The Nevada Assembly Judiciary Committee heard SB443 on Monday. The bill would allow business entities to place wagers on sporting events at Nevada sports books.
Current Nevada law only allows individuals to place wagers at sports books.
Under SB443, partnerships may be created among active participants. SB443 would allow groups to create corporations. These companies could accept deposits from Nevada bank accounts and invest those funds by making wagers at sports books.
How it would work
SB443 would establish sports betting hedge funds. Priomha Capital Pty Ltd is an example of one of these funds that currently operates in Australia but is relocating to Europe. The bill would also permit organized staking arrangements between investors and established sports bettors.
- Depositors would have no say as to how the money was wagered.
- The sports betting entity would disclose the wagers made to the bettor so that the investment may be tracked and compared with the results of games.
- Betting entities would be required to disclose all investors to Nevada gaming regulators. Investors would be required to supply their name, address, valid ID, and Social Security Number to participate. Failure to provide the required information of investors would be considered a class B felony.
- The initial fee for setting up a sports betting entity would be $1,000 under SB443. Annual renewals would cost $500.
Sports books would not be obligated to accept action from business entities. Each operation could set its own policy.
No disapproval presented to committee
Two witnesses submitted testimony in favor of SB443. Bruce Leslie, a Nevada gaming attorney, started the hearing. He spoke as an interested citizen. Quinton Singleton, Vice President and Deputy General Counsel for CG Technology, also spoke at Monday’s hearing in support of SB443.
A.G. Burnett, Chairman of the Nevada Gaming Control Board, stated that the state’s gaming regulatory body took a neutral position on the bill. Nobody spoke in opposition to SB443 or filed written testimony against the bill.
SB443 passed the Nevada senate by a vote of 11-10. The Assembly Judiciary Committee took no action on SB443 or any of the other bills that were heard on Monday. It remains in committee.
