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Nevada group Betting Proposal Issues

Saturday May 11,2013 :  PROBLEMS AHEAD FOR NEVADA'S 'GROUP BETTING' PROPOSAL (Update)
 
Nevada Gaming Control Board chief has some reservations.
 
Nevada bill SB346, which proposes allowing private equity companies to place large 'group' or 'equity' bets on sports events through Nevada bookiesmay have sailed through the state Senate, but it could face a more difficult passage through the House.
 
Nevada Gaming Control Board chief AG Burnett gave his rather negative opinion to the state House of Assembly Judiciary Committee Friday, commenting that the bill presents serious regulatory concerns over how the state would police activities to protect the reputation of Nevada's core multi-billion gambling industry and guard against money laundering, corruption and fraud.
 
"If there is a scandal or a fund manager closes the book and runs off to the Cayman Islands ... Nevada's reputation may be on the line," Burnett warned committee members, reminding them that in terms of current Nevada law only individuals can place bets.
 
And as the Associated Press news agency pointed out in its report on the hearing: "It's also illegal to pay someone else to place a bet for you - something called "messenger betting."
 
But back to Burnett, who said the bill would essentially "gut" that law.
 
Sen. Greg Brower, a Republican from Reno who sponsors the bill, claims that it will enable Nevada to capture some of the estimated $380 billion bet illegally on sports each year in the U.S.
 
However, Burnett said the concept of entity wagering appears to be an attempt to allow hedge funds and other big investment firms to gamble on behalf of investors at Nevada sports books.
 
"How that complies with federal law, the Gaming Control Board is not sure," he told the committee.
 
Burnett has concerns regarding enforcement, too, pointing out that if all participants and every aspect of private equity wagering were based in Nevada, the regulatory task would be manageable.
 
But what happens when out-of-state equity bettors start making wagers through Nevada bookies, he asked? That would bring unique regulatory and legal challenges, one being whether out-of-state investors who transfer money electronically would run afoul of federal or other state laws.
 
Another possibility could be major investment companies creating separate entities to manage and place sports bets...and who would be subject to regulatory scrutiny to determine suitability to operate in Nevada?
 
Calling the bill a gamble in itself, Burnett emphasised that the NGCB does not have a problem with new ideas that can enhance the state's gambling industry...but he stressed that the approach has to be careful, legal and cautious to avoid embarrassing the state.
 
Referring to the bill, Burnett opined: "It's a wager that these entities will come here, will not run into trouble with the federal government ... that they will not engage in any corruption...and that they will bet lots and lots and lots of money."
 
The NGCB chief recommended that the US Congress pass a law, or an opinion be obtained from the federal government Department of Justice, approving the concept that money wired to Nevada sports betting firms for purposes of wagering is a legal activity...and that this should be done before going any further.
 
Burnett's organisation also moved to prepare for the possible passage of the bill, attaching to it a fiscal note estimating that the bill's enforcement would entail an additional budget cost of $745,000 over the next two years.
 
The note also contained a proposed amendment seeking authority to charge 'equity betting' firms for initial investigative costs.
 
The committee adjourned its hearing Friday with no action on the bill.



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14 Left in MPNPT Tallinn Main Event - All 14 players who have made it to the end of Day 2 in the MPN Poker Tour Tallinn Main Event can now consider themselves to have officially run deep.

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Michael Myers is back in Halloween Slot Machine - Get ready for a blood-curdling adventure with Microgaming’s latest offering – Halloween Follow Annie, Lynda, Doctor Loomis, and our heroine Laurie as they try to survive the ultimate horror movie villain, Michael Myers.

Joe Fortune new Rewards Program - Once you sign up, you’re automatically enrolled in the rewards program – and that’s when the epic journey begins. You’ll start earning Adventure Miles immediately, and can embark on the quest of a lifetime: To get paid to play, which stays true to the rewards program’s slogan, ‘Play More Get More’.

Day 1a MPN Poker Tour Tallinn Main Event - Day 1a brought 106 entries into the €550 Main Event, with nearly as many players turning out for the last €35 super satellite into tomorrow’s Day 1b

NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday - Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.

Pro League Reveals Sportradar Contract Details - The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.

NFL Odds: Steelers Visit Undefeated Chiefs #TNF - The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.

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