Sports Betting Q&A
Frequently asked questions about sports betting
See All Questions

Is sports betting a waste of money?

Sports betting is not a waste of money if you define your goals before making your first wager.

While you are up against the odds in sports betting, you can still find enjoyment from it even if you lose money. From professional bettors to those making their first wager, sports betting can be considered a good way to spend money.

Of course, it's much different for professional bettors, who may bet on sports for a living and rely on the income to make a living. But if that's your job, it's clearly not a waste of money.

Enjoying sports as casual bettor

If you're a casual bettor and seem to lose more often than win, you can look at sports betting as another way to enjoy sports. You spend money to watch sports in person and while sports betting isn't the same, it's a different method to enjoy an event. If you go to a sportsbook with friends to watch games and place a few bets, you may not win money, but the time will be well spent, similar to spending money on other events.

If you don't care about the social aspect and simply want to win, there are ways to become a successful bettor, but it will take time. There's a reason sports betting isn't a more popular career path because it's unpredictable, time consuming and the profits are often unreliable. Sometimes, betting on sports should only be used as a hobby to enhance sports watching or enjoy time spent with friends a little more.

If you're a casual bettor and find no joy in betting on sports, it may be best to stop wagering if possible. If it's become an issue, there are numerous resources that can help across the country. There are online guides, readily available access to addiction centers and a National Problem Gambling Helpline.

Read More Sports Betting Q&As

More Questions To Read
Can you bet on sports with Venmo?
No, not legally. Most legal sportsbooks around the country won't allow you to make bets with Venmo.
Which states in US have legal sports betting?
As of 2020, there are 21 states (and Washington D.C.) that have legalized sports betting.
Can you bet on sports online?
Yes. But while betting on sports is legal in almost half the states in the country, not all of them allow online wagering.
When was sports betting legalized?
Sports betting was allowed to be legalized at a state level in 2018 after PASPA was struck down.
When will sports betting be legal in Indiana?
Sports betting in Indiana was legalized September 2019 and online gambling launched a few months later.
Is sports betting legal in Indiana?
Yes. Indiana passed a bill to allow sports betting in 2019 and wagering started in October with online betting opening a couple months later.
When will sports betting be legal in Michigan?
Michigan passed legislation to allow sports betting in December 2019 and the first physical sportsbooks opened March 2020.
Is sports betting legal in Michigan?
Yes. Michigan passed legislation to allow sports betting in December 2019 and the first physical sportsbooks opened in March 2020.
Is sports betting legal in Virginia?
Yes. Sports betting is legal in Virginia and residents began betting via FanDuel in January 2021.
When will sports betting be legal in Virginia?
Sports betting is legal in Virginia and residents began betting via FanDuel in January 2021.
When will sports betting be legal in South Dakota?
Sports betting is not legal in South Dakota, but residents passed a ballot initiative in the November 2020 election, which means it's on its way.
Is sports betting legal in South Dakota?
No. Sports betting is not legal in South Dakota, but residents passed a bill initiative in the 2020 election.
Is sports betting legal in North Carolina?
Yes. Sports betting is legal in North Carolina, but it's only available at two casinos, which weren't open as of early 2021.
When will sports betting be legal in North Carolina?
Sports betting is legal in North Carolina, but it's only available at two casinos, which weren't open as of early 2021.
When will sports betting be legal in Tennessee?
Yes. Tennessee sports betting was legalized in 2019 and launched in 2020.
Is sports betting legal in Tennessee?
Yes. Tennessee sports betting was legalized in 2019 and launched in 2020.
Is sports betting legal in Maryland?
No. Sports betting is not legal in Maryland, but residents voted Yes to legalize sports gambling in the November 2020 election.
When will sports betting be legal in Maryland?
No. Sports betting is not legal in Maryland, but residents voted Yes to legalize sports gambling in the November 2020 election.
Is sports betting legal in Louisiana?
No. Sports betting is illegal in Louisiana despite numerous attempts throughout the last couple years.
When will sports betting be legal in Louisiana?
Sports betting is illegal in Louisiana despite numerous attempts to legalize it the last couple years.
When will sports betting be legal in Iowa?
Iowa legalized sports betting in May 2019, becoming the 11th state to do so.
Is sports betting legal in Iowa?
Yes. Iowa legalized sports betting in 2019, becoming the 11th state to pass a bill.
When will sports betting be legal in Illinois?
Illinois passed sports betting legislature June 2019 and launched at physical sportsbooks March 2020, becoming the 15th state to offer wagering.
Is sports betting legal in Illinois?
Yes. Illinois passed sports betting legislature in 2019 and launched at physical sportsbooks in March 2020.
When will sports betting be legal in Colorado?
Colorado legalized in-person and mobile sports betting November 2019 after a bill was signed by the governor and then approved by voters.