Billy Walters, a prominent figure in the world of gambling in the United States, has recently taken aim at the legal sports betting sector in the country. Known for his sharp sports betting skills over the past few decades, Walters has now voiced his concerns about various aspects of the industry and has taken action to advocate for change.
Speaking at the National Council of Legislators from Gaming States (NCLGS) conference, Walters criticized the lack of involvement of individuals with deep knowledge of sports betting in discussions surrounding the legalization of the activity in different states. He also raised concerns about the existence of a monopoly in the market, impacting transparency, and highlighted the practice of sportsbooks limiting the accounts of winning bettors to protect their profits. Walters described this business model as unfair and called for regulators to address this issue.
In addition to these criticisms, Walters discussed the financial implications of sports betting, particularly in comparison to the United Kingdom. While he expressed disapproval of the strong presence of UK companies in the US sports betting sector due to their lack of understanding of American sports betting, he praised the UK’s lack of winnings taxes for bettors, a contrast to the situation in the US. Walters suggested that changing the rules in the US to allow individuals to carry forward losses to offset winnings in future years would encourage more significant betting activity.
To further advocate for change and address these issues, Walters and his friend Gadoon “Spanky” Kyrollos, another well-known bettor and creator of the Sports Betting Hall of Fame, announced the formation of American Bettors’ Voice. This non-profit organization aims to represent the interests of bettors in expanding markets, ensuring fairness and transparency in the sector by giving bettors a voice. Some of the key areas of focus for the group include reducing withdrawal times, resolving disputes in a timely manner, and increasing transparency regarding the lobbying efforts of gambling companies.
Reflecting on his own experiences with sports betting, Walters acknowledged his past addiction to the activity, describing it as “one of the most addictive things in the world.” He emphasized the importance of regulators ensuring fair treatment for bettors and adequate protection from operators. At 78 years old, Walters stated that he is now in a position in his life where he wants to give back to something that has provided him with so much.
Through the establishment of American Bettors’ Voice and his outspoken criticism of the legal sports betting sector in the US, Billy Walters is actively working to bring about positive change and advocate for the rights and interests of bettors in the evolving gambling landscape. His efforts underscore the importance of transparency, fairness, and accountability in the industry, and his dedication to this cause serves as a testament to his commitment to improving the sports betting experience for all involved.