To give out-of-state residents access to Nevada’s licensed bookmakers through sports betting investment funds, Nevada Gov. Brian Sandoval signed two bills into law on Tuesday.
According to the Las Vegas Review-Journal, the state’s sports betting industry already attracts approximately $3.9 billion in wagers each year; but of course, the two bills which have been recently signed into law by the Nevada governor, could potentially increase the said figures in the succeeding years.
Senate Bill 443 allows the formation of business entities to place race and sports pool wagers. The bill-turned-law enables investors to join business entities and share the profits and losses from wagers at Nevada gambling establishments.
In addition to that, the abovementioned law states that a business entity must be registered with the Nevada Secretary of State and maintain an account with a Nevada bank. However, members of the entity must be at least 21 years old and provide personal information.
Another latest law in Nevada, the Senate Bill 445, allows Nevada sportsbooks to set the betting lines and manage facilities in other legal jurisdictions. Moreover, it will enable Nevada operators to manage legal facilities anywhere in the world by setting the lines in Nevada, with line-setting and other back-of-house management functions remaining in the state.
According to the report, allowing groups to place sports bets at Nevada casinos could possibly triple the sports betting market in the Silver State for the next five years. Sounds great for Nevada residents, right?
This is really good news for sports betting companies and investors in Nevada. The two signed laws will most likely help the state to get more profits from large wagers at Nevada sports books. Aside from that, there’s also a possibility that the bookmakers in Nevada will go to other states should sports betting become more widely regulated in the US. No wonder, Governor Sandoval approved such laws. More money is now expected to come to Nevada!