LUBBOCK, Texas (KCBD) – When it comes to the legality of making money off sports in the state of Texas, there\u2019s two terms to keep in mind. <\/p>\n
Daily fantasy sports and prediction markets.<\/p>\n
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\u2019re going to have higher or lower statistics than a total given by the company.<\/p>\n
Because it focuses on performance player projections, PrizePicks and other DFS sites like it are able to say it\u2019s 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.<\/p>\n
\u201cEven though they think it\u2019s not harmful, it\u2019s very fun, it\u2019s exciting, it\u2019s normal, it\u2019s 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,\u201d Dr. Poorvanshi Alag, a psychiatrist at the Texas Tech University Health Sciences Center, said.<\/p>\n
She said there are certain things that make sports gambling addiction different from other types of addiction.<\/p>\n
\u201cOne of them is the skill,\u201d Alag said. \u201cPeople 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.\u201d<\/p>\n
Services such as Kalshi and Polymarket legally operate in Texas by using a prediction market formula. They\u2019re regulated as financial exchanges and bettors are offered event contracts that fall under federal law. That means it overrides the law in Texas.<\/p>\n
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.<\/p>\n
\u201cIt is a time where they\u2019re starting out financially,\u201d Alag said, \u201cand when you\u2019re starting out financially, you are not certain how you\u2019re investing in where you\u2019re investing all your money. It is a lot more easier when you\u2019re wanting to chase your losses when you\u2019re younger.\u201d<\/p>\n
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.<\/p>\n
As the market grows in popularity, it\u2019s important to set and know limits and know when to get help.<\/p>\n
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