The AFL may have gambled once too often.

In the past decade, the AFL has increasingly accepted sponsorships from the gambling industry and fought off accusations there is more than a little hypocrisy in its role as a 'good corporate citizen'.

The stance on accepting sponsorships effectively promoting gambling — especially on AFL matches — and then imposing hefty penalties on players who punt on the game is a juicy moral terrain to traverse.

The AFL has imposed a record penalty on young Collingwood star Jaidyn Stephenson for placing bets in three matches in which he played.

It found he placed three same game multi-bets.

He has been suspended for at least 10 games — with another 12 suspended — and fined $20,000. The decision allows him to still be eligible for finals, but that's another story.

The timing of the penalty is interesting in any case because of recent reports of an "epidemic" of problem gambling among AFL players.

Fierce rumours have circulated also about at least two current players accumulating substantial gambling debts.

At the same time as the AFL faces scrutiny over its response, it remains a huge supporter of sports betting and actively promotes it on its website and at football grounds.

Stephenson admitted it was "incredibly stupid" to place bets on Collingwood matches. ( AAP: Dan Peled )

Although not necessarily within the AFL's governance, the coverage of the game in the media is also dominated by gambling advertising, and that's fronted by former players.

Meanwhile, former players and sports psychologists have expressed strong concerns about the prevalence of gambling advertising, and the degree to which the problem is going unchecked.

"Those players are running around every single week with the brand names of gambling companies on their jerseys, at the grounds," said Dr Sally Gainsbury, an addiction expert at the University of Sydney.

"They must be completely blindsided by that much advertising."

The AFL has opined its players are merely a cross-section of a society where gambling, and for that matter any other unsavoury behaviours, are issues.

However, AFL players are among the most vulnerable social groups when it comes to problem gambling, due to a litany of factors that place them at higher risk, including their age profile.

"Sports players with potentially high salaries, a lot of unstructured time, high levels of exposure to gambling advertising are certainly at a very high risk," Dr Gainsbury said.

"The mobile and online forms of gambling are the fastest-growing forms of gambling in Australia and that accessibility, coupled with the extremely high amount of advertising, means that we're facing a shift away from people engaging with pokies."

Dr Gainsbury said she believed the buck should stop, at least partly, with sports administrators — in this case the AFL.

"When they have gambling partners, when they have these close associations and alliances in terms of advertising, it gives the impression that betting is appreciated, positively supported and something that's appropriate to do in relation to sport," she said.

Wayne Carey and Campbell Brown discuss the odds before the West Coast and Essendon game. ( YouTube: BetEasy )

The language of gambling is awash with euphemisms: "punting", "having a flutter", "laying a wager" and "placing a bet".

The words themselves seem innocent enough, suggesting a pastime that is inconsequential, lighthearted and upbeat, which for many people it is.

But sports psychologist Tracey Veivers, who spent two years at an AFL club, has warned that is part of the problem — betting itself becomes treated almost like a sport.

"I can walk into a physio room and see all athletes on their phones with at least one of them betting," she said of her experience.

Veivers now works at the Singapore Sports Institute and has a professional history stretching back three decades.

She said that by encouraging gambling at the same time as warning against addiction, the major sporting codes "send mixed signals" to athletes.

"Sport betting is the fastest growing of all gambling in Australia," she said.

"It has become part of the entertainment.

"These sports rely on gambling. It is big business."

Players are at risk of getting involved in betting

Veivers estimated that about seven per cent of elite sports players could be at risk of problem gambling, and blamed online betting and mobile apps, which have made betting easier than ever before.

"In a club of 45 to 50 players, plus 10 coaches, my experience is an average of three or four of those individuals may have a mild-to-significant gambling issue," she said.

"Professional athletes can have more time on their hands, higher disposable income, peer pressure from the team environment, and of course they do have competitive personalities, enjoying the thrill of winning.

"Athletes also are targets for bookmakers."

Traditional forms of gambling are being challenged by the huge rise of online betting. ( ABC News: Margaret Burin )

In recent years, several former AFL players, including David Schwarz and Brent Guerra, have spoken out about their gambling addictions.

More recently, current Brisbane Lions player Allen Christensen opened up about the problem gambling issues that plagued his early career.

Ironically, Christensen's club is sponsored by online bookmaker Neds.

His case though is probably the proverbial tip of the iceberg, with experts suggesting an untold number of players could be battling gambling addiction.

While some have dared to use the word "epidemic", not everyone agrees. However, Dr Gainsbury said there was likely to be some truth to the reports.

"Reported gambling problems vastly underestimate the unreported problems," Dr Gainsbury said.

The AFL's ongoing response to problem gambling among players is under scrutiny. ( ABC News: Peter Healy )

Veivers said some players were probably reluctant to discuss their issues publicly for personal reasons, but others were gagged by their clubs.

"Far more athletes get themselves into trouble than publicly revealed, but they keep it quiet, or their clubs do, for many reasons including some athletes feeling ashamed," she said.

"Others are guided to keep it under wraps by managers, for example."

Performance under pressure

A much more pressing concern for clubs was the impact problem gambling could have on performance.

Last week, Essendon great Matthew Lloyd said he was concerned about the "rumour and innuendo around a lot of our stars" relating to problem gambling, and the impact it would have on their careers, both on and off the field.

"It's really concerning me — players who are going to walk away from football, life in ruins and tatters, with the gambling that is going on behind the scenes," Lloyd said on Channel Nine's Footy Classified.

Lloyd said he knew of players who would "throw money in the pokie machines, go bet on the horses", but would then be reluctant to spend money on lunch.

Dr Sally Gainsbury is an expert in problem gambling at the University of Sydney. ( ABC: Tracey Trompf )

"Gambling problems are associated with a high level of stress and a high level of worry and that has an impact on sleep, on eating and overall wellbeing," Dr Gainsbury said.

"Certainly it would be in the interests of clubs to ensure that their players are well-educated about the risks."

The age profile of the AFL playing group though suggests risk-taking is also a habit.

Consider the ultimate problem for the sport though — the risk of corruption.

There could be the temptation of spot-fixing, especially when players accumulate huge debts they feel they cannot shake.

"I don't think it's taken as seriously as a sickness, an addiction," Veivers said.

"The consequences are deemed to be the issue when the athletes owe big debts, particularly to the undesirable kinds of people."

The AFL website heavily features gambling ads. ( www.afl.com.au )

Should high-profile athletes roll the dice and go public?

It is a personal choice.

The AFL is betting the heavy penalty handed out to Jayden Stephenson will send a message for players not to gamble on the game that supports them.

The wider issue is the AFL's duty of care to its players and how to fully live up to that principle.

The ABC has contacted the AFL for comment.