The Nevada Gaming Commission has made a ruling regarding betting on non-sports events in Nevada effective this month. Until now the Nevada Gaming Commission has not allowed wagering on events, such as the Academy Awards and presidential elections.
With this new adjustment to Regulation 22, Nevada sportsbooks will be allowed to ask permission to post odds and take bets on specific non sporting events. Johnny Avello, sportsbook director for the Wynn has posted odds on the Academy Awards for years, but has never booked the bets because it was not legal in the state of the Nevada.
With revenue flowing off shore to the sportsbooks out of the country, it made perfect sense to change the gaming regulation and bring some of that money to Nevada casinos. The new regulation may not be a perfect solution.
The problem with the new gaming regulation may lie in the implementation and approval process. The new regulation has some requirements that may be difficult to verify. The commissions main concern is to make sure all events posted are legitimate and there is no possibility of impropriety.
In the regulation, it states the rules under which approval will be granted for each event on a case-by-case basis. "The event could be effectively supervised, would be verifiable, the outcome would be generated by a reliable and independent process and that the outcome would not be affected by any wager placed."
The original intent of changing the regulation was brought about by a request adjust horse racing betting regulations. Next, others approached to places odds and accept bets on the World Series of Poker. Soon Regulation 22 morphed into an all inclusive regulation that led down the path of booking non sporting events.
Jay Korneguy sportbook director for the Las Vegas Hilton Superbook told the Las Vegas Sun, "I think it could be a great opportunity for us. By accepting nontraditional wagers, we could compete with some of the offshore books that offer these things."
Jimmy Vaccarro Of Lucky Sportsbooks appeared on ESPN 1100 last week and made an observation regarding the new ruling. "This will mean we will now be able to ask for permission and take wagers on elections. I predict the Presidential election could soon be as big as the Super Bowl or March Madness in Las Vegas someday."
A bold prediction at the moment but who knows how far this new ruling can take the Nevada sportsbook industry. There is a law on the books at the moment that would have to be repealed regarding betting on elections and some book makers are hesitant to take that next bold step.
Ironically this may not include betting on the Summer & Winter Olympics. On March 1 the International Olympic Committee is calling together a symposium to deal with the issue of illegal betting. Ironically the IOC shuns the possibility of legal betting in Las Vegas on the Olympics but the transparency of the Nevada sportsbooks would show any discrepancies immediately.
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