Nevada Eyes Sports Betting Expansion
Nevada’s legal sports betting monopoly is facing serious competition for the first time in decades and the Silver State isn’t taking the challenge lying down.
This week state lawmakers are debating a law that would allow investor to pool their money and bet as a group. It’s an innovative idea that show how seriously the state is taking the potential of legal sports betting in New Jersey.
Under the proposed law, investment groups could treat sports betting almost like a mutual fund. Investors would bet collectively and win (or lose) as a group. The bill’s supporters, which include former Gaming Control Board members, say this this plan could triple sportsbook revenues over time.
While details on how exactly group betting would work are still vague, it’s definitely more complicated than a group of friends pooling funds on a parlay card. To prevent fraud, especially money laundering, every member of the investment group would have to be licensed.
If you think that sounds complicated, you’re not alone. In an interview with the Las Vegas Review Journal, Gaming Control Board Chairman A.G. Burnett said he wasn’t sure how the state would go about regulating group betting.
Whether the plan passes or not, it’s clear that Nevada is taking the threat of legal sports betting, and online casino gaming, in New Jersey very seriously.
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