It’s well-known that higher-frequency betting correlates with higher risks of problem gambling. However, in today’s gambling landscape, it has become easier than ever for players to become exposed to high-frequency gambling, as technological innovation keeps upping the pace of even traditionally slower forms of betting.
With March being Problem Gambling Awareness Month, it’s important to know the signs of high-frequency betting and how it can turn into a problematic experience.
When talking about “high-frequency betting,” the first thing that’s likely to spring to mind is the intensity of a slot game. However, the growing popularity of live betting features for sportsbooks can create a similar environment.
Slots most common form of high-frequency betting
When it comes to iGaming, there is no shortage of betting options and game variety.
Though only available in seven states, those states feature multiple operators competing for a customer’s time and dollar.
With online slots, most offer options that take the control out of the player’s hand, including auto spins, or turbo modes.
This allows the game to be played at a faster pace, which can rack up losses in quick fashion if a player isn’t paying close attention.
Even with table games, more side bet options are being made available, so a basic wager may just be the start when playing a hand of blackjack or poker.
The National Library of Medicine describes the mental challenge that many gamblers face through high-frequency betting:
Many types of gambling afford a continuous and rapid pace of play with high event frequencies which could interfere with the gambler’s ability to understand new information, make behavioral adjustments, and update goals in order to avoid negative consequences.
Because of this, the inability to pause and take inventory of just what is taking place and assess if it is a wise financial decision, leaves the gambler in a higher likelihood of failure.
Less opportunity for reflection is afforded by high event frequency games and as such are increasingly likely to lead to poorly adapted behavior leading to problem gambling in some individuals.
Live wagering has become the slot of sports betting
Sports betting is available online in far more states and the evolution of live betting has become a concern for responsible gambling advocates.
In some states, users can wager scores by quarters or periods, wager on possession results, or even by a singular moment in some cases like a pitch in baseball or a pass in football.
During the 17th Annual Gambling Disorder Symposium in Michigan earlier this month, recovering gambling addict and public speaker Saul Malek spoke on the dangers of live betting. He sees this evolving style of betting similar to what a slot machine brings to casino gamblers.
Live betting is like spinning a slot machine, because that case of the action is so quick and players are getting this constant hit, this constant release of dopamine in the brain. It really isn’t the same as a traditional sports bet.
More operators are turning toward live-betting when it comes to offering special promos as well. Boosts or free bets to use during a live event can entice a player to begin a journey down a slippery slope.
How these high-frequency bettors tend to differ
Though both online casino players and sports bettors can find themselves enticed to gamble outside their means, each fits a different profile.
Malek noted that there are two types of gamblers. The first is the escape gambler, which is primarily female and associated mostly with slots. They tend to gamble for an escape and are using it to numb themselves from a lonely or anxious life.
The second is the action gambler, which skews male and toward sports betting. These gamblers feel they have superior knowledge and can beat the system.
Malek speaks across the country, including to younger males and has found that many consider themselves “professional bettors,” and see their action as a game of skill.
In both cases, where things tend to become dangerous is when emotion gets involved. Either a sizable win, or a series of losses can take their initial approach and throw it out the window. The thrill of victory or the chase to recoup losses leads to more impulsive betting and a higher likelihood of irrational decisions.
Live betting is something that is a lot more based on emotion rather than actual skill. If you wager on who’s going to score the next point, that’s an impulsive decision. They aren’t using any sort of long term data or anything to be able to predict something that immediately.
Malek calls for stronger prevention efforts
Malek believes that in order to best combat the dangers of high-frequency betting, prevention work is needed. Addressing the issue after the problem already exists is too late and too harmful for those impacted.
He would like to see operators be held responsible for the dangers that come with these high-frequency betting scenarios. However, that likely would require government action.
Don’t sit around waiting for this to just be taken away by the companies that have introduced it. The onus is on us (counselors/advocates) to teach people about live betting and other such concepts, to go out and do prevention work and to encourage healthier choices. Because, you know, DraftKings and FanDuel are not about to start doing it unless someone forces them to.
Another challenge facing sports bettors that isn’t as common with casino gamblers is that sports betting is viewed in more of a socially acceptable light.
In today’s landscape, any sporting event provides continuous odds updates. Sponsors are very visible on broadcasts, as well as at the live venues. Some professional venues even feature retail sportsbook at their location.
Ads from operators very deliberately show a group of friends sitting around the TV watching the game to show that if you’re not part of it, you’re on the outside looking in. Sports betting has become a group social activity.
Due to this, some lawmakers are attempting to act. New York Representative Paul Tonko has introduced the SAFE Bet Act for a third consecutive year. His bill would call for a ban on all gambling advertising during most hours of the day. It would also end bonus offerings and odds boosts that incentivize a person to gamble.
However, the industry and regulators alike are opposed to federal meddling in what is generally considered a state-level policy decision. Even under Democratic federal leadership, previous versions of the SAFE Bet Act appeared unlikely to pass. Rep. Tonko’s odds seem even longer under a Republican president.
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