Equity Group Sports Betting Bill Clears Nevada Senate
A bill allowing private equity groups to place large wagers at Nevada sportsbooks has passed with a near unanimous vote on Tuesday. Senate Bill 346 will now head to the Assembly for a vote.
Currently only a single individual can place a bet at Nevada’ sportsbooks. The measure would permit groups from outside the state to place sports wagers via a representative physically located within the Nevada sportsbook itself.
The bill is sponsored by Sen. Greg Brower, R-Reno.
“The state should embrace this idea,” Former Gaming Control Board Chairman Mark Lipparelli said. “It will increase transparency, bolster competition and move at least one small element of the billions of dollars of illegal wagering out of the shadows. I have high confidence Nevada regulators will create a balanced framework that would address any concerns that could emerge.”
Well placed sources tell Gambling911.com that the state of New Jersey will reference Bill 346 in its fight to legalize sports betting in the Garden State. New Jersey was sued by all four professional sports leagues and the NCAA to try and block it from offering sports betting in Atlantic City casinos.
To date only a handful of US states are permitted to offer bets on sporting events, with Nevada being the most expansive. Lawmakers backing the New Jersey sports wagering bill call the Justice Department’s support of the League’s lawsuit “hypocrisy” while implying Nevada’s ability to offer the activity an unfair “monopoly”. Senate Bill 346 has only served to add more fuel to the fire.
- Gilbert Horowitz, Gambling911.com
