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Sports Betting Bills Get Boost in Nevada

NEVADA

The already sports betting-friendly state of Nevada gave its industry another boost with the passing of two new bills. According to the Las Vegas Review Journal, both bills were signed into law by Governor Brian Sandoval and have the potential for increasing the $3.9 billion per year wagered at state sportsbooks.

The first bill, Senate Bill 445, allows Nevada sportsbook operators  to “manage legal facilities anywhere in the world by setting the lines in Nevada”, according to the Journal, while the second Senate Bill 443, allows business entities to accept money for bets on behalf of investors in order to place these wagers at Nevada sportsbooks.

Sportsbook operators, CG Technology successfully pushed the bills by lobbying lawmakers and celebrated the victory this week when the two bills became law on Tuesday.

“This is a victory that further promotes Nevada as the epicenter of sports wagering in North America,” said CG Technology general counsel Quinton Singleton.

“Basically, what we’ve done is put Nevada on a path to again being one of the most competitive sports betting markets in the world,” he told ESPN. “This type of entity wagering exists in other jurisdictions. So what we’ve done for Nevada is that we want to be the leader in sports wagering, and we want to be there to take advantage of it as it continues to expand in the U.S. and internationally.”

Also adding his comments was CG Technology CEO Lee Amaitis who said that the passing of the bills allowed the company to “expand our business and service offerings.”

After examining the new bills, a number of market analysts have predicted that they have the potential of tripling the amount wagered at sports book operators in Nevada in the next five years.