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.

ad-high_impact_4
Sports Betting Spotlight Videos
Sports Betting Spotlight: NFL divisional playoffs
Review-Journal sports betting columnist Todd Dewey, handicapper Kelly Stewart and CG Technology sports book vice president Matt Holt preview the NFL divisional playoffs.
Sports Betting Spotlight: College Football National Championship
Review-Journal sports betting columnist Todd Dewey, handicapper Kelly Stewart and CG Technology sports book vice president Matt Holt preview Monday’s college football national championship.
Sports Betting Spotlight: NFL Wild Card playoffs
Review-Journal sports betting columnist Todd Dewey, handicapper Kelly Stewart and CG Technology sports book vice president Matt Holt preview the NFL’s Wild Card playoff weekend.
Sports Betting Spotlight: NFL Week 17
Todd Dewey, Kelly Stewart and Matt Holt go over their picks for week 17 of the NFL.
Sports Betting Spotlight: College Bowls Week Three
Todd Dewey, Kelly Stewart and Matt Holt go over their picks for week three of the college bowl games.
Sports Betting Spotlight: College Bowls Week 2
Review-Journal reporter Todd Dewey, handicapper Bernie Fratto and The Mirage sports book director Jeff Stoneback preview the college football bowls.
Sports Betting Spotlight: NFL Week 16
Review-Journal reporter Todd Dewey, handicapper Bernie Fratto and The Mirage sports book director Jeff Stoneback preview Week 16 of the NFL season.
Sports Betting Spotlight: College Football Bowl Edition
Todd Dewey, Kelly Stewart and Las Vegas Wynn Sports Book Director Johnny Avello go over their picks for the college bowl games.
Sports Betting Spotlight: NFL Week 15
Todd Dewey, Kelly Stewart and Las Vegas Wynn Sports Book Director Johnny Avello go over their picks for week 15 of NFL football.
Sports Betting Spotlight: NFL Week 14
Review-Journal reporter Todd Dewey, handicapper Kelly Stewart and TI sports book director Tony Nevill preview NFL Week 14.
Sports Betting Spotlight: NFL Week 13
Review-Journal reporter Todd Dewey, handicapper Kelly Stewart and The Mirage sports book director Jeff Stoneback preview Week 13 of the NFL regular season. (Las Vegas Review-Journal)
Sports Betting Spotlight: College football Week 14
Review-Journal reporter Todd Dewey, handicapper Kelly Stewart and The Mirage sports book director Jeff Stoneback preview Week 14 of the college football season. (Las Vegas Review-Journal)
Sports Betting Spotlight: College Week 13
Todd Dewey, Kelly Stewart and Matt Holt give their picks for week 13 of college football.
Sports Betting Spotlight: NFL Week 12
Todd Dewey, Kelly Stewart and Matt Holt give their picks for week 12 of NFL football.
Sports Betting Spotlight: College football Week 12
Todd Dewey, Kelly Stewart and Bob Scucci go over their picks for college football week 12.
Sports Betting Spotlight: NFL Week 11
Todd Dewey, Kelly Stewart and Bob Scucci go over their picks for NFL football week 11.
Sports Betting Spotlight: NFL Week 10
Review-Journal reporter Todd Dewey, handicapper Kelly Stewart and CG Technology Sports Book Vice President Matt Holt preview Week 10 of the NFL.
Sports Betting Spotlight: College Football Week 11
Review-Journal reporter Todd Dewey, handicapper Kelly Stewart and CG Technology Sports Book Vice President Matt Holt preview Week 11 of the college football season.
Sports Betting Spotlight: College Football Week 10
Review-Journal reporter Todd Dewey, handicapper Kelly Stewart and Boyd Gaming Sports Book Director Bob Scucci preview Week 10 of the college football season.
Sports Betting Spotlight: NFL Week 9
Review-Journal reporter Todd Dewey, handicapper Kelly Stewart and Boyd Gaming Sports Book Director Bob Scucci preview Week 9 of the NFL season.
Sports Betting Spotlight: NFL Week 8
Review-Journal reporter Todd Dewey, handicapper Kelly Stewart and The Mirage sports book director Jeff Stoneback preview Week 8 of the NFL season.
Sports Betting Spotlight: NFL Week 7
Todd Dewey, Kelly Stewart and Alan Berg go over their picks for NFL week 7.
TOP NEWS
ad-infeed_1x2_1
News Headlines
ad-infeed_1
ads_infeed_2
Local Spotlight
Events
Home Front Page Footer Listing
Circular
You May Like

You May Like