LUBBOCK, Texas (KCBD) – When it comes to the legality of making money off sports in the state of Texas, there’s two terms to keep in mind.
Daily fantasy sports and prediction markets.
PrizePicks is one of the most popular daily fantasy sports apps on the market. On this application, people are able to look at a player and bet if they’re going to have higher or lower statistics than a total given by the company.
Because it focuses on performance player projections, PrizePicks and other DFS sites like it are able to say it’s a game of skill, not chance like in traditional betting. Anyone who is at least 21 can deposit as much money into these sites as they want, which could create a gambling addiction if it goes too far.
“Even though they think it’s not harmful, it’s very fun, it’s exciting, it’s normal, it’s very important for them to understand that it is a problem, because in no time, it could turn to be a big problem for them,” Dr. Poorvanshi Alag, a psychiatrist at the Texas Tech University Health Sciences Center, said.
She said there are certain things that make sports gambling addiction different from other types of addiction.
“One of them is the skill,” Alag said. “People think they know a lot about sports and that makes them have the edge over, and really the illusion makes it harder for them to stop.”
Services such as Kalshi and Polymarket legally operate in Texas by using a prediction market formula. They’re regulated as financial exchanges and bettors are offered event contracts that fall under federal law. That means it overrides the law in Texas.
What complicates sports betting even more is the age demographic. The National Council on Problem Counseling shows the average bettor is a man up to 35 years old, single, fully employed, and with a high level of education.
“It is a time where they’re starting out financially,” Alag said, “and when you’re starting out financially, you are not certain how you’re investing in where you’re investing all your money. It is a lot more easier when you’re wanting to chase your losses when you’re younger.”
For anyone who believes they have a gambling addiction, Dr. Alag said the first thing is to distance from these sites. Afterwards, she recommends getting a health care professional to identify certain triggers.
As the market grows in popularity, it’s important to set and know limits and know when to get help.
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