Debt specialist urges caution in age of sports betting ads

The NHL playoffs have been very exciting this year, with skilled play, epic comebacks and lots of scoring.

But you might have noticed something a little different if you’re watching all of the action: Ads promoting sports betting are everywhere.

That’s something that strikes Laurie Campbell the wrong way. She’s the director of client and financial wellness at Bromwich + Smith, a debt relief company.

When she was watching her beloved Toronto Maple Leafs play in the first round, the many ads promoting gambling caught her off guard, especially those endorsed by major hockey celebrities.

“Now we’re seeing all these icons — Wayne Gretzky’s a perfect example — promoting online gambling,” she said.

She thinks it’s likely to pressure many people into financial problems.

“It’s so normalized, right?” she said. “All of these hockey stars are saying, ‘Hey, gambling’s fun and this online gambling is the best thing since sliced bread.’

“What happens to individuals once they start gambling? When they start losing, they try to chase their losses. So what they’ll try to do is gamble themselves out of the situation, but unfortunately, the situation only gets worse.

“Gambling addiction, especially, is such a financial ruin for individuals, because we’re not talking small dollars in a lot of cases.”

Gambling addiction is nothing new. Campbell has worked with many people who have become hooked on betting.

“Over the years, I’ve heard so many sad stories related to gambling — situations where individuals have lost their homes, they’ve lost their marriages (or) they’ve lost their jobs because it can become an addiction. Like any other type of addiction, it takes over their life,” she said.

But while it’s nothing new, she still thinks people need to take the time to think before deciding to gamble.

“What do we do? Try to stay away from it, to be honest. Because the house always wins, and so many people get into this gambling habit, and it does become a habit, and they lose everything or they lose a lot of their money,” she said.

That, or they can be extremely careful.

“What people really need to realize is that if they’re going to gamble in this way, they’ve got to be very cognizant that it’s for fun, the house always wins, and that they set an amount they’re willing to spend, and that is it. They cut themselves off,” she continued.

Everybody is also feeling the sting of inflation right now, with sky-high prices on just about everything. That’s a big part of why Campbell thinks this is dangerous.

“Groceries are more expensive (and) interest rates are going up, so people are being squeezed in every way possible. It might seem like a fun outlet to gamble online, but chances are most of the people gambling can least afford it,” she said.