Starting this week, Nevada sports books can legally accept action from out-of-state betting pools thanks to a new law that legalizes, “entity betting.”
Under the terms of Senate Bill 443, groups of investors can pool their resources to make large wagers with Nevada sports books. The only catch is that the bets must be placed in person, by a registered entity in Nevada. (A similar proxy system has been in used in the Super Contest football pool for years.)
Suffice to say, the bill’s passage was greeted with joy by Nevada bookmakers, especially those like CG Technology, who lobbied hard for the new law. The company’s general counsel, Quinton Singleton told reporters at the Las Vegas Review Journal:
This is a victory that further promotes Nevada as the epicenter of sports wagering in North America. (The new law puts) Nevada on a path to again being one of the most competitive sports betting markets in the world.
Singleton’s also, no doubt, pretty jazzed up about the idea that the new law could potentially triple the amount of money wagered at Nevada sportsbooks.
Because the new law doesn’t require any changes to existing sportsbook licensing rules and regulations, entity betting goes into effect immediately.
Nevada lawmakers also passed another bill, SB 445, which allows Nevada sportsbooks to operate outlets in jurisdictions where sports betting is already legal, and to use Nevada betting lines at those facilities. This law is another gift to CG Technology, which operates sportsbooks on cruise ships and in several foreign jurisdictions.
SB 445 also puts Nevada’s sports betting industry in a place where they could potentially experience huge, national growth if the Federal Government ever okays regulated sports betting.