Can You Really Make Money Betting on Sports?
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In the last several years, sports betting went from an illegal activity to a massive industry... but at what cost to YOU?
Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson, AFC®
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Dano Johnson
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I would love them to be illegal to advertise on tv like smoking.
That's crazy talk
This. x10 not just gambling but drugs as well.
@goodlight4113 than you should ban alcohol and liquor first because it kills people
everything about gambling should be treated like smoking. both get people addicted and can ruin lives
@@SidV101 drinking liquor and alcohol should be banned in if you say that
Many years ago, when I was about 14, my maths teacher had us calculating average winnings for various forms of gambling. Towards the end of the exercise, she suggested that we inspect (from the outside!) the premises of any we could see. And investigate/estimate the cost of running such establishments. Figure out staff salaries, look at the owners' cars. Remember that they paid taxes on their profits. Check what profits they were declaring. Then consider where the money to pay for it all came from. Somehow, I've never been tempted to bet......! Such a good teacher - this was "exercises", not actual curriculum.
“How much did you lose?”
“Today or lifetime?”
that hurt 🥺
First time CA and TX have agreed on anything
Yes keep that toxic crap out!!
I voted against legalizing sports betting in California and I'm so glad it didn't pass.
The destabilizing effect it has on families is not worth the tax revenue.
My gambling addiction isn't your problem. You shouldn't be prohibited from engaging in a voluntary activity just because I can't handle it. Freedom means the freedom to make mistakes.
Your gambling addiction is our problem because the odds are you or your family will end up on the dole at tax payers expense. It's like the argument broke 'freedom' riders make that they shouldn't be forced to wear helmets then end up on permanent disability at everyone's expense.
@@AJ-jp3pb most punters dont end up on the dole u twit, besides the offshore unregulated market is huge Prohibition never works
@@AJ-jp3pb by your logic, you should be able to control every part of my life. No thanks. I don't feel like living in a totalitarian state.
@@UserNameAnonymous not everyone shares your ultra libertarian hyper individualistic values. Some of us think we have a moral obligation to not let predatory apps and scammers take advantage of people.
Personal freedom isn't the only social good there is.
What really disgusts me is that there are multiple Universities (Michigan State, LSU, etc) that have signed deals (big money) with these betting companies to allow them to market directly to their students.
The marketing for these products are out of control. And I only see it getting worse before it gets better.
Eh. It's just a tax on being stupid and trashy.
If anything we need more taxes on being stupid and trashy. Like, anyone who has ever owned Truck Nutz, used a Playboy bunny tanning sticker, or gotten a "tribal" or tramp stamp tattoo should have to pay double taxes for the rest of their life.
@@Bunny-ch2ul I disagree, the USA does not have a tax problem, we got a spending problem.
Sickening
The title should read Sports Betting Will Bankrupt you.
...and make you struggle with a new addiction both before and after you've been bankrupt.
Gambling addiction is awful
Gambling is a horrible vice because the dopamine hits are just too powerful for our monkey brains to handle. Great video
I’ve overheard co-workers losing $200-$300 a night just betting. That’s just insanity.
Encourage them to bet more, then offer to buy up anything nice they have at a huge discount when they go broke.
Actually, don't bother. They probably don't have anything worth buying because sports betting is trashy as fuck.
Ah, they'll get it back if they keep playing! Just wait and see!😂
I actually watched a Poker slots player win $1,500 in one night. He even explained how he did it. The method did not work when I tried it. I actually tried to put my above average mathematics to work in lottery a few times. I got 3-4 numbers on my best attempt buying one ticket per day for a week.
I personally don't bet or watch sports in any way but I've noticed a marked uptick in advertisements for sports gambling ads on all platforms. I wish there was a way to tell the advertiser they're barking up the wrong tree!
No let them think you are interested so they waste more money advertising to the wrong person. And neglect to give you ads that might hit your weak spot!
as warren buffett says its an ignorance tax
Losing money can be put on your tax
@@RayBoomBoomRoom only if you track your winnings too and the losses can only offset winnings. It’s not a full deduction
@@MurderMostFowl it is fully deductible. You only need to win 1 time to do so.
@@RayBoomBoomRoom you are proving my point
@MurderMostFowl I'm not proving your point lol I'm proving mind. I do tournament on my channel and got lots of money.
