Ground breaking Nevada bill would allow group sports betting
A new bill received its first hearing in the Nevada Senate on Monday that would allow private investment companies to make sports bets on behalf of investors, according to the Associated Press.
This would allow the state to potentially reap millions of dollars in untapped revenue.
"The idea, frankly, is just to allow a group of bettors to bet as an entity," said Sen. Greg Brower, R-Reno, who supports the bill
Brower also said that he didn't believe that allowing large bets from an entity would swing odds or point spreads in either direction any more than what occurs now when a team is heavily favored.
Only single persons can make bets at Nevada sports books under the current law, though betting syndicates do operate and get around the regulations by using "beards" or money runners to place bets for them.
The new bill would allow for groups to be formed in order to pool money and try to beat the books as an "entity". The groups could act as a type of hedge fund and wager large amounts. In turn, they could seek out investors to put up money and "leave it up to the expert to make the bet" Brower said in the article.
If the bill is signed, the Nevada Gaming Control Board would monitor and regulate the wagering activity. Everyone who participates in a betting entity would have to be reported to regulators and the groups would have to be based within the state of Nevada.
Legislators and gambling regulators did raise concerns about how the state would track this type of betting. But former member of the Nevada Gaming Control Board, Randy Sayre told the AP that technology will allow regulators to monitor the organizations.
Nearly $3.5 billion was wagered on sports in Nevada last season and a representative from Cantor Gaming told the committee that number could rise to a staggering $10 billion within five years if this bill passes.