Equity firm sports betting bill squashed in Nevada
A bill that would allow wagering by private equity groups or entities on behalf of investors was scrapped by Nevada lawmakers Friday, according to a report in Bloomberg Businessweek.
The bill, known as SB346 and sponsored by Sen. Greg Brower, failed to make it out of committees and hit a serious bump in the road when the chairman of the Nevada Gaming Control Board raised concerns over how hedge funds and other private equity groups would be regulated.
The bill would have opened the floodgates on the issues of money laundering, underage wagering, and "messenger" betting, which refers to someone getting paid to place a bet for somebody else.
Nevada lawmakers also squashed SB418, which would have allowed wagering on elections for president, U.S. Senate and the House of Representatives.
If passed, SB346 could have potentially tripled the $3.5 billion in betting action that Nevada books currently see in annual sports betting.