Cash Course: Gambling with Your Money | PragerU Kids

hey cash course fans before we start the show remember that you can get hundreds of free educational videos for all ages at pregn kids.com subscribe today and never miss an episode come on you just got to make this let's go all right another win playing a new video game no but I did just win some money guessing the winner of tonight's game wait you're betting on sports yeah you know like a little side gig to make some extra money you do know that's gambling right yeah but is it really yes it is gambling has been around as long as recorded human history and has been warned against due to its rejection of honest work the animosity it creates between people and its get-rich quick appeal gambling comes in many forms including casino games like poker and blackjack and lot iies such as Powerball recently technological advances and changes in the law have opened the door for gambling from the comfort of your computer or your phone the most popular of these today is online sports betting online sports betting is a form of gambling where individuals Place Wagers on various sports events on internet-based platforms it typically involves predicting the results of matches or competitions across a wide range of sports such as football basketball and Serbian horse racing users can play bets on different aspects of the games including the final score player performances or even specific events within the match this looks like a good bet are you sure about that yeah I have a pretty good feeling about this one wait why well for starters the odds are against you odds refer to the probability that an outcome will occur for example the odds of winning a Power Ball jackpot is one in 292 M200 1,338 meaning you can expect to win once in almost 300 million tries yikes truth is all forms of gambling are designed for you to lose odds makers are skilled at designing bets to entice people to make emotional and uninformed Wagers such as betting on a favorite team no matter what this gives the betting platform also known as the house an edge with the average better more likely to lose money than to Win It bumer oh come on that's a terrible call there it goes 50 bucks gambling businesses including online Sports Bing apps are in business for one reason to take your money in 2023 the sports betting industry posted a record revenue of almost $1 billion and if you do happen to win consistently or make a high payoff on a particular bet these platforms will often limit your bet amount or even kick you off the app what so you're telling me I've been set up to lose yep the sports books don't like it when you win these games are designed for you to lose money more often than you win which could result in significant financial losses if you're not careful okay but what if I made just a few small bats per week although it typically starts out with small harmless bets it can quickly escalate into an addiction when you win you'll probably want to chase that Good Feeling by gambling more when you lose you'll probably want to chase your losses by gambling more an estimated 115 million Americans are addicted to gambling with more and more young adults falling victim on a regular basis 90% of individuals suffering from a gambling addiction have serious credit card debt the average debt generated by a gambling addict is tens of thousands of dollars and 20% of compulsive gamblers end up filing for bankruptcy because of gambling losses beyond the financial aspect there are other risks including increased anxiety stress and strained relationships plus there's the risk of encountering fraudulent gambling sites and scams oh come on the podcast guys said this was a stone cold lock to win you also have to consider the opportunity cost of gambling each dollar or hour you spend gambling is one less dollar or hour you can invest in something more productive let's say you spend $400 a month on online sports betting that's $4 $800 a year wow although you could win a large payoff the odds are that you're more likely to lose that money and end up $4,800 poorer at the end of the year so if not gambling that money then what you could put it in a savings account and earn interest buy dividend paying stocks buy assets or even better invest in yourself invest in myself how would I do that by taking classes or gaining a skill that can result in a return multiple times what could be gained from gambling it could lead to a better paying job more long-term wealth and the satisfaction that comes from good honest work time and money are limited resources once they're gone you can't get them back consider whether those valuable resources are worth losing on the odds of gambling if not invest them in wiser and more productive Endeavors gambling is often an attempt to get rich quickly and bypass honest work responsible saving habits and financial planning becoming addicted to gambling can happen quickly and result in lifelong struggles it can be a great High to win but it could also lead to Great lows when you lose and remember losing is going to happen more often than winning Serbian horse racing what was I thinking watch more at pruk kids.com and parents don't forget to subscribe