Two sports betting bills have been approved by Nevada Governor Brian Sandoval that will allow Nevada’s licensed sportsbooks the ability to offer bets to customers outside of the state via sports betting investment funds.
Analysts believe the move could triple Nevada;s sports betting revenues of US$3.9bn a year within five years.
Senate Bill 443 legalises sports betting investment funds, registered and managed in Nevada.
The sports book operator will have the final decision on accepting wagers from groups.
Nevada Senator Mark Lipparelli, one of the bill’s sponsors, said to news service ESPN Chalk: “It gives people another option to participate in a legal way, which is important. It will be a choice of the various books and their appetite for risk. The same way it is today. They determine what level of risk they want to accept. It’s their right to refuse service to anyone they wish, if they determine that somehow they feel that this is going to be too difficult, too risky for them, they may elect to stay out of it.”
Sports book operator CG Technology was active in lobbying the government. It already operates sportsbooks in the Bahamas and Mexico.
Quinton Singleton, Vice President at sportsbook operator CG Technology added: This is a victory that further promotes Nevada as the epicenter of sports wagering in North America. We’ve put Nevada on a path to again being one of the most competitive sports betting markets in the world. 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 US and internationally. 445 basically sets the groundwork for CG Technology and all the other operators in Nevada to start managing race and sports books from anywhere in the world, where they are based in legal jurisdictions.”
CG Technology President Lee Amatis said: “CG Technology is excited about the passing of Bills 443 and 445, and is appreciative of the foresight and leadership of the Nevada Legislature and Governor Sandoval, and the Nevada gaming regulators, as these bills proactively position Nevada as the leader for the sports wagering industry in the United States. These bills pave the way for us to expand our business and service offerings, opportunities we expect to capitalize on shortly.”