Nevada Governor signs new bills to boost sports betting industry

Nevada Governor Brian Sandoval has signed two new bills that could help boost the US state’s sports betting industry.

According to the Las Vegas Review-Journal newspaper, the state’s sports betting industry already attracts approximately $3.9 billion (€3.5 billion) in wagers each year.

However, the two new bills, which were this week signed into law by Sandoval, could potentially increase this figure.

Senate Bill 443 will authorise the formulation of business entities to place race and sports pool wagers, with investors allowed to join business entities and share profits and losses from large wagers at Nevada sports books.

In addition, Senate Bill 445 will enable Nevada books to set the betting lines and manage facilities in other jurisdictions.

Several market analysts suggest the two new bills could help triple the amount wagered at sports books in the state during the next five years.

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.

Sports book operator CG Technology, which lobbied lawmakers and worked with regulators on the language for both bills, said the new law will allow Nevada bookmakers to move into other states should sport betting become more widely regulated in the US.

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