00:00 (upbeat music)
00:02 - Let's move on to another state with sports betting.
00:06 And you know, what makes this so fascinating
00:08 is every state has their own rules and restrictions.
00:12 I mean, I don't know if there's,
00:13 if this is apples and oranges,
00:15 but you know, the state of Louisiana,
00:17 interestingly enough, Pat, people may not know this,
00:19 but to go to New Orleans,
00:21 you do not have to be 21 years old to drink.
00:23 It's the, if I'm not mistaken,
00:25 the only city in the country.
00:28 You're right, you're 18.
00:29 So Kentucky has decided, hey, like this is,
00:32 you know, again, maybe this is apples and oranges,
00:34 but they have their own rules.
00:36 And what they wanna do is allow 18 year olds,
00:39 Pat, to bet on sports and be allowed to bet on it.
00:42 Now, without giving my opinion on this,
00:45 I would like to at least have you present this information
00:47 and you know, sort of why they are doing this.
00:50 - Yeah, so it really just comes down
00:52 to the horse racing tracks in Kentucky.
00:54 Of course, in-person sports betting began September 7th.
00:59 Online sports betting will begin next week.
01:02 So a huge bump is coming in Kentucky
01:04 as we just talked about.
01:05 90% of online sports betting,
01:07 or of handle is coming online.
01:09 So that's coming in a week.
01:12 But yeah, it basically comes down
01:14 to the horse racing tracks.
01:16 You need to be 18 to bet on horses in Kentucky.
01:19 And when they were writing this law,
01:21 they said, why would we make it anything different than that?
01:24 That this is our gambling law in Kentucky.
01:26 And so that's what it is.
01:28 And in the sports books that have opened already in-person,
01:33 Churchill Downs has their racing sports books
01:36 at six locations.
01:37 They're sticking with their 18 year old policy
01:40 because you know, they have 18 year olds
01:43 betting on horses at their facilities.
01:45 So that makes sense.
01:46 But you're seeing other companies like BetMGM,
01:49 Caesars, FanDuel, Fanatics,
01:52 they're saying, no, we're gonna stay at,
01:54 or we're gonna put it at 21
01:55 because that's how most other states are.
01:58 And we don't need to change our age restriction checks
02:02 and all that for one state.
02:06 So that makes sense.
02:07 And yeah, when you look at it,
02:09 there's only, I think it's six states,
02:11 including Kentucky that are setting it at 18
02:13 for online sports betting, including Washington DC.
02:16 So that's not a state, but it's a market.
02:19 And yeah, I mean, when you get right down to it,
02:22 I reached out to the National Council on Problem Gambling.
02:25 I said, you know, what is the kind of take here?
02:29 And they don't have an official stance,
02:31 but they do think that the older you set the limit,
02:34 the better because the younger you are,
02:36 the more time you have to develop a problem gambling issue.
02:40 And that those formative years
02:43 are a big part of that structure.
02:45 So, you know, they're not saying bad on Bet365
02:50 and DraftKings who have said
02:51 they're gonna put it at 18 as well when they launch online,
02:55 but they did say good on the companies
02:57 that are setting it a little higher to say, you know,
02:59 they're gonna put a little less risk for themselves
03:02 when they go live.
03:03 So again, kind of an interesting thing.
03:05 It's gonna be weird to see, you know,
03:07 how that affects, you know,
03:09 marketing on the campuses of Louisville and Kentucky.
03:13 Maybe they draw people from University of Cincinnati.
03:15 It could be a thing there, but you know,
03:19 we've seen the Ohio regulators get kind of mad
03:21 that the age is different probably for that reason.
03:25 But yeah, yeah, kind of differences of opinions,
03:28 no real hard or set fast opinions
03:30 from problem gambling people,
03:31 but just a really interesting dynamic there in Kentucky.
03:36 (upbeat music)
03:38 (bells chiming)
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