On March 31, 2023, sports betting was officially made legal in Kentucky. This now means that Kentuckians are able to gamble on sites such as PrizePicks, Underdog Fantasy, DraftKings, and FanDuel.
As of recently, sports gambling has been pushed so hard that the average sports fan can’t watch a game without seeing it. On the ESPN app, the first thing seen is the odds for the game and an ad for the ESPN Bet app. When watching the pregame show for any sports game, the announcers make bets and advertise betting apps and all the “free” money they will give for signing up.
Companies such as FanDuel and DraftKings make billions of dollars a year off of advertising sports gambling as an easy way to make a lot of money off of very little money. It is said in ads that it’s “as simple as picking higher or lower.” Along with the “free” money the apps give, they make it seem like it’s almost impossible to lose when, in fact, it’s almost the opposite.
Sports gambling is being pushed so hard because of its economic impact. According to Spectrum 1 News, during Kentucky’s first four months of legalized sports betting, the total amount wagered by bettors was $892,370,162. Revenue for operators was $110,199,075, and tax revenue generated for the state was $15,545,112. Kentucky projected $23 million in tax revenue for a full year. According to WKYT, in just the first four days, Kentuckians wagered more than $68 million.
With betting being pushed so hard, some players have fallen into the trap of wanting to make a lot of money betting on themselves. For example, Jontay Porter, who was an NBA player, was caught betting on himself. He gave a friend information on his health and told him to bet that he wouldn’t hit his set number. His friend placed an $80,000 bet which would have won $1.1 million, but it was flagged. He was also caught taking himself out of games after he bet on his under. Porter received a lifetime ban from the NBA for violating their rules.
This is not just in the NBA. NFL players such as Calvin Ridley have been suspended for entire seasons for betting on their own teams.
With the rapid growth of sports gambling, there’s little doubt that it will eventually be legalized and heavily promoted all across the country. Many betters are underage are already active on sports gambling sites, and it will only worsen and become easier to gain access. Many people are going to become addicted and lose a lot of money while trying to gamble on sports.
