Nevada bills open state up to new horizons

Nevada bills open state up to new horizons

Thursday, June 4, 2015
New laws allow Nevada to reach beyond its state borders

Nevada’s sports betting industry has been boosted by two new innovative pieces of legislation passed by Governor Brian Sandoval.

The state’s gambling sector – which saw a 5.39 per cent year-on-year rise in total gaming win in April - can now attract further revenues from outside its borders thanks to Senate Bills 443 and 445.

Bill 443 legalises sports betting investment funds that are registered and managed in Nevada but which could include participants from outside the state. Bill 445 clarifies that the state's licensed bookmakers can operate sportsbooks in other legal jurisdictions.

The passing of both bills was welcomed by Quinton Singleton, vice-president and deputy general counsel for sportsbook operator CG Technology, who was one of the authors of the bills.

"Basically, what we've done is put Nevada on a path to again being one of the most competitive sports betting markets in the world," Singleton told ESPN Chalk.

"This type of entity wagering exists in other jurisdictions. So what we've done for Nevada is that we want to be the leader in sports wagering, and we want to be there to take advantage of it as it continues to expand in the US and internationally."

The first of the two bills states that a business entity must be registered with the Nevada Secretary of State and maintain an account with a Nevada bank, while members must be at least 21 years of age and provide the relevant identification materials.

The sports book operator will have the final decision on accepting wagers from groups, while the state’s Control Board will retain investigative and enforcement powers over the entities.

The second bill 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.

CG Technology President Lee Amatis added: "CG Technology is excited about the passing of Bills 443 and 445, and is appreciative of the foresight and leadership of the Nevada Legislature and Governor Sandoval, and the Nevada gaming regulators, as these bills proactively position Nevada as the leader for the sports wagering industry in the US.

"These bills pave the way for us to expand our business and service offerings, opportunities we expect to capitalise on shortly."
 

Latest

NetEnt’s ‘mobile-first’ mindset paying off

Mobile payments: Sportito partners with Boku

Mobile payments: Sportito partners with Boku

NetEnt’s ‘mobile-first’ mindset paying off

Scientific Games acquires mobile gaming developer Red7

Perfectly timed Danish expansion for LeoVegas

Gaming Products & Services Directory

The essential directory for the gaming industry