Lawmakers in the state of Nevada have recently passed a bill that permits business entities to place wagers on sports as a single entity.
Irrespective of the size of the enterprise, it will be able to bet on sporting events as long as the business is based in Nevada even if the investors do not live in the state.
Senate Bill 443 was signed into law in the month of June and it permits people to earn money for their group by placing bets on sporting events using shared funds.
Nevada’s new law, pushed by sports book operator CG Technology, has checks in place to ensure that people who are not part of a business cannot just get together to place sports bets.
The business entities, which place these bets, will have to first offer personal information on all members who stand to make profits from the bet as well as documents of the business concerning formation and salaries.
The company is also expected to have a bank account in the state of Nevada.
According to Quinton Singleton, Company Vice President and Deputy General Counsel of CG Technology, this law presents the sports wagering industry with plenty of opportunities to grow.
The company, which runs eight different sports books in the state, expects the new law to increase interest in sports betting in Nevada although it is not able to assess its impact as of now.
Other key players in the industry welcomed the latest development although they are unable to say how much of a game changer it is because they are unsure as of now about what the law entails and what its rules and regulations are.
William Hill US CEO, Joe Asher prefers to do nothing about the law as of present, instead choosing to see in which direction it grows.
Westgate Las Vegas Superbook vice president of race and sports operations, Jay Kornegay is also slightly guarded about the new law. Further, he feels that sports books should not offer very high limits to these businesses.
As of now, Nevada is the only state in the US that has sports books with all features. A few other states do permit sports wagering, but there are a whole lot of restrictions on them.
There is a great deal of demand for legalised sports betting in the other parts of the US where it is currently banned.
The gambling industry is looking forward for sports betting to be legalised in the country, as it is in many parts of the world, but no one is willing to commit on when this might become a reality.
New Jersey has been taking steps towards legalising betting on sports in the state. As of now, the state has taken the issue to court.
Other states are keenly following the proceedings of this case because it will determine whether the controls on sports betting in the US can be loosened.
The illegal industry, which is worth $200 billion as of now, has become far too big for the government to ignore since it is clearly losing out on regulating and taxing it.