Sports betting equity bill advanced in the Nevada Senate

Wagering by private equity groups or entities on behalf of investors took a step toward legalization on Friday, according to the Associated Press.

A Nevada Senate Judiciary Committee amended and approved a bill which gives authorization to the Nevada Gaming Commission to adopt rules to regulate "entity" bettors.

The bill, known as SB346 and sponsored by Sen. Greg Brower, will now move to the full Senate.

The amendments made by the Senate address the possibility of money laundering, underage wagering, and "messenger" betting, which refers to someone getting paid to place a bet for somebody else.

If ultimately approved, the bill will allow the state to acquire a portion of the estimated $380 billion that is illegally wagered on sports each year. The bill could potentially triple the $3.5 billion in betting action that Nevada books currently see in annual sports betting.

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