Enjoying Sports Betting While Keeping Your Finances on Track

Since the market went live in Vermont in 2024, sports betting has become a popular way to enjoy the games and sporting moments we love. Last year, the state saw a monthly average of more than 21,000 active users, reflecting the popularity of this new form of entertainment.

However, like any form of entertainment, sports betting works best when it’s built into your budget and doesn’t compromise essential expenses or future goals. The key is to treat sports betting as a deliberate part of your recreation budget—intentional, capped, and never dependent on winning.

What is sports betting?

Sports betting is the act of placing a wager on the outcome of a sporting event, or on specific events within a game, with the goal of winning money based on the accuracy of your prediction.

If you think that you don’t participate in sports betting, you might be surprised. Super Bowl box pools, office March Madness brackets with entry fees and payouts, and paid fantasy sports contests (including daily fantasy sports) are generally considered soft forms of sports betting because they involve staking money on sports-related outcomes.

How to add sports betting to your Budget

In any healthy budget, discretionary money is what remains after essential expenses like insurance and bills are covered, and savings have already been set aside. When reviewing your finances, sports betting fits into the discretionary category.

By adding sports betting to the “recreation and entertainment” section of your discretionary budget, you create clarity and control about where that money stands.

Here are three ways to include sports betting in your budget:

• Know how much you can afford to bet each month and use only what you have budgeted for.
• Protect money needed for bills, debt payments, savings goals, and daily living.
• Avoid borrowing from one part of your budget to fund another.

Simple money trackers, such as a budgeting spreadsheet, can help to separate your “play” money from other savings. When you’re intentional about keeping the money separate, it helps to remind you that sports betting is a hobby, not a financial strategy.

Set a monthly limit (and stick to it)

One of the most effective ways to manage your budget is to decide before how much time and money you’re willing to spend. When you set your limits ahead of time, decision making in the moment is easier—once the amount is spent, you’re done for the month.

This could prevent potential financial stress, and help you to avoid “chasing losses,” a common cycle that leads to overspending.

Strategies for allocating betting money

Now that we know that these funds are recreational, remember to keep it separate from the money you use to pay expenses. That means you need to create a plan for it, just like you would for any other bucket of money in your budget.

Here are a few ideas you could accomplish this:

• On payday, place your monthly betting amount into its own account.
• Use only what’s in the bucket for betting.
• Avoid pulling from your general savings or emergency fund.

This “pay yourself first” structure keeps your sports betting fun, and in your control.

What to do with winnings

If a win happens, it can be tempting to keep betting. Planning ahead helps you stay in control. Decide in advance whether to keep playing after a win, and remember it’s OK to stop.

If you do decide to continue, here are a few ways to help you stick to your limits:

1. Withdraw your winnings first: Moving money out of your betting account makes it easier to stick to your plan.
2. Put winnings toward your financial priorities: Such as bills, emergency savings, or debt repayment.
3. Refill your budget bucket: You can refill your bucket to the original amount, but it’s not recommended to increase your budget because of a win. You can also choose not to refill at all.

Wins are not predictable, but your financial plan can and should be.

Responsible gaming is a shared responsibility

Sports betting works best when everyone plays a role. Think of it as a “three-legged stool”:

1. Regulators: The Vermont Department of Liquor and Lottery sets rules to protect consumers. These include requiring bettors to be 21+, prohibiting betting on credit, and restricting certain types of bets. The Department also runs the state’s self-exclusion program, which lets you take a break from all legal sportsbooks in Vermont, and its marketing, if you need it.
2. Sportsbook Operators: Sportsbooks that operate in Vermont are required to build safeguards that support your financial goals and your well-being. This includes offering tools like deposit and wager limits. Additional tools in the apps include spending caps and time-outs to help you stay in control.
3. You (the player): Start with a plan, just like a budget. Decide how much you’re comfortable spending and stick to it. Use the tools available to help you stay on track and remember that betting should never involve borrowed money.

If It Ever Stops Feeling Fun, Support Is Here

Betting should stay enjoyable. If it starts affecting your finances, stress levels, or relationships, reach out for support. Vermont offers free, confidential help through the 24/7 helpline at 1‑800‑GAMBLER and live chat at VTGamblingHelp.org.