Tips to avoid gambling pitfalls as sports betting comes to Kentucky

LEXINGTON, Ky. (WKYT) – Kentucky’s football season kicks off Saturday afternoon. And this season, it’s the first time sports betting will be legal in the Commonwealth.

While parents worry about their college kids getting into credit card debt, they now may worry about gambling debt.

“I think sports betting makes the game way more electric for sure,” said UK student, Matthew Zwicker.

In person sports betting will launch in Kentucky on September 7th. And you can start betting online starting on September 28th. Something some UK students already can’t wait to do.

“It can be addicting. If you’re winning, you just want to keep going. Blowing all your money. So you have to be safe. But it’s definitely fun. Definitely a fun aspect to it.”

And if you are going to bet or gamble, it’s the idea that you should set a limit for yourself beforehand, that financial advisors really recommend.

“If you want to gamble some for enjoyment, don’t overdo it and be ready to walk out after a specific dollar amount of losses. For myself and my kids, it’s $20,” C. Kelly Buckley, the Managing Principal of Spectrum Financial Alliance recommends.

Buckley advises that parents take the time now to talk about sports betting with their college aged kids, especially, whether it’s in-person or online.

“It becomes magic money. All of a sudden you’re in business and that may seem freeing, but obviously there’s a piper to be paid at the end of the day.”

Buckley said the ability to now place bets right from the palm of your hand may be too enticing at times for anyone to stop.

“It’s absolutely positively guaranteed to cost you money in the long run. Even if you win in the short run. Don’t play odds that guarantee you’re going to lose your money,” Buckley said.

Buckley of course recommends one invests that money, instead of betting. But if you’re going to do it, to always be responsible.

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