March Madness resumes on Thursday. And many sports fans will resume wagering legally on the games.

Gamblers will bet $3.1 billion through legal means on the NCAA men's basketball tournament this year, according to an estimate from the American Gaming Association.

By now, you may have seen the memes suggesting that a surprising number of guys you know may bet more than they can afford.

Some data backs up these assumptions. In a 2023 survey from Men's Health, for instance, about 40% of men said they'd placed a sports bet in the last year. Of those, 1 in 5 admitted they'd racked up debt because of gambling.

You may start by betting an amount you think you can afford to lose. Then, after an unlucky streak, you can be tempted to up your bets to get back to even.

This phenomenon, known as "chasing" your losses, is "a perfect recipe for addiction," Jonathan Greeson, a certified financial planner based in Pikeville, North Carolina, recently told CNBC Make It.

Keeping yourself from betting more than you can afford is partly a question of mindset, says Greeson. If watching sports has gone from an enjoyable pastime to something stressful that you feel you need to make money on, it's time to reconsider the way you gamble.

"As a child, I saw an old fisherman lying in the grass beside a pond and I asked why he wasn't fishing. He said, 'Son, when the things you enjoy start feeling like work, stop,'" Greeson says. "That might be the best advice I have ever received."

A healthy mindset can protect you when you gamble

The easiest way to avoid gambling on sports is to stop watching the games and caring about their outcomes. Fat chance, right? After all, sports provide a valuable distraction for millions of Americans.

"We need these outlets, and they should be protected," Greeson says. "That's where the advice comes in.  If I am relying on my team winning in order to put food on the table, then I am losing the joy sports provide in my life."

It is possible to wager on games and still have a positive experience, even if you lose some money over the long term. You'll just have to put up some mental roadblocks to keep things from getting out of control, says Charles Chaffin, co-founder of financial psychology firm Money & Risk Inventory and a professor at Iowa State University.

"It really becomes an impulse," Chaffin says. "I think having that element of taking a break and thinking through things is really important."

Here are three strategies he recommends.

1. Treat gambling as entertainment

Consider wagers part of your entertainment budget, financial pros often recommend. Chaffin agrees. That means factoring in the potential loss the same way you would the cost of a ticket to the game or beers from the concession stand.

Ideally, the minute you make a bet, that money, on your mental ledger, is spent. "If this is an entertainment expense, then losing isn't that big a deal, so I don't need to chase it," Chaffin says.

2. 'Keep track of everything' you spend on bets

When budgeting, you may decide that you can comfortably afford a small wager, say $15 – the price you'd pay for a burger at the game. But if you bet on practically every game during the NCAA tournament, your "burger" budget can start to get out of hand.

That's why it's important to keep tabs on your betting history to make sure you don't overspend.

"These things add up. Keep track of everything you're doing when it comes to betting," Chaffin says. "A lot of people look back and go, 'Oh my gosh, I bet a fourth of my income this month.'"

3. 'Add friction'

Sports betting apps have made it easier than ever for fans to wager on games. Just click a few buttons to upload funds, bet on games and even take advantage of daily specials that encourage you to make wagers, such as parlays, which come with very long odds.

"The issue is just how frictionless it is," says Chaffin.

If you find yourself frequently tempted to add funds and make more wagers, you may have to add some rules to make the process less easy. That could mean setting a monthly limit for how much you can deposit or deleting the apps periodically.

You may even want to enlist a loved one to inspect your phone on occasion, to keep you honest, Chaffin says. "Anything you can do to add friction is going to be immensely helpful when it comes to fighting these impulses."

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