Dietz: Talk to your children about sports betting
Sheer Madness.
That's the thought that went through my head three seconds after my son showed me a $5,300 parlay betting victory by one of his friends.
It took three seconds because my initial thought was: Wow. Cool!
But after looking at the amount wagered — $3,000 — I realized this young man has a serious problem.
To my son's credit, he texted his friend back with that same basic message. His buddy said he removed most of the funds and is now “taking a break.”
Which is great, but not everyone is so smart — or so lucky. Our son said that three years ago another friend lost $20,000 in one month.
With March Madness in full swing, I thought this was a good time to address the issue, hoping this madness doesn't affect you or a loved one.
These things can happen to anyone, especially in a world where sports betting is legal, normal and “cool.”
Full disclosure: I have been betting online for four years. I do it for fun and rarely place a bet over $10. I take the free money when it's offered and hedge almost all parlays that are one step from winning. That method has led to a solid return.
Bottom line: Slow and steady (can) win the race.
That's not to say I've never learned a hard lesson. I did. Twenty-five years ago a buddy and I watched how bad the Bears looked in the preseason and tossed $100 on their opponent to cover the season opener.
Easy money!
Nope. We lost. It was a humbling experience, but afterward I thought: “OK. I'm done doing that.”
Of course, it was much tougher to gamble then. You either needed a bookie or had to be in Vegas.
Now, we are a click away.
And the possibilities are endless: First baskets in the NBA or NCAA, results of every drive in NFL games, first-inning results in MLB, will a team score in the first 10 minutes of an NHL game?
And on and on.
This phenomenon has proven to be a boon for many states' treasuries, Illinois included.
Consider that in 2019, the entire country took in $13.07 billion in sports bets, according to covers.com. In 2021, the number ballooned to $57.53 billion.
• In 2022: $93.73 billion.
• In 2023: $121.06 billion.
• In 2024: $149.74 billion.
Unreal, right?
Parents should realize all their kids could fall under the sports gambling spell. So have a frank conversation about it first. Most states, including Illinois, don't allow bets to be made until you are 21, but that doesn't mean you can't lay the groundwork first.
A few tips:
• Never chase losses. Just like you can lose eight, 10 or 12 straight blackjack hands, you can also go on a wretched losing streak in sports betting. Previous results have no effect on what will happen today, tomorrow or the next day.
• Only bet what you can afford to lose.
• Once you start stressing about a bet, you've bet too much. This should be for fun. Once it's not, you've gone too far.
• Everyone will hit rough patches. Bad weeks. A bad month. At that point, pause for a while. Go back in when your head is clear.
Keep all of that in mind because at the end of the day, this is supposed to be mad fun — not madness.
• If you or someone you know has a gambling problem, visit gamblersanonymous.org or call 1-888-532-3500.
John Dietz worked at the Daily Herald from 1998-2024, covering the Blackhawks from 2014-24. You can reach him at jdietz6917@hotmail.com.