How are Nevada lawmakers seeking to open sports betting to investors?

A bill that is aiming to open sports betting to out-of-state gamblers received a favorable reception in the Nevada Senate committee.

If approved, Senate Bill 443 would allow investors to join business entities and share the profits and losses from huge wagers at Nevada sports books and, in turn, could bring additional millions of dollars into the state’s horse racing and sports betting parlors.

What’s more, the bill would also open up sports betting to a wider audience and increase the amount of wagering in Nevada. Although the state already monopolizes sports wagers, the measure will help strengthen that position.

Under existing law, it is illegal for someone to place a bet for someone else and receive compensation for it. Only individuals and partnerships can place sports wagers in Nevada.

But once SB-443 is approved it would provide out-of-state residents a legitimate way to place bets. Companies could be created in order to connect out-of-state bettors with Nevada managers who would make the wagers for them. Then it would be up to the manager to decide which horse or team to bet on.

Which means finding the right manager to make the wager for you is very crucial. Otherwise, you’ll end up with losses.

The bill is receiving generous support from Nevada citizens. A gambling attorney from the state, Bruce Leslie, even called SB443 “an evolutionary step” in expanding sports wagering in Nevada.

The committee hasn’t taken an action yet and the fate of the bill is yet to be decided.

What do you think? Is Senate Bill 443 a good measure for Nevada or not?

Photo by Jeff Kubina

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