The "Betrayal Collection" version of Betrayal at Krondor doesn't appear to have voice acting in it but it's there, it just needs to be configured. The reason for this is that the game comes pre-configured to use the old MT32 sound drivers, which don't support the voice acting aspects of the game. To fix this, go into your game directory by right-clicking on "Betrayal Collection" in your Steam library, selecting Properties, changing to the Local Files tab, clicking Browse Local Files, and then changing into the Betrayal at Krondor folder. Use a text editor to open the RESOURCE.CFG file. Change the line that reads "soundDrv = MT32.DRV" to read "soundDrv = SNDBLAST.DRV", then save and exit from the file. Now when you play the game, you'll get limited voice acting as well, which usually takes place when you first meet characters such as Squire Phillip. The down side is that the Sound Blaster drivers don't sound quite as good as the MT32 drivers but at least you can still use the CD music. It's a personal choice but I prefer to have the voice acting activated so I hope that helps somebody else as well.

You can test that this works by starting a new game and heading South on the road toward Krondor. You will soon be stopped by Squire Phillip, who you should hear shout out "hold there!" when dialogue starts appearing on screen.