Men are more likely to believe they can accurately predict the outcome of sports events due to their knowledge. But this can lead to overconfidence and, when paired with persuasive advertising, can lead to people making larger bets than they can afford.

“Gambling is random but your plan shouldn’t be,” says Sarah McCarthy, CEO, Responsible Gambling Council. “Perceived knowledge of the game, persuasive advertising, and substance use can all influence how we gamble. A smart plan includes being mindful of the illusion of control and remembering that even with sports expertise, understanding the game, players or stats won’t boost your chances of predicting a random outcome.”

Illegal sites

While gambling can become addictive – something advisors can be on the look out for – there is also risk from the way bets are made.

A report from American non-profit Campaign for Fairer Gambling estimated that American wagers on the Super Bowl would reach $6.4 billion this year but that $4.8 billion (75%) would be via illegal operators.

The research was conducted by market intelligence firm Yield Sec which estimated that women would be more engaged in Super Bowl betting this year than in 2024, perhaps enticed by novelty bets such as ‘Will Taylor Swift be showing a pregnancy bump at the Super Bowl?’