Gambling: Game on

From casual sports betting to competitive card games to all-things casinos, gambling is a part of life whether we like it or not. Kids see gambling at home, hear about it in school and watch gambling on T.V...even our youngest budding Benjis sometimes race around the playground with a buck on the line.  It’s never too early to start the conversation with your child about gambling.  Talking about all things money is a part of overall financial literacy for kids, and giving your child the tools to they need when it comes to betting sets the groundwork to instill good money habits in your child.

3 Tips to Talk About Gambling With Your Child

Whether your family takes a “hard no” approach to gambling, or an “everything in moderation” stance, there are some practical steps parents can take to give their kids the tools they need when it comes to betting.  

1. Model the attitude we want our kids to take

Model the attitude towards betting that we want our kids to take. If we glamorize gambling and minimize the downside, chances are kids are going to hop on the wagering bandwagon if given the chance. But if we openly discuss the risks vs. rewards, our kids are much more likely to approach any betting situation with caution.

2. teach Your Child probability

Teach your child about probability so they have an educated outlook on betting. If our children have a firm understanding of probability (i.e. you are more likely to get eaten by a shark than win the lottery jackpot!), they’ll approach every bet from a mathematical perspective and know the odds are usually against them.

3. Set a Limit and Stick To It

Stress that you always set a monetary limit before betting and never go beyond it. Equally important, we make clear that gambling should come from “spend” dollars only...we should never dip into savings for a friendly bet.

A major caveat

For a small minority of kids, gambling can be seriously problematic. Older kids can get addicted to the gambler’s high and may keep gambling to pay off their losses...spiraling deeper into debt.  If your child demonstrates this tendency early on, it’s best to nip any betting in the bud.

Our job is simple.  As parents we educate our children about gambling, actively acknowledge the risks associated with it, and keep a close eye on our kids when it comes to betting.  With these simple steps, we wager any parents can manage the gambling gauntlet.