As a hockey fan and a podcast personality I bleeping hate sports betting companies and commercials
And it'll never go away cuz they got so much money and power. Just like the alcohol industry.
The John Oliver episode on sports betting companies is seriously one of the funniest episodes out there (“game of skill!”)
Overheard a worker at Target say he lost $400 on a game while I was getting my groceries the other day. No shame to him, but I'm scared this is gonna ruin people
relax its been legal in the british speaking world since time in memorial yor just a karen do gooder
@@222-i6oNo, you're just morally evil. Also a loser on a sock account.
I went to a casino ONE TIME and lost $5 or $10 in quarters in on slots immediatly.
The experience lasted about 10 minutes.
I thought "This is stupid." Turned around and left. I never went into a casino again.
A friend who worked at a casino told me the worst thing that could've happened is if I won a jackpot.
The bigger the jackpot the worse. I'd keep going back, sinking more and more money trying to replicate that ezperience.
After thay I'd start chasing all my inevitable loses by gambling more. And then more.
That $5 on slots may have been the best $5 I've ever spent/lost.
The fact that betting is considered "alternative investment" is ridiculous to me. Don't get me wrong I love to play poker in my free time, but everyone needs to clearly understand that neither poker, gambling or betting are ways to make money - they're just hobby and one should expect to lose money on it. For example you're not expecting to make a profit out of bouldering or playing tennis, you pay to spend some good time (same goes for video games, tabletops, dancing, cosplay you name it!).
I first read "tabletop dancing" in your list of hobbies. It gave me the impression that you pay people so you could dance on their tables for them.
It's an "alternative investment" for those that consider buying ridiculous out-of-the-money options at 0DTE an "investment" in the first place
Also, I’m glad they included that bit about SCOTUS.
This is EXACTLY the kinds of laws that are being tossed out left and right, after Chevron and other precedents were struck down.
People preach ‘states’ rights because they love the idea of voting on a hot issue, but the reality is you’re just allowing the top 25/50 companies in your state to push forward little laws that benefit them, exactly like this one.
Exactly
Betting has kinda ruined family time. People always talking about their bets and if they're following the game. They're not even watching the game, they're just following to see if they win
There are two worst case scenarios for w this. Macau exists only to facilitate gambling and money laundering, and Australia’s economy is hampered by gambling addiction and criminals infiltrating casinos.
I always love it how people can delude themselves into thinking that they are the ones that have the magic formula and have figured this out. There used to be enough of a real world barrier to getting access to accurate statistics back before the 2000s that it theoretically would’ve been possible to make good money off of sports betting… But now that you can go to yahoo sports and pull all of the statistics you could ever want for free, it is just never going to happen no matter how savvy you think you are. Unless you are a contender for the Nobel prize in statistics, you are throwing your money away
Just like people who think they can figure out the market or individual stocks
I have promised myself I will never gamble with money I’m not willing to lose. Which means I rarely gamble at all.
You're better off trading options than doing sports betting.
I love that advice in the end. Instead of gambling, why not profit from gambling by buying gambling stocks. A certain Filipino gambling stock made me loads of cash lmao
the fact they accept credit card is ridiculous
NGL I was thinking about getting into gambling because I've always been bored by pro sports and wanted to have more in common with folks and I just can't understand why people watch other than gambling, problem is I also don't like gambling. Thanks for reminding me I'm fine just the way I am.
Gambling is simply non-violent theft, the odds are stacked against the player who will lose everything given a long enough timeline. This country is ruled by profit, not compassion and justice.
Any kind of gambling can "and will eventually if kept up" send you to the poorhouse.
Not only U.S is in trouble due to sports betting. Brazil is suffering a lot too because of it - here brazilians spent 6x more in sports betting than investing in financial products in the brazilian stock exchange (B3).
Brazil is home to millions of ignorant people addicted to making 'easy money' and losing everything in the process
Amazing video, I finally got rid of the habit of sports betting and hope to stay away forever, it cost me thousands!
Interesting episode. I don't watch sports and knew nothing about sports betting.
'Psychological warfare' is exactly what this is. Don't go anywhere near online gambling and take their advice; invest.
8:13 I disagree with "nothing wrong with placing your first bet" "as long as you approach it as a diversion". Yeah, but what if YOU turn out to be one of those that get addicted?! Treat it as you'd treat your first cigarette/shot of heroin: stay away, don't touch it because if YOU do get addicted, well, it's very difficult to get un-addicted. Unlike cigarettes or heroin (which you CAN live without) you CANNOT live without your smartphone so your dormant addiction is only a few clicks away.
