Top Pro Sports Bettors Say US Regulated Sportsbooks Have Much to Learn

• Sports gambling professionals Billy Walters and Gadoon "Spanky" Kyrollos headlined an event in Pittsburgh this past week discussing the state of regulated sports betting in the United States.
• "If you're good at something, you're not supposed to get penalized for it," remarked Kyrollos, pointing out how most of today's legalized sportsbooks are too quick to limit and boot players.
• “I’m here because of very deep concerns about the future of sports betting," Walters said.

The current wagering model in the United States is unsustainable.  That's what professional sports bettors are saying seven years after the Supreme Court abolished The Professional and Amateur Sports Protection Act (PASPA).

“The (Iegal) industry is new in this country, and no one with knowledge of betting was involved in this process,” is the message the best known professional sports bettor, Billy Walters, said during a panel discussion Friday (19 July) at the Summer Meeting of the National Council of Legislators from Gaming States (NCLGS) in Pittsburgh. “(The bettors) need to have a voice.”

At issue, regulated sportsbooks drastically reducing limits or booting customers entirely.  Already, ahead of the Paris Summer Olympics, DraftKings is reportedly pulling odds on certain events based on lopsided action coming in as opposed to moving the line accordingly.

DraftKings quickly pulled down the Olympics 57kg line after Spencer Lee’s odds moved from +500 to +400 shortly after that line was posted.  That's not bookmaking, the pros would argue.

“If you’re good at something, you’re not supposed to be penalized for it. That’s not the American way," pro sports gambler and organizer of the upcoming sports gambling networking event Bet Bash, Gadoon “Spanky” Kyrollos, offered.

Professional sports bettor Gadoon “Spanky” Kyrollos @spanky joins Billy Walters, Howard Schuetz and NCLGS President, Shawn Fluharty @WVUFLU as he explains his views on bookmakers and also fairness for all in sports betting. #NCLGS #SPORTSBETTING pic.twitter.com/UFiXUIZSHf

— NCLGS (@NCLGS) July 19, 2024

Spanky pointed out that the operators these days have teams focused on trying to find out who they are going to kick out or limit.  One would suspect those who got on board that Spencer Lee early wagering sit atop their list.

"The art of bookmaking is supposed to be determined on how much you are going to move a line and that's always been the art of bookmaking."

“If you qualify for a sports betting account, you should be treated equally,” Walters added. “And we need transparency; you’re entitled to it. What are the minimum and maximum bets? What are the true odds? Almost everyone will tell you 11-10. People are laying 2-1 on some of these prop bets. You’re entitled to know the true odds of the bet you’re making.”

Walters said he made his first sports bet 69 years ago. “I never thought about sports betting becoming legal,” he said. “When it happened, I may have been the happiest person in the US. I wanted to see it legalized, see the criminal element taken out, and have people engage in betting on sports, enjoying it, and doing it in a legal fashion.

“I’m here because of very deep concerns about the future of sports betting. Millions who are taking up betting don’t know the real risk prior to making a bet.”