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Nevada Gambling Bill Would Allow Investment Groups To Place Sports Bets For Individuals

Silver State Looking At New Gambling Expansion Plans This Year

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Some in the Silver State are looking to allow investment firms to place sports bets for individuals, according to a bill currently up for consideration in the state legislature. It had a hearing Monday, but there was no action on the proposal.

Here’s a look at the exact language:

“Patron” means:

1. A natural person; or

2. An entity which is validly formed and existing under the laws of this State for the limited purpose of placing wagers through an account wagering system, provided that all members, partners, shareholders, investors and customers of the entity are reported to the Board.

On or after January 1, 2015, a licensed sports pool with an account wagering system approved by the Commission may accept a wager of more than $1,000 only if the wager is made through the account wagering system.

Senate Bill No. 346 was introduced last month. Nevada could also authorize betting on federal elections, in addition to soon kicking off its intrastate online gambling industry.

The Silver State is home to the nation’s top casino market, but legislators and regulators constantly try to think of ways to maintain its edge over other states that are also beefing up their respective gambling industries. It’s a perpetual competition.