Odds Are… We All Lose

Did you know that 96% of bettors ultimately lose money in online betting? Only a whopping 4% end up making more than they do lose. The temptation of parlay betting — a form of betting where multiple bets are combined into one wager — can be hard to resist, especially for those drawn to the potential for large payouts. While the chance to win big may seem exciting, the reality is that most bettors face more losses than gains. This has led to a growing concern, especially as more people are getting involved with sports betting, including younger audiences. With such easy access to the internet, high school students are becoming more easily involved in these high-risk bets.

What is Parlay Betting, and Why is it Risky?

A parlay bet combines multiple individual bets into one, you win all of them, you win big money. While combining multiple bets may seem like an opportunity to make money, it also means that the odds of winning decrease significantly with each added bet. In simple words, more bets equals less chance of winning. For those who don’t understand sports or have a strategy, this increases the likelihood of losing. Unfortunately, many young people, including high school students, who may lack maturity or experience, have in increase to being exposed to these high-risk bets.

The most popular sports for online bettors are sports like basketball, football, and esports. The NBA and NFL are frequently at the top of most bettors’ lists. One individual mentioned, “It depends. It could be the NBA, NFL, even tennis.” Some individuals also place bets on sports like the NHL and MLB, showing the growing influence of internet platforms. The popularity of these sports can make bettors feel more confident in their picks, even when they lack the experience or knowledge to make informed decisions. This can be particularly problematic for high school students, who may be influenced by social media or peers and might not yet have the tools to manage risks properly.

For regular bettors, the frequency of placing parlays can vary. Some bettors place wagers weekly, carefully making considerations. One bettor explained, “I’d say probably weekly. Depends on whenever the stats look good, whenever games are strong, when there’s not too many injuries.” However, for others, especially those who lack control over their betting habits, the frequency can increase dramatically. One individual admitted, “I bet anytime I can. Which is basically every day.” The constant temptation to place bets can be dangerous, especially for high school students.

The Temptation of a Bet

The low possibility of a large payout catches the eyes of many bettors. When you win parlays, the payouts can be huge, turning a small wager into a large sum. One individual shared, “Yeah I’ve hit a big parlay before,” showing that such successes are possible, but not guaranteed. However, the reality is that these big wins are far from guaranteed, and chasing them can lead to dangerous situations. Experienced bettors often emphasize the importance of consistency. “It’s not about the big ones that you’re trying to hit,” one individual stated. “Big plays are cool, but those are the ones that really get you addicted. You wanna bet small, get wins, and just keep building up your lot size.” The temptation to chase a big win could lead to addictive behaviors, as bettors rather want more money than make smarter moves. This pattern can be dangerous, especially when considering that betting addiction is a real risk, particularly for those who may not fully understand the emotional and financial consequences.

Some bettors talked about having positive experiences, enjoying the money roll in as they win. One individual mentioned, “Placing parlays is fun and seeing money coming in is great.” Others, however, describe the negative emotional consequences of losses, particularly when multiple bets fail. “Seeing red slips is the negative part,” they added. One bettor, who stopped betting altogether, admitted, “I’ve lost more, and it’s the reason I stopped.” This is concerning for those who don’t fully understand the risks and for those who bet everyday. If they don’t realize the more bad it’s doing, the more they’ll lose money in the end.

While experienced bettors are often aware of the risks involved, many new bettors might not fully understand the risks. One seasoned bettor noted, “I wouldn’t be betting if I didn’t know the risks… the only reason I bet is because I use common sense.” However, many still try risky moves for more money. One bettor explained, “I understand the risks of parlay betting. The higher the risk, the higher the reward, and the lower the risk, the lower the reward. I tend to go big or go home.” The saying of “high risk, high reward” can be tempting, but the reality is that most bettors will lose. In fact, 96% of online bettors lose money, and this is done on purpose. Many betting platforms go so far as to restrict or ban successful bettors that do win consistently. Because of this, the odds of winning are even more decreased, trapping bettors in a cycle of losses. One bettor reflected on this harsh reality: “Yeah, I know that, but 96% always quit before they win big.” This mindset adds to the reason why a lot of people end up losing money.

The Need for Awareness and Responsibility

Parlay betting offers a chance of reward, but it comes with significant risks. While some may get lucky and hit a big win, most will face losses that could affect their emotionally and financially. The increasing involvement of younger individuals, particularly high school students, in online betting raises additional concerns about the long-term impact on their development.

Warning: Gambling/Betting can be addictive and dangerous. More prominently, sports betting is illegal in the state of California. Always be mindful of the risks involved, and if you are under the legal age to gamble/bet, do not participate in any betting activity. If you or anyone you know struggles with gambling/betting addiction, seek help immediately at 1-800-522-4700.