The thrill of winning money captures us, but there’s a smarter, safer, and more sustainable place to put your money – just not on a roulette wheel or fantasy sports app.

I remember a friend, Jayson, who was a homeschooled senior who couldn’t wait to turn 18, not to vote, but to hit the casino in Nevada. He worked long hours at a grocery outlet to save every paycheck for what he hoped would be a lucky streak. 

Many teenagers, like Jayson, get into gambling with the hopes of making a fortune without effort.  

At the same time, I see how games and products around us, like mystery Pokémon card packs and slot machine apps, glorify chance-based rewards. Flashy gambling advertisements target users with the promise of excitement and easy money. The line between gaming and gambling becomes blurred. 

However, we need to consider the full situation before deciding to invest so much money in it.

What to fear

Gambling isn’t always just a game. Online betting apps like PrizePicks, DraftKings, and bet365 allow people to participate in sports betting anytime, anywhere. What begins as casual entertainment can quickly spiral. According to  DSM-5, gambling disorder is a recognized behavioral addiction, and it disproportionately affects people with lower incomes. The World Health Organization estimates that around 9% of people globally have experienced harm due to gambling. 

For people with severe gambling addiction, frequent usage can lead to irreparable harm to their lives. Money is a leading cause of divorce, and gambling addictions only exacerbate the issue. Consistent losses lead to an inability to pay bills, feed the family, or provide for children.

An additional cause for concern is that these apps have little to no security measures to prevent youth from accessing them. Anyone with a bank account attached to their app store account can purchase tokens with few barriers. Many of my friends at school have gravitated toward the app PrizePicks, some using their parents’ money without permission.

In real life, casinos attract customers with flashy lights and promotions promising the idea of making it big. Casinos are designed to feel like mazes of opportunity, keeping you comfortable at any hour of the day. But make no mistake: the house always wins. Yes, there are exceptions, but the rule prevails most of the time.

According to a paper in the Journal of Applied Behavior Analysis, gambling games on computers have a positive effect on happiness. But fun shouldn’t cost a future – nor a fortune.

A better alternative

There is a more thoughtful way to make money work for you. In The Little Book of Common Sense Investing, John Bogle talks about the power of long-term investments in index funds like the S&P 500, the Dow Jones Industrial Average, and Fidelity 500. Index funds are excellent for investing extra money we might have from part-time jobs, allowances, or even gifts. These index funds track the weighted average value of the stock market, so we get the gains of innovation without the risk of any individual company collapsing.

In the book, he describes the failure of stock picking and how even investment experts have failed to reliably beat the market. He advises that, instead of stock picking, put all your money in the S&P 500 and hold it until retirement or a large down payment. 

The S&P 500 has generated an average inflation-adjusted return of 7.8% in the past two decades. So, if you put $100 into the S&P every month starting at age 15, you’ll have contributed $62,400 by age 67, yet will have $750,000 in the investment account (adjusted for inflation).

Meanwhile, 96% of gamblers don’t break even, and especially don’t realize any gains. So, while it may be fun to throw money at a slot machine or bet on your favorite soccer team, think about where that money could be better spent.

Gambling thrives on impulsivity. Investing rewards patience. One drains your future. The other builds it. Choose wisely.

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