Moral of the story: if you never try (not even once) you can't get addicted and you will happily live ever after ;)
👍👍
I really hate there is so much betting adverts in sports now, it's just crazy. And if you're going to bet just bet that money on commodities stock or something like that.
I know a kid who just turned 18 lost over a grand betting on this. Poor kid
If he didn't lose the lesson, he'll be alright.
gambling addiction is a sickness that can never be cure
7:40 Free throw!
But yeah, this stuff is out of hand. The ads mid-game are offensively constant.
The opening figures seem mis-leading. There was probably more than 400 million dollars in sports betting in 2018, but it wasn't accounted for because it wasn't legal.
I bet on people betting, i win everytime
😂😂😂
Remember guys, 99% of all gambling quitters stopped right before they hit the jackpot! (This comment is sponsored by MGM)
Here is the thing with betting, in general unless you are making the rules you lose because the rules are designed to choose the winner which usually is the one making them. I had the idea at one point of shorting the lottery.
i live in texas and im still get gambling ads
Y'all need a podcast
Really is sad when a fun hobby turns you into a money pinata for these greedy companies, who won't even bother cleaning up the pieces.
RIP Pete Rose, shout out to all the Cincinnatians out there
Oh wow, I wonder how gambling could possibly make me poor...
ok, let's bet on who has the longer hair: Julia or Philip ? :)
Just wait until we get election betting. How could that possibly go wrong?
It's already here... just not widespread
You so late
"The system is rigged."
@@colinrussell2017 how?
I think gambling should be legal but heavily regulated taxed and socially discouraged like tobacco
Oh its taxed. That's why the government is so okay with it.
@@colinrussell2017 but it should be more
Two things I don't care about: sports and gambling. Blech LOL
I mean, interesting video, I didn't mean to sound negative 🙂
Game lines that used to pay -130 now pay -300. Vegas tightened the screws long ago. You've got to win 2-3 games to cover even one loss. That took the fun out of it for me.
Even gaming now is basically gambling 😂😂😂
I had a professor in school describe gambling as "a tax on those who do not understand probability."
😂😂A draft kings mid roll ad just came up @9:12
The worst thing is people don't realize the tax consequences behind it. Wins increase your AGI which may disqualify you from certain tax benefits amd losses can only be deducted up to the extent of winnings if you itemize. So if for example you are single, had 5k in winnings and 10k in losses, you have to pay taxes on that 5k even though you had a net loss because you probably aren't going to itemize.
“How ___ betting can make you poor” lol. I read the title and did t need to see the episode - since I know the answer… because it’s betting?
Great episode 👍. If sports betting was so lucrative where are the people who win?
The owners of sports betting companies are the people who win.
I've met a few people who only talk about their winnings. They never mention the losses, but I know the direction these systems trend. 〽️
@@markeastwood74For every $100 they won, they probably lost x10. Or more.
They are out there, but it’s a grind. It’s also increasingly difficult because anyone who is a long term winner is more and more getting shadow banned by the online books. Winners also don’t have to tell people they win
I became a millionaire by sports gambling. I started off with ten million dollars, now I have two million.
😂
😂
😂
I did that as well and now i have 7 million…..in my dreams😴 💭
I'm 10 seconds in and it would seem, to anyone paying attention, you've already answered the question!
okay just finished. Great video! The gambling industry is just another illustration of how pathetic humanity can be.
So happy i've never gotten into sports betting. I've seen so many of my friends legit loose themselves on the stress on sports betting. Even if they're net positive life time.
Loss aversion: The pain of losing $100 will outway the joy of winning $100
If you wanna make money from sports betting, only do arbitrage and taje advantage of their promos. Do not do anything else
Great subscription to get fun, informative videos, with generally good vibes. Two Cents channel is in good hands with Julia and Philip (+ whole crew).
Believe it or not, and hear me out on this. But the casinos taking these bets are, in fact, not in it to lose. The house always wins!
But they say they are providing a service!
Still waiting for the "How getting tattoos can make you poor" episode 😅
I wish my state didn’t legalize it. Freakin every gas station, restaurant etc has slot machines and every other ad is sports betting. I hate.
Also, due to what I call “insider trading” It’s very difficult to figure out if the spreads are good or bad.
