, experts such as sports gambling analyst Danny Sheridan estimate illegal wagering is approaching half a trillion dollars annually.

When you throw in such things as parlay cards, fantasy leagues, race pools and NCAA basketball brackets, it’s anybody’s guess as to where the ceiling really is on money changing hands through sports wagering.

With college and pro football making up half of Nevada’s sports book handle and college and pro basketball making up 25 percent — which probably also mirrors trends in illegal wagering — the hottest season for sports gambling is upon us.

If the intent of a person who gambles on sports is to have more money in their pocket at the end of the day, then that person would be better off to put their money into something like a savings account or CD rather than something as volatile as the outcome of a football game.

People from all walks of life, though, are lured into potentially immediate payoffs through sports wagering. Those same people need to be fully aware that they might win, but casinos and bookies take in more than they pay out.

When the New York Giants upset the New England Patriots in the Super Bowl in February, Nevada Gaming Control Board figures show $92.1 million was wagered on the game and Nevada’s sports books lost $2.6 million.

It’s only the second time ever the state’s sports books have taken a loss on the Super Bowl. And while it was a rare day the casinos had to pay out more than they took in, not everyone who placed a bet won. NBA analyst Charles Barkley lost $100,000 by taking the Patriots.

People who bet on sports need to also realize that a game they’re betting on might not pay off according to scouting reports due to more than just the ability of the players and teams involved.

Throughout the history of sports, high stakes have led to corruption. The NBA is currently in the midst of a game-fixing scandal by at least one and maybe more of its referees.

In 2003, more than 20,000 NCAA student-athletes were surveyed in a study on collegiate sports wagering. Of those surveyed, 102 football players and 17 basketball players admitted to at least one of the following: taking money to play poorly in a game; knowing a teammate who played poorly in a game; being threatened or harmed because of sports wagering; being in contact with an outside source to share inside information; actually providing inside information on a game.

Like any other form of entertainment, sports gambling in moderation can be fun. Some people who wager on sports do so responsibly. Some become addicted and wager their last dollar.

Either way, in tough economic times, the aforementioned pitfalls are things to consider before placing that next bet.