Caleb Tallman, a sports expert at WSN, provides his opinion on Kentucky’s announcement to legalize sporting betting and how they will fair in the wider industry:
“2023 is turning out to be a pivotal year in the world of sports betting. The announcement of Kentucky’s legalization follows not only the launch of Massachusetts in March but also the NFL vote in favor to keep sportsbooks open during games – all of which encompass a wider growing acceptance of sports betting that we’re seeing across the USA.
“Whilst Kentucky isn’t home to many major pro teams, we anticipate that the market will be very profitable due to the many popular college basketball and football teams in the state. Unlike many states, Kentucky will be able to participate in college betting which will certainly be a massive asset for the tax revenue of Kentucky.
“Despite the setup not being finalized until the latter end of the year, this launch is actually looking to be a fairly quick turnaround. Usually, you can expect operations to take up to two years to be operational. However, due to the already legalized horse racing betting, we foresee the state regulators being able to launch the sports betting system much quicker than usual, being up and running by the end/beginning of 2024.“
That being said, making sure those who choose to get involved with online betting do so responsibly is also important. Therefore, WSN has also provided some top tips on way in which someone can gamble more responsibly online and do so with their limits in mind.
5 Ways to Gamble More Responsibly Online:
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Set Spending Limits: Sportsbook apps will allow customers to set their own spending limits to help you prevent making rash decisions and go beyond your means when betting.
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Set Session Timers: Bettors can set clear session timers on the sportsbook apps to limit the amount of time you spend betting. This will help keep you aware of the amount of time spent on the app and minimise out-of-control moments when gambling.
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Take a Responsible Gambling Quiz: Those who are new and existing to gambling are encouraged to take one of the online quizzes available to help gamblers get a clearer idea of their relationship with betting. One quiz available is offered by the National Council on Problem Gambling.
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Understand Your Bet: Make sure you understand the odds and the house edge of the wagers you are making and be clear on your own risk tolerance. This comes from doing your research – knowledge is power.
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Know Your Limits: Treat your spending limit as an expense. Once it’s gone, it’s time to walk away instead of chasing your losses which can lead to bigger problems. Likewise, be cautious when mixing alcohol with betting as it can be harder to stick to your limits and edge over your tolerance.
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