Gambling is a sure way to get poor. Just give it time.
Addictive activities like this I stay away from like they are snakes. I may be no fun but at least I dont risk losing my wealth, my family, or my life.
The big issue is that if you’re kinda broke, investing a few hundred dollars a year in VOO, VTI, or VT is likely to not be a lot of money. Hence, why lower income people do it. If I were to bet, it’d be like 10-20 dollars once in a while, because it would be just for fun.
It's not even a bet when the odds are against you by so much!
I'm surprised sports leagues are against betting because the legalization of sports betting has significantly boosted viewership time for sports. It makes sense; I love playing sports, but I can't stand watching them unless it's a big game. But if I were a clown betting my life savings on a parlay, I'd definitely not be bored.
As a majority winner this year thanks to the chicago white sox after ive seen how bad they were in the beginning of the year, i basically robbed the sport apps and have now retired from sports gambling (even though they are projected to lose the same next year)
This was first foray in to sports gambling or any type of gambling so i think i beat the house 🎆
Told a gas station clerk I'd rather wipe my ass with two dollars then spend it on power ball, and he looked at me angrily, as if I was wasting money
NO!
Umm finally see something in common between Texas and California.
Wait.... gambling can lead to poverty?!? Who would have known 😂
Real talk: Telling gamblers to instead focus their gambling itch on the stock market is really bad advice.
I’ve been a casual sports gambler for 20 years (long before DraftKings). I scratch my itch there instead of gravitating to options trading and higher risk stuff in the stock market. Keeping it separated is very important.
This isn’t the helpful advice you think it is. Following this advice might put folks’ retirement accounts at risk. Please be careful.
Good we need sports to get taken down a few notches and we need to start recognizing those that truly deserve it by serving our community
... and then people start learing about betting on the stockmarket (options)
4:46 AMONGUS
Gambling itself is sleezy. So it’s really no surprise that people involved with it will do sleezy things
I’m glad you’re doing a vid in this.
Huge potential to loose your life savings.
I just bet $20 on Sunday football lol. I did win about 3k last year and spent about $500 in total by then end of that year.
The government shouldn't tell people what ro do. People should be responsible on their own.
I enjoy your episodes and often
hear and see an angle I had not
previously considered...thank you.
That's my 2 cents 😐
DraftKings makes football even more enjoyable. I don’t really consider it betting because it’s pretty easy to break even at the least if you know a lot about the teams/players. Just don’t be an idiot and bet a ton of money you can’t lose.
This must have been how that civil war movie started
This is exactly the kind of dumbass shit that keeps poor people poor. I know it is not the only thing keeping poor people poor, but it seems like a remarkably easily avoidable problem.
Like... In math class can we not just make the primary focus how to not be an idiot with money? Money is 90% of how adults use math, it baffles me that we don't teach absolutely basic stuff like this.
Love the point about how draft kings stock pays out more than the platform. Please keep putting out content like this. Hope it helps somebody.
I'm new to investing, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.
I suggest miss Nancy William's Laplace is extremely good on that.. She is really good on what she does, now I can pay so many bills because of her help.
This is correct, Nancy's strategy has normalized winning trades for me also and it’s a huge milestone for me looking back to how it all started..
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
Yes, I agree with you. Her platform is wonderful and her strategies are exceptional.
I've seen this name before and I'm now interested. Could you let me know how I can reach her?
and it doesn't help that Shohei Ohtani basically got away with his whole scandal because he's the best player of all time.
Yeah, I wouldn't gamble on sports vs. the House, as the video said it's all rigged in their favor. But Daily Fantasy Sports are different in that you're not going up against a behemoth, you're going up against other people like yourself, so you can win if you out research the other people.
Ban gambling
This size and volume of the industry is another sign of Late Stage capitalism.
Investing in a 401k is enough excitement for me. 😉
politicians can bet on their own law making and insider knowledge through stocks. Make a video on that
I don't trust that guy. Someone put Philip's mustache on, I can listen to that.
No way, if I put in $100 in the stock market in 1960 would I have almost $60k today. How can that be true? I am absolutely flaggerblasted
waste money > become poor
38% of respondents said they "gamble more than they should." The other 99% are LYING. Gambling is a cancer #Idiocracy
I only used the free promos and then cashed out. They're not getting any of my real money
On the day Lucas Paqueta could get banned from the PL LMAO