Financial Literacy Can Play a Role in Responsible Gambling Awareness
Published: July 29, 2024
A common responsible gambling guideline is to only play for entertainment, not for income. But with the rise of sports betting, more and more individuals are starting to view betting or gambling as a source of income or a way to make money. This rising issue reinforces that financial literacy can and should play an important role in reinforcing responsible gambling awareness.
“Some bettors seem to be approaching sports betting as a job, as a side hustle,” Daniel Umfleet, Founder and Chief Executive of Kindbridge recently told Gaming Today. “It’s problematic for many reasons.”
Financial literacy involves a wide range of skills that help people make plans, including budgeting, learning how to manage their money, making and executing long-term career and retirement plans, and investing for the future.
In contrast with these proven and reliable strategies, gambling is not a reliable source of income or financial stability. Results from gambling are up to random chance, which is why the responsible way to engage with it is as entertainment and only betting what one can afford to lose.
By building up financial literacy, responsible gambling advocates in Ohio can help dispel the myth that gambling can be a source of income. A wide variety of resources are available, including:
- Ohio Treasurer: The Office of Ohio Treasurer Robert Sprague offers a wide variety of resources to help Ohioans improve their financial literacy. These resources include:
- Guides for building a household budget.
- Tips and resources for saving for unexpected expenses.
- Resources to help Ohioans borrow wisely.
- Assistance and resources for making a retirement plan.
- Resources for past and present service members.
- Ohio Department of Education & Workforce: Financial literacy is for more than adults. It’s also an important skill for children and youth to learn, and the Ohio Department of Education & Workforce offers resources for all K-12 age groups. These resources include:
- Elementary child education resources, such as lists of books that teach financial concepts and online teaching curriculums in economics that are suitable for young children.
- Secondary school age youth resources, such as financial literacy education programs, curriculums for teaching about saving and investing, and websites for online money management courses.
Additionally, a wide variety of resources to help prevent young people from engaging in gambling is available from Change the Game Ohio. Check out the discussion guides and resources for parents, educators, and professionals to learn how you can help improve youth financial literacy while preventing youth gambling.
And if you or someone you know is engaging in gambling for income and needs help, don’t hesitate to call the Problem Gambling Helpline. Trained and understanding specialists are available 24/7 to take your call, with no strings attached. Call 1-800-589-9966 or text 4HOPE to 741741.