Billy Walters has criticized the legal sports betting sector in the US and created a non-profit group to give a voice to bettors. [Image: Shutterstock.com]
Work is necessary
Billy Walters is a name synonymous with gambling in the US. He has built a reputation as one of the sharpest sports bettors for the past few decades and now has a thing or two to say about the current state of the country’s legal sector.
questioned why people with deep knowledge of sports betting aren’t involved in discussions
Walters was speaking during the National Council of Legislators from Gaming States (NCLGS) conference when he criticized numerous aspects of the industry and outlined his concerns for the future. He questioned why people with deep knowledge of sports betting aren’t involved in discussions when states legalize the activity.
Walters also believes that a monopoly exists in the market, impacting transparency. Another major concern relates to sportsbooks limiting the accounts of winning bettors to protect profits, claiming that this business model is unfair and that regulators need to look at it.
Money talks
The financial aspect of sports betting is something that is very relevant according to the Kentucky native. While Walters doesn’t like the strong presence of UK companies in the sector as he thinks they don’t understand American sports betting, he did praise the lack of winnings taces for UK bettors, which isn’t the case in the US.
they’ll earn money in the form of taxes from the operator
Walters said that the UK authorities understand that they’ll earn money in the form of taxes from the operator rather than taking a cut from the customers.
He believes that changing the rules in the US to allow people to carry forward losses to a future year to offset winnings would prove a game-changer and encourage people to bet significantly more.
Trying to encourage change
To back up all these ideas, Walters announced on Monday the creation of American Bettors’ Voice alongside his friend and Gadoon “Spanky” Kyrollos, another notable bettor and creator of the Sports Betting Hall of Fame.
Walters admitted to once having an addiction to sports betting, saying that the activity is “one of the most addictive things in the world.” He believes that regulators need to be on the ball to ensure that bettors get fair treatment and operators properly protect them.
This non-profit group aims to represent the interests of bettors in expanding markets. It wants to ensure that the sector is fair and transparent by giving bettors a voice. Some of the topics it will initially focus on include reducing friction for withdrawal times, having a more timely resolution for disputes, and more transparency over the lobbying efforts of gambling companies.
The 78-year-old said that he is at a point in his life now that he wants to give back to something that gave him so much.
