Tracking: The Hidden Secret To Responsible Sports Betting
What is responsible sports betting?
Responsible gambling is a hot topic and buzz word these days and everyone seems to be jumping on the bandwagon to say they promote it.
Now whether or not they actually mean it is an entire other story...
In theory, responsible sports betting is a multiple pronged approach that includes responsibilities from the sportsbooks, the players, and the regulators to all ensure a safe & ethical playing environment.
The perfect world
What would things look like if all parties were in balance?
Safeguards from books would protect losing players from making bad decisions or participating in irresponsible behaviours.
This would mean giving players their space when they need to take a break — halting communication with them until they are in a better place to come back.
Any advertising or promotions would have only the best of intentions to provide honest value to the customer (as all good products do).
Tools would be provided to properly track and analyze the wagers made. This way players would access to their data to see where they are going right vs. wrong, and then make more intelligent decisions moving forward.
It would also include fair treatment of all players — in particular, respecting winners on their platform and not making life difficult for them when they do in fact earn profits and succeed at their craft.
For the player to do their part, they'd need to set themselves up to make the most intelligent decisions possible.
This includes being aware of all risks and staying within their limits, getting the proper sports investing education, determining a sensible starting bankroll & unit size, using tools such as tracking for their wagers, avoid chasing bad decisions in downturns, joining a positive community and support network, as well as communicating and taking responsibility for their sports action with friends & family.
And lastly, the regulators would make sure the proper legislation is in place to ensure a fair playing field for all.
What most sportsbooks actually do
Does the sports betting industry actually care about responsible practices?
Well, they sure say they do...the verbiage is plastered on all their websites and commercials.
Sure, some have implemented a few measures such as wager & time limits, self-exclusion options, and age restrictions.
But there's more to the story here.
A substantial amount of evidence suggests the sportsbooks have quite a long leash and free reign on many of their practices in today's betting landscape.
Losing players who profit the books money are inundated to return through endless emails and texts messages.
Advertisements (from celebs & pros) are relentless, with addictive and manipulative messaging built in — normalizing betting to your everyday life activities.
Promos sent include "risk-free" bets that are anything but that, and require a laundry list of fine print requirements to actually receive them.
Tools provided by sportsbooks for players to track their stats and analyze their data are non-existent.
Fair treatment of winning players also seems like a small miracle at times.
Profitable accounts are limited quickly to a few cent wagers, spooling is activated (long bet countdown timers which gives the books options to spin the wagers in when they have the edge), trap markets are set to identify sharp players, wagers can get clawed back if the book claims they were "incorrect odds", free rolls happen on bad lines (if it wins the books void, if it loses they keep your money), and the list goes on and on.
The payout process for your winnings can also be a nightmare. If they throw you in the sharp player bucket, it can result in challenges getting paid.
This includes lengthy identity verifications, poor customer service, long wait times, and their other hurdles which make getting your money a real pain.
What most players actually do
Players on the other hand are also no saints in their role in creating a responsible betting environment.
The majority of the public simply don't set themselves up to make intelligent betting decisions.
Few people stay within their limits.
Most have never received any education on sports investing.
Many don't begin with a sensible (entertainment style) starting bankroll. Let alone, know how to calculate their unit size.
Betting tools are rarely used to make smarter decisions & track progress — yes, good ones can be hard to find, but they're very much still out there.
Discipline is few and far between, with many chasing bad bets when things go sour.
People are also very secretive about their betting.
Many hide it from their partners, families and friends — and it's incredibly rare for anyone to be a part of support community.
What most regulators actually do
Regulators role in the responsible sports betting narative is improving, but it has a long way to go.
While there is some legislation in place, it's very green.
Most state regulators are enjoying this new stream of tax revenue from the books — which means the more profitable the books are, the more tax received.
In other words — bring on the losers, and ship out the winners.
That said, the regulators still a lot of work on their plate to make the sports betting industry more fair for everyone.
Best practices for responsible sports betting
What is the best way for a bettor to practice responsible betting?
At the end of the day, a player can only do what is within their control.
Considering everything, one responsible betting best practice that is overlooked is using the right tools to see where you're going wrong and then correct the mistakes.
Responsible sports betting tools can help bettors make more informed decisions given the risks which can lead to gradual success over time.
These tools can be found in a variety of forms, such as websites, apps, calculators and software programs.
One of the most powerful tools are ones that can track what you've done, analyze the results and show you a positive path forward.
How tracking helps keep you in line
Tracking is an important part of responsible sports betting and allows you to analyze your winnings and losses, enabling you to identify any patterns or trends in your betting behaviour.
It helps you understand weaknesses in your betting strategy so you can see areas of improvement and make the right adjustments.
Tracking also allows bettors to stay within their bankrolls and determine their maximum unit sizes.
This helps to protects against recklessness, as it prevents bettors from overspending beyond what their budget can afford.
Long story short, tracking is a powerful tool that all responsible sports bettors should consider using.
Free responsible wager tracking masterclass & tool
With top tier tracking at your fingertips, you're putting yourself in a much better position to make wise choices when placing bets.
Access our free masterclass and tool here to start responsibly tracking your wagers today.
By taking advantage of this tracking resource and of course following all other responsible sports betting practices, you can be sure to have a safe & enjoyable sports betting journey (maybe even a profitable one too).
Mark Rodgman
Mark is a Top 30 Under 30, award-winning entrepreneur & the co-founder of inplayLIVE. He’s consulted some of the most famous companies in the world like Samsung, Cisco, Kickstarter, as well as many of the fastest growing Google-backed startups from Silicon Valley.
