Professional Sports Gambler Offers Advice for Anyone New to Kentucky Sports Betting

William T. Walters is a Kentucky native as well as one of the most successful sports bettors of all time. And he has some advice for those looking to enter the Kentucky sports betting market.

The gist of his advice: Be cautious and enter with zero expectations.

The now 78-year-old grew up in Munderville, Kentucky. His first brush with sports betting came when he was just nine years old. By the time he turned 22, he apparently lost $50,000, which is the equivalent of almost $170,000 in today’s economy. 

However, Walters encountered more success as he entered his 30s. And with that success came bigger bets. According to a Chapter 10 excerpt from Beating The Wheel, Walker is known to have lost at least $1 million on two separate occasions while playing black jack in Las Vegas. At one point, Walters was dinged with a misdemeanor for Kentucky sports betting activity long before it was legal. This prompted him and his wife to relocate to Las Vegas, where sports betting was allowed. 

Walters’ success from this point is the stuff of legend. Per Beating The Wheel, Walters and his gambling partner once won $3.8 million over the course of 38 hours at the Atlantic Club Casino Hotel after noticing a bias on the roulette wheel. Walters has also reported a smattering of six-figure victories at casinos in Atlantic City and Vegas, as well as at sportsbooks. 

Given his history, you’d assume that Walters is a big proponent of sports betting in Kentucky. As it turns out, though, he has never placed a wager in The Bluegrass State since they legalized wagering. And to that end, even his overall view of online sports betting in the United States might surprise you.

Walters Expresses Concern for the State of Online Sports Betting in the USA

Despite winning millions as a professional gambler, Walters seems to believe the barrier for entry into betting on sports in the United States needs to be higher. As Steve Bittenbender of Bet Kentucky writes:

“‘Although we’ve passed the legalization of sports betting, I have some very deep concerns about the future of sports betting,’ Walters explains. Walters and his partners’ concerns about the current state of the industry include operators that arbitrarily limit successful bettors, tax schemes at the state and federal levels that penalize winning gamblers and the need to better educate bettors on the true odds and risks behind their wagers. Accomplishing that and other objectives would be [to Walters] a ‘win-win-win’ scenario for all parties.”

This is something of a paradoxical take. On the one hand, a professional gambler is calling for less overall sports betting regulation as it pertains to winners. On the other hand, he seems in favor of more regulation if it means educating the general population about the risk-reward profile of sports betting.

Walters is on to something with the latter sentiment. Multiple data-based studies have shown states with legal sports betting experience measurable upticks in problem gambling. Many places allocate funds toward preventing and treating such experiences. But there seems to be a lack of focus on informing the general population from young ages about the highs and lows of sports betting.

Many will acknowledge this issue while pointing out the regulated industry is in its infancy. Kentucky sports betting, for instance, wasn’t launched until September 2023. And the industry itself didn’t officially exist prior to 2018, when the Supreme Court of the United States overturned the Professional and Amateur Sports Protection Act. Still, six-plus years is a long time. The industry could always be safer.

Here is Walters’ Advice for Beginners in the Kentucky Sports Betting Market

Many of Walters’ comments gravitate toward macro and nuanced sports betting issues. But he also offers some words for those new to the Kentucky sports betting market as well as gambling at large. From Bittenbender:

“Walters encouraged people to treat sports betting like any other recreational activity or hobby, especially those who are just getting started. Bettors should also make sure they’re getting the best odds for their wager. He encourages people to sign up for as many apps as possible and shop around. There are eight Kentucky online sportsbooks currently available in The Bluegrass State. When starting out, bettors should set aside an amount they feel comfortable losing, but Walters stressed they must start small by betting only a small fraction of their bankroll. ‘Put together a money management system and stick with that money management system,’ he said. ‘And don’t get yourself hooked into believing that you’re going to get rich quick by gambling on sports. That’s where people get in trouble.”

This comes across as excellent advice. It is somewhat cookie cutter, but it’s also a sentiment that needs to be conveyed with higher frequency. That is where Walters’ call for better sports betting education really stands out. 

Even Simple Information Can Make a Big Difference in Sports Betting

People should not just be aware of the risks and merits associated with Kentucky sports betting. They should be informed about how to navigate both. Think about it: How many people do you think understand ideas like “money management system” and “bankroll?” Especially if they're new to the game? Heck, how many people even know the importance of shopping around and reading reviews of the top online sportsbooks before settling on websites and overall wagers? 

To some, these seem like simple, obvious points. To others, though, this intel can make a world of difference. And relative to the rise of Kentucky sports betting—and sports gambling at large–there clearly needs to be more of an effort to communicate with beginners.   

Take a look at this list of the top online sportsbooks so you can find one that works for all of your sports betting needs: