The chairman of the Nevada Gaming Control Board, AG Burnett, has raised several concerns over SB346, specifically money laundering, corruption and fraud, according to The Republic.
SB346, a bill that would legalize wagering by private equity groups or entities on behalf of investors, was approved unanimously by the senate in April.
"If there is a scandal or a fund manager closes the book and runs off to the Cayman Islands ... Nevada's reputation may be on the line," Burnett told members of the Assembly Judiciary Committee.
Current laws in the state permit only individuals to place bets and forbids messenger betting (paying someone to place a bet on your behalf). Burnett feels that should the bill pass, it would directly contradict these existing laws in the state.
SB346 is sponsored by Sen. Greg Brower, R-Reno. Brower's bill aims to grab a piece of the alleged $380 billion that is wagered illegally on sports annually.