75°F
weather icon Clear

Equity betting bill clears Nevada Senate

CARSON CITY — A bill that would allow private equity groups to place large bets at Nevada sports books saw near unanimous support Tuesday in the Senate.

Senate Bill 346, which would authorize the Nevada Gaming Commission to adopt rules to regulate “entity” bettors, now heads to the Assembly for consideration.

It passed the Senate with 20 votes in favor. Sen. Justin Jones, D-Las Vegas, did not vote on the bill.

Now, only individuals can wager at Nevada sports books. Nevada holds a virtual monopoly on sports betting under a 1992 federal law.

Supporters of the bill said the “entity” bettor measure would position Nevada to capture some of the estimated $380   billion bet illegally on sports each year in the United States.

The bill is sponsored by Sen. Greg Brower, R-Reno.

Former Gaming Control Board Chairman Mark Lipparelli, who is a gaming industry consultant, said recently that the measure is good for Nevada.

“The state should embrace this idea,” 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.”

Nevada books now see a sports “handle,” or betting action, of $3.5 billion annually. Some observers estimate that amount could triple over five years if the bill becomes law.

The bill was amended to address concerns raised by state gambling regulators over the policing of such entities to guard against money laundering, underage gambling and illegal messenger betting.

All members, partners, shareholders, investors and customers of the equity group would be required to register with the Gaming Control Board.

Another betting-related measure, Senate Bill 418, which would allow wagers on presidential and congressional elections, also was approved in the Senate.

The bill, sought by Sen. Tick Segerblom, D-Las Vegas, passed on a 14-7 vote and now goes to the Assembly.

The Associated Press contributed to this report. Contact Capital Bureau reporter Sean Whaley at swhaley@
reviewjournal.com or 775-687-3900.

Don't miss the big stories. Like us on Facebook.
Sports Betting Spotlight Videos
Politics Videos
Accused murder mastermind Frank LaPena is granted a pardon - VIDEO
A onetime Las Vegas casino bell captain who spent 25 years in prison as the accused mastermind in a notorious 1974 contract murder won his last legal battle for freedom Wednesday when the state Pardons Board granted him a conditional pardon restoring all his civil rights. (James Schaeffer / Las Vegas Review-Journal)
The Middle: Nonpartisan voters and the 2020 election
How will the growing segment of nonpartisan or independent voters — those who have not registered with either political party, or who have left partisan politics behind — vote in 2020?
Tomi Lahren Speaks at UNLV - VIDEO
Fox News contributor and UNLV alumna Tomi Lahren returned to campus Wednesday night for a speech, titled “Stay Triggered,” that drew an auditorium of supporters as well as a group of protesters outside. (James Schaeffer/Las Vegas Review-Journal)
Bernie Sanders released from Las Vegas hospital - VIDEO
Sen. Bernie Sanders, I-Vt., issues a statement after he was released from Desert Springs Hospital Medical Center on Friday, Oct. 4, 2019, after suffering a heart attack earlier in the week. (Bernie Sanders via Twitter)
Democratic presidential candidates speak on impeachment - VIDEO
Democratic presidential candidates attending the March for Our Lives/Giffords Gun Safety Forum in Las Vegas comment on possible impeachment proceedings. (Las Vegas Review-Journal)
Joe Biden Las Vegas Rally Highlights - VIDEO
2020 presidential candidate, Joe Biden, came to Las Vegas to talk guns, climate change and the Ukranian-Trump scandal. Biden was interrupted by a protestor who sat amongst supporters at the rally and continued with his speech. (Angus Kelly & James Schaeffer / Las Vegas Review-Journal)
Joe Biden comments on Trump and his campaign efforts in Nevada - VIDEO
After an impeachment inquiry was opened on Donald Trump, Joe Biden talks with Review-Journal politics reporter Rory Appleton about Trump and his campaign in Nevada. (Angus Kelly & James Schaeffer / Las Vegas Review-Journal)
Bernie Sanders Unveils Affordable Housing Plan - Video
Bernie Sanders sits down with the Las Vegas Review-Journal to talk about his new affordable housing plan he unveiled at Plumbers & Pipefitters.
Jim Marchant talks gun control and Dreamers - Video
Republican Candidate for District 4 Jim Marchant talks about gun control and immigration policies. (Las Vegas Review-Journal)
Hurricanes, Gender, and Science in the Press
Imagine if the mainstream media’s current hurricane-sized obsession with scientific accuracy applied to gender.
Cory Booker on college tuition and minimum wage
Cory Booker talks on the RJ Politics podcast about college debt, informing workers about their rights and livable wages.
Nevada Politics Today: Teacher raises - VIDEO
Jason Goudie, the chief financial officer for the Clark County School District, talks about teacher pay and raises. (Las Vegas Review-Journal)
THE LATEST