Private Equity Group Sports Betting Bill SB346 Advances in Nevada Senate
A bill to allow private equity groups to place large bets at Nevada sportsbooks has advanced in the state Senate with the Judiciary Committee amending and approving Senate Bill 346 this past Friday.
Some have speculated that states such as New Jersey may attempt to block such a bill from passing as Nevada holds a monopoly over legalized sports wagering. The US Justice Department and professional sports leagues filed suit against New Jersey to prevent sports betting from being legalized in that state.
SB346’s supporters said the “entity” bettor measure would position Nevada to capture some of the estimated $380 billion bet illegally on sports each year in the United States, the Las Vegas Review-Journal reported.
“The state should embrace this idea,” Lipparelli said. “It will increase transparency, bolster competition and move at least one small element of the billion of dollars of illegal wagering out of the shadows. I have high confidence Nevada regulators will create a balanced framework that would address any concerns that could emerge.”
Nevada is also attempting to pass legislation that would permit wagering on outcomes of political elections including the United States Presidential races.
- Gilbert Horowitz, Gambling911.com
