[PSA: Gambling Is Risky And Addictive] Sports Betting Account Signup Bonuses

[R.A.T.]

Personally I'm torn. Many say that the cc/mileage game is also inherently bad and designed to entrap people in debt, and to some extent that's true, you need to be very disciplined. But I also hear that gambling is inherently different and designed to be addictive, much like a drug dealer giving a free sample to get addicted clients. Being disciplined may not be good enough in this case.

This is more dangerous and requires that much more discipline. I would say it is more like playing the BT (balance transfer) game.

[sddd]

You need 3.3k in total bets (1 or many) for the bonus cash to become withdrawable. It pulls from cash deposited first. After that all funds become withdrawable. So it will be funds deposited, +/- wager outcomes, plus your bonus.

From a tax perspective it seems like it there may be a downside?
Supposing you lose the 3.3k bet. Then you withdraw the 3k bonus thinking you are now square.
But the bonus 3k might be taxable...

[Euclid]

This is more dangerous and requires that much more discipline. I would say it is more like playing the BT (balance transfer) game.

The elephant in the room here when comparing to credit cards and balance transfers, is that sports gambling is exponentially more addictive.

[aygart]

The elephant in the room here when comparing to credit cards and balance transfers, is that sports gambling is exponentially more addictive.

Is gambling really more addictive than debt? I am pretty sure there are many more compulsive spenders than there are compulsive gamblers.

[AsherO]

Is gambling really more addictive than debt? I am pretty sure there are many more compulsive spenders than there are compulsive gamblers.

Compulsion and addiction aren’t the same (though there are some overlaps).

[TimT]

The elephant in the room here when comparing to credit cards and balance transfers, is that sports gambling is exponentially more addictive.

And many people are limited to how much available credit they have to spend at a given time & banks can reduce it or shut it entirely depending on the circumstances. But both dangerous, even if the banks won’t come looking to kill you.

[hvaces42]

Is gambling really more addictive than debt? I am pretty sure there are many more compulsive spenders than there are compulsive gamblers.

The rush you get from earning a SUB is far different than the instant gratification of sports betting. I remembrr when I stopped gambling that weekly options expiration were just coming into play I BH never had to be tempted by that. The quicker the gratification the more addictive something can get. For instance scratchoff lottery tickets vs waiting for a twice weekly drawing for a much bigger prize.

I know a rebbe in a yeshiva who sunk 700k into quickdraw lottery. He would hang out in the back of a bodega and watch the drawings for hours. The allure of quick, easy money is what this all is.

Ive offered to cooperate on the op-ed @Dan suggested. I'll try to incorporate some of this into that piece.

[R.A.T.]

Gambling addiction is a serious problem and should be talked about. Can we split that into another thread? This thread is about a pure arbitrage opportunity.

[beeweegee]

Gambling addiction is a serious problem and should be talked about. Can we split that into another thread? This thread is about a pure arbitrage opportunity.

...that isn't that "pure," with the potential to easily develop a dangerous addiction. Not sure it's a great idea to separate the two, at least for now while this offer is ongoing. Maybe split once it expires?

[AsherO]

There are various issues being discussed here that are being conflated, though as stated before there is some overlap:
- Someone with addictive tendencies can partake in behaviors that allow those tendencies to grow and their decision-making to be clouded
- The complexity of playing these games (CC, BGs, MS, mint coins, other such things) even when the risk/reward is clearly defined, and when done right the risks are minimal/justified, there’s still a lot to keep track of and when scaled up the losses could get mount if things aren’t tracked/go wrong
- Exacerbated by the fact that l a lot of money is being risked and moved around, in the anticipation of profits. Sometimes a lot of capital is being risked where in each cycle the potential gain is much smaller than the gain ($100 mint coin or BG item for $20 profit), $1000 CC spend for the miles/points/cb, $10k spend requirement for $1k signup bonus, etc).
- When things go wrong, it’s about more than just losing the profit or the capital invested: someone can ruin their credit, end up in debt, develop mental/physical health issues from the inherent stress in living with these issues and not seeing the way out, and shame may preclude them from seeking help/support from others

The hustle mentality, the desperate need for income supplements, the fact that “everyone’s doing it”, and not considering the risks above and effort involved, blindly lead people down this path.

[coffeebean]

$3,300 offer seems dead. Anyone see anything?

[JMHO]

$3,300 offer seems dead. Anyone see anything?

Updated to $1,500

https://www.amny.com/sports/caesars-sportsbook-ny-promo-update/

[YitzyS]

You're newish here...

Here's a dark turn for you.

https://forums.dansdeals.com/index.php?topic=86975.0

I disagree with your label of the prison thread as dark.

Hvaces42's story is anything but dark. It shows how someone can look back at a terrible period and hold their head up high, using their experience to help others, and to share what they went through with others with the polished lens of hindsight. There is a reason why we all loved reading his story. Not because it was dark; to the contrary, because he told it positively, directly, and with a perspective of illumination.

[Fish Tank]

Hvaces42's story is anything but dark. There is a reason why we all loved reading his story.

Link?

[AsherO]

Link?

Quoted in YitzyS’s post:

You're newish here...

Here's a dark turn for you.

https://forums.dansdeals.com/index.php?topic=86975.0

[hvaces42]

I disagree with your label of the prison thread as dark.

Hvaces42's story is anything but dark. It shows how someone can look back at a terrible period and hold their head up high, using their experience to help others, and to share what they went through with others with the polished lens of hindsight. There is a reason why we all loved reading his story. Not because it was dark; to the contrary, because he told it positively, directly, and with a perspective of illumination.

Thank you for the kind words...but I'll label it what I want...its my story
 :-)
Its the dark side of what getting caught up in gambling can lead to.

[YitzyS]

Thank you for the kind words...but I'll label it what I want...its my story
 :-)
Its the dark side of what getting caught up in gambling can lead to.

I just realized that you were the one who posted that 

Yes, you can call it what you want.

[yakov116]

At any rate, if anyone would like to write an op-ed for DDMS on the pitfalls/dangers of taking advantage of these offers, feel free to PM me. Happy to help edit it, but I don't feel like I have the expertise to write it.

@YitzyS Please can we have a draft?

[YitzyS]

@YitzyS Please can we have a draft?

I (thankfully) know very little about the subject.

[AsherO]

I (thankfully) know very little about the subject.

But you’re a writer, anything you make up will be good