Birches Health cautions bettors on risks during NBA Finals
Birches Health founder Elliott Rapaport spoke with Rege Behe of CDC Gaming Reports about Responsible Gaming best practices and the risks of betting during the 2024 NBA Finals.
It’s not a match-up that evokes the NBA’s most classic rivalries – Boston vs. Los Angeles, Golden State vs. Cleveland or Chicago vs. Detroit. But the NBA Finals clash between the Boston Celtics and Dallas Mavericks, which begins Thursday, will still draw attention, especially from bettors.
“The NBA Finals is a massive event that will be a huge draw every year for viewers and bettors alike,” Birches Health CEO Elliott Rapaport told CDC Gaming Reports. “Even though the matchup is not a historic rivalry, both teams have top-tier superstars that will attract eyeballs and wagers. With player props and same game parlays increasing in popularity, new and casual bettors will undoubtedly be interested in having some action on the games. Our hope is that if they do bet, they do so responsibly.”
Birches Health is a gambling addiction teletherapy provider that partners with gaming operators and professional leagues to scale existing and new responsible gaming initiatives.
While big events like the NBA Finals and the upcoming U.S. Open will spike increased betting, Rapaport said that a bigger issue is “the increased popularity and accessibility of online sports betting and gaming products across the country as more states legalize these products. College (and even high school) campuses are abuzz with betting-related conversations nowadays, as more and more young sports fans are exposed to the growing subculture of gambling.”
Even seasoned bettors can be drawn in by the buzz of activity and wagering opportunities surrounding events such as the NBA Finals. That’s why Rapaport feels it’s important to gamble within one’s financial limitations.
“It is critical to set a betting budget and never go beyond it by depositing more after losing,” Rapaport said. “And again, this needs to be an amount that has no impact on your financial wellbeing if it is lost entirely.”
For the NBA Finals, bettors can wager on everything from the winning team to whether the first basket scored in a game will be a dunk, three-point shot, layup, or free throw. Because there are states, such as North Carolina, that have recently legalized sports betting, and with new bettors coming of legal age, Rapaport feels its incumbent to follow guidelines:
Set time and deposit limits: Most sportsbook sites and apps let users set their own limits on deposits and time spent on the platforms. If you are alerted that you have reached your limit for time spent or dollars wagered, turn to another non-gambling activity to maintain a healthy balance.
Don’t ever chase losses: The idea of “chasing losses” entails placing additional wagers and/or betting larger amounts than usual to try to recoup previous losses. That approach is incredibly dangerous, as losses can compound quickly and result in losing significantly more than anticipated. A Birches Health therapist recently stated that individuals chasing losses is the most common story he hears from patients struggling with their online sports betting.
Avoid betting while drinking: Although commonplace, the mix of sports betting and alcohol among sports fans is dangerous and can result in serious problems. Substances like alcohol and drugs that impair judgment lead to larger wagers or placing more bets than usual. If you know you are going to bet and will be drinking, the more responsible approach is to place bets before consuming alcohol and have the necessary restraint not to bet more later.
Don’t bet parlays: While very popular, the truth is that it is incredibly difficult to turn a profit if regularly betting parlays. There is a massive house edge (odds offered vs. true odds) with parlays, as the vig compounds with each added leg or pick. This house advantage is why sportsbooks market parlays so aggressively. Parlay products have also evolved with same game parlays and similar new offerings, which have helped increase top sportsbooks’ overall hold percentages. Some sportsbooks now see more than half of their profits come from parlays, which generally means more losses for consumers.
For bettors who may be having problems, Rapaport believes teletherapy can be an effective treatment solution.
“Teletherapy has been shown to be incredibly effective for treating behavioral health disorders, and importantly it is crucial to increasing accessibility to clinical services,” he said. “At Birches Health, we believe the gold standard of effective problem gambling treatment is to be seen by a licensed provider who is specially trained in treating it. We’re proud to have a best-in-class, licensed clinical team providing specialized care that is covered by insurance and state funding.”
