Nevada Refuses to Let Private Equity Firms Bet on Sports
Nevada state Senate bill 346 which would have allowed “entity” betting on sports events failed to get a vote in the Assembly Judiciary Committee.
Senator Greg Brower, R-Reno, sponsored the bill which has already passed the Senate unanimously bar a single abstention. Brower now says that the bill will have to wait until the 2015 session before it can be re-presented.
The bill would have allowed private equity companies to make a business out of gambling on sports. The current investment environment with high risks and extremely low yields has stretched companies’ investment ranges to many alternative asset classes.
Quite how the bill would work in practice is difficult to see, since all “members, partners, shareholders, investors and customers of the equity group” would have to register with the Nevada Gaming Control Board.