In a previous post, we detailed the recent developments involving Nevada’s law authorizing interstate poker compacts with partnering states. In another unprecedented first, it appears that Nevada may allow fantasy sports players to pool their resources and bet collectively.
Details of Nevada Senate Bill 346
Last week, Nevada Senate Bill 346 was introduced to the State legislature. Slated to take effect on January 1, 2015, the bill would allow players to aggregate their funds and place wagers as a collective unit, so long as the sports pool is licensed with the State and the wager is placed through the appropriate wagering system. While fantasy sports betting has been addressed in various jurisdictions, Senate Bill 346 is the first instance of players being permitted to pool their funds and place bets as a collective unit. If the bill should pass, the Nevada Gaming Commission will be tasked with drafting encompassing regulations to implement the bill, and it is possible that every person and business entity entering fantasy sports pools would need to be reported to regulators. According to the bill, any wagering system using a telephone, computer or another method of wagering approved by the Nevada Gaming Commission must be conducted within the State.
Perhaps most importantly, the bill does not put a cap on the monetary wager that a fantasy sports pool contestant can place. It simply states that a “licensed sports pool with an account wagering system approved by the Commission may accept a wager of more than $1,000 . . . .” This effectively opens the door for investors to back sports pools wagers and allow a fantasy sports expert to make the strategic decisions and place the bet(s).
Advantages of Fantasy Sports Pool Wagering
If the bill is passed into law, Nevada gaming industry experts estimate that the amount of money wagered on Internet fantasy sports could triple over the next five years.
While the bill has only been recently introduced to the State legislature and is still being heard by a Senate Committee, we will be sure to keep a close eye on the bill’s progress. The development of Nevada’s online fantasy sports pool bill is a significant topic for all gaming attorneys and those interested in Internet-based fantasy sports and gambling in general.
If you are interested in learning more about this topic or pursuing a venture in this area, please e-mail us at info@kleinmoynihan.com, or call us at (212) 246-0900.
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