Kentucky Trying To Stop Legal Books From Limiting Players As More Turn To un-regulated 🚨

[Wagerallsports]

Kentucky House Passes Bill That Would Require Online Sports Betting Operators To Take Bets Up To $1,000​

The Kentucky legislature is on its way to becoming the first to require online sports betting operators to accept wagers of up to $1,000 after the House passed HB 604, 79-15, Thursday afternoon. Should the bill get through the Senate, Kentucky would be the first state to pass a law mandating that operators take bets up to a certain amount.

Legislation around the country on the issue of bet sizes has largely centered on bet minimums and operator-imposed limitations on bettors, usually more sophisticated “sharps.”

HB 604 now moves to the Senate, which will have about a month to consider the proposal before the legislature is set to adjourn April 15.O

The Massachusetts Gaming Commission in December was the first regulator to take action around limiting bettors when it added a regulation to require that operators inform bettors if and why they are being limited, but did not set a floor or ceiling.

Pro bettors go un-regulated to avoid limiting​

During a Citizens webinar Friday morning, two professional sports bettors said that bet limiting is pushing consumers to prediction markets, and more often, un-regulated, in search of better odds. While the $1,000 requirement might not entice a sharp to play in the legal market in Kentucky, it would likely make that market more enticing than others where sportsbooks do shut down winning bettors.

Former professional sports bettor and poker player Isaac Rose-Berman said it is “becoming harder and harder” for sharp bettors to wager on traditional sportsbooks, in part due to limiting.

Canzhi Ye, also a professional sports bettor and co-founder of PY Research, a fund that leverages machine learning and advanced statistical models to predict sporting events, said limiting and risk management practices fluctuate on different legal sportsbooks. In his quest for the best odds, he also bets un-regulated and sometimes on prediction markets, as neither limit him.

Kentucky House Passes Bill That Would Require Online Sports Betting Operators To Take Bets Up To $1,000

Proposal would also raise minimum age, ban some props, regulate DFS, and tax prediction markets

sports.yahoo.com

 

[Wagerallsports]

Apparently DraftKings & other books are threatening to leave the state if this passes

Fu€king greedy cowards

Good for Kentucky & hopefully more follow their lead…

 

[theriver55]

Interesting. if anything I thought they may limit a wager amount to help those addicted to the rush.

 

[theriver55]

Apparently DraftKings & other books are threatening to leave the state if this passes

Fu€king greedy cowards

agreed. let em leave. screw them limits. If you can't take a sharps action that is offset by squares then get out of the business of booking.

 

[Wagerallsports]

@KVB when you have time, take a quick look at this bill in regards to prediction markets

Sounds like Kentucky is ok with them & only wants to tax them like the other books

 

[KVB]

agreed. let em leave. screw them limits. If you can't take a sharps action that is offset by squares then get out of the business of booking.

I debate back and forth on some of this but in the end I think it's more about ^^^this post.

They are running a business, and I like a fair marketplace. Sharp action is a backbone, the institution of the stock market.

Just pinching it out everywhere is not a good thing. But it won't be everywhere, because the bettors have other places to migrate.

I've been calling for exchanges a long time and I was against the legalization in California under the props they had written.

IF you can't use the sharp action to make boof for everyone, then I agree you don't belong.

Now, a law requiring a minimum amount is a lot of overeach to someone running a book. A lot.

So I say let them limit and let the bettors migrate. Make friendly laws that encourage a fair marketplace and direct your legislative energies that way. Trying to micromanage the book isn't right either.

Let DK become a convenience store, where they got everything at shitty prices and if you need something, you can get it.

 

[Tanko]

Must be quite a few members of the Kentucky legislature who are upset about being limited.

That's usually the only thing that gets politicians moving is when it effects them personally.

 

[KVB]

Forcing them take $1000 bet might eliminate a lot of markets. Some props just aren't worth that much risk management wise.

When DK and Fanduel tried to get into California they had provisions that you had to be a huge company with hundreds of millions in backing to even be able to make book.

Real fair, dickheads.

This feels the same. If you did want to make book, pay the regirstation, etc, you may not be big enough to have to take $1000 on some props or whatever.

That law is more of a barrier to entry than it is to create a fair marketplace. At least from what I see in the article.

 

[KVB]

Must be quite a few members of the Kentucky legislature who are upset about being limited.

That's usually the only thing that gets politicians moving is when it effects them personally.

They're trying to save what they thought was a cash cow as volume dips and moves elsewhere.

 

[KVB]

DK has prediction markets too.

So they should just grow that.

 

[jjgold]

lol
industry a mess

 

[KVB]

@KVB when you have time, take a quick look at this bill in regards to prediction markets

Sounds like Kentucky is ok with them & only wants to tax them like the other books

It does seem like they don't want horse racing ont he prediction markets, if I'm reading that right. I was noticing there is none just the other day.

Kentucky doesn't want that mixed at all, it looks like.

 

[KVB]

lol
industry a mess

I can't argue with that.

I'm plugging away and God only knows if my current plan to report taxes next year for this year will even work. That shit is up in the air too.

They could turn me upside down with the swipe of a pen, so all I can really do is laugh at this point.

 

[Wagerallsports]

It does seem like they don't want horse racing ont he prediction markets, if I'm reading that right. I was noticing there is none just the other day.

Kentucky doesn't want that mixed at all, it looks like.

I guess like you say they don't want to mix it & tarnish their history of horse racing & betting in any way....??

 

[theriver55]

I guess like you say they don't want to mix it & tarnish their history of horse racing & betting in any way....??

I think the reason that is no takeout from prediction markets to the players that make the game GO. Without the rake the game is no longer.

 

[KVB]

I guess like you say they don't want to mix it & tarnish their history of horse racing & betting in any way....??

Or maybe they don't want to lose business to other plaforms. Seems like a protectionaist move.

 

[drunkenhorseplayer]

This is the Kentucky legislators' way of banning gambling. They can't ban it outright so make it too hazardous to do business.

 

[MinnesotaFats]

Doesn't mean they have to offer a line. This is more likely a ML issue than sharps beating a -110.

That said, maybe they just go to -115 or -120.

 

[Wagerallsports]

lol
industry a mess

everybody wants a piece of the pie these days

 

[jjgold]

Bottom line none making money
Zero except un-regulated tiny overheads