The vast majority of financial advisors have no problem with clients enjoying a bit of speculation in their portfolios or perhaps on a Super Bowl wager, as long as the money at risk can be lost with little-to-no long-term financial impact.
That’s why it’s often referred to as “play” money.
But with betting hype ramping up before the big game, wealth managers say the bigger risk isn’t losing a one-time wager but letting gambling behavior creep into investing decisions thanks to the proliferation of sports betting apps and prediction markets.
Joe Harrish, financial advisor at Prime Capital Financial, says most of his clients in the top 1% of income earners rarely place large bets. Even at sporting events, they typically wager only a few hundred dollars per game. They also don’t chase losses or reload, instead setting conservative budgets and sticking to them, according to Harrish.
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