But what exactly does this mean? Most of us are savvy enough to know that tipping our entire paycheque into pokies probably isn't the best idea in the world, so where is the line drawn?
It is important to recognise the distinctions between gambling for fun, gambling for profit and gambling because we just can't stop.
Listen to the old gambling cliche
We have all heard the saying 'only bet what you can afford to lose'. This should be the first thing that you think whenever you place a bet.
At EziSports, we recommend having a separate kitty for your monthly betting. Do your monthly budget, apply money to bills, groceries and your luxury items.
Save money, get ahead in life. If there is some disposable income left, put that aside. You now have a pool of money you can use to gamble with that will not impact your life negatively.
Use a staking system
Now that you have your betting pool in place, it is important not to just spend it recklessly - not if you want to gamble away your kitty overnight, anyway.
There are many staking systems out there that allow you to pace yourself and never lose your stack in one losing run.
It is sensible and keeps you in the game long enough to keep it enjoyable - and profitable.
It is a marathon, not a sprint
The goal of sports betting is to hit more winners than you do losers, but this can come in the form of peaks and valleys.
Losing streaks happen, they are inevitable. But with proper research and sensible gambling, those streaks can quickly turn into massive winning streaks as well.
It is important to remain calm and measured in the good times and bad. Losing your head, upping your stakes and chasing losses is fraught with danger. Getting cocky and doubling down in the good times is also fraught with danger as you will have nothing to fall back on in the lean times.
Learn the tell-tale signs that it is time to stop gambling
While sports betting can be an extremely profitable venture, the bottom line is that we do it for fun.
It adds spice to watching sports and encourages us to watch matches and codes we might otherwise ignore.
At EziSports, we are a community that loves to chat, banter and share the good times that come with watching and gambling on sport.
If this fun is slipping away, if you are feeling frustrated, agitated, having trouble sleeping or developing an obsession with gambling, it is time to take a rest.
Reach out for help
Gambling addiction is serious. If you feel you cannot stop, never resist the many hands there are reaching out to help you.
There are many hotlines you can call anonymously to help guide you out of the pit of gambling addiction. Search in your local region and get support, you don't have to face this fight on your own.