Sports betting: What to know before betting on the Vols or Titans

KNOXVILLE, Tenn. (WVLT) – Three straight wins for the Tennessee Volunteers and fans are hoping that Oklahoma will make four.

Putting money on the line however, that’s up to you.

Sports betting has only been legal in Tennessee for four years, and its popularity has skyrocketed over these last few years. It can mark a fun piece of game day for fans, but experts are warning those fans to be careful.

Financial expert and owner of Blue Ridge Wealth Planners John Vandergriff said that he has seen more negative outcomes than positive when it comes to sports betting.

Vandergriff said that many people are willing to bet because they consider it the price for the increased entertainment.

In 2018, the Supreme Court overturned the law banning sports betting. Since then, 38 states have legalized the activity.

This past January, more than 14 million dollars was gambled, and while apps like DraftKings make it easier to bet online, Vandergriff said that offline may be the better option.

“Making wagers with your friends is a lot more of a controllable way to do some things, but I think the main reason that people will use it is just to make it more exciting,” he said.

He said the controlled environment is much better when looking at losses. He also stressed the importance of only betting what you are willing to lose.

“It kind of feeds into the same thing were seeing with lottery winnings where time tells there are no short cuts,” Vandergriff said. “There are people that occasionally win, and win big, but we often get those situations promoted a whole lot more than the people who consistently lose and are looking for a good opportunity. That’s the real life lesson for most people with their money is to make sure that you’re doing the things that work long-term and you’re not taking any short cuts.”

As a former player for the Volunteers, Vandergriff said that if the score of the game was already decided, they would not be playing at all.

Importantly, gambling can be a problem for some individuals, those struggling can find resources by calling 1-800-GAMBLER.

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