Nevada is a popular place for sporting events and entertainment because of its beautiful weather, welcoming atmosphere, and Las Vegas. But the legal side of things can be a bit murky when it comes to sports betting. While the majority of states have either fully legalized or decriminalized sports betting, Nevada is one of the few that still has restrictions. The following overview will discuss the specifics of online sports betting in Nevada in hopes of shedding some light on this grey area.
The Basics Of Nevada’s Legal Sports Betting
Nevada has two types of legal sports wagering: sports betting conducted via the internet and physical sportsbooks. The first type allows residents to place bets on sporting events via the internet. The second type of legal sports betting allows residents to place bets at physical bookmakers (usually in person) who are regulated by the Nevada Gaming Commission. Each of these types of legal sports books in Nevada must adhere to the following minimum requirements:
- They must be licensed by the Nevada Gaming Commission.
- They must be physically located in Nevada.
- They must be willing to accept wagers placed by Nevada residents.
- They must adhere to the appropriate federal, state, and local laws.
Are There Any Limitations On The Types Of Sports That Can Be Bet On?
It is generally accepted that residents of Nevada can wager on any sports event that is affiliated with a major professional sports league. The only sports that are currently restricted under Nevada law are equestrian sports – specifically, horse racing and jump racing. It should be mentioned that some types of wagering are more legally available in Nevada than others – for example, residents can place odds on the Kentucky Derby, but they cannot generally place bets on the Super Bowl.
How Is Wager Amounts Monetized In Nevada?
One of the major differences between illegal sports betting and legal sports betting in Nevada is how bets are handled. With illegal sports betting, bets are handled manually, and the house always takes a cut. With legal sports betting, bets are handled electronically, which allows for more transparency. For instance, when a bet is made on an on-line sportsbook, the number that bettors must wager is immediately deducted from their accounts. In this way, the integrity of the betting process is maintained because there is no way for the bookmaker to tamper with the data that is being fed to them. This also helps combat money laundering because all of a bettors’ financial transactions are available for viewing by law enforcement officials.
Can You Place Bets From Outside Of Nevada?
One of the unique things about sports betting in Nevada is that it is a truly borderless activity. This is because Nevada is a “destination” state, which means that anyone who resides there has the legal right to wager on nearly any sport they like, regardless of their location. It should also be mentioned that because Nevada is an “open for business” state, it is easy for companies and individuals to start up a sportsbook blog or website, which is where most of the online action happens today.
Is There Any Limit On The Number Of Bets That Can Be Made?
Yes, there is a limit on the number of bets that can be made at any one time in Nevada. This limit varies by jurisdiction and is typically set at three per person. As an example, in a Nevada casino, this would mean that three separate bets can be placed at one time, but no more. The bettor would then need to wait until his or her three bets have settled (about two minutes) before placing another one.
Are Bookmakers And Online Sportsbooks Limited To Offering Only Pre-Determined Bets?
Yes, this is another very differentiating factor between legal and illegal sports betting in Nevada. With illegal sports betting, bets are placed according to whatever the operator chooses at the time of the bet. With legal sports betting, bets must be pre-determined, which means that the bookmaker or online sportsbook must have a list of wagers that they will offer as soon as the betting period starts. This form of legal sports betting is known as “closed-book” betting because it is typically conducted with a book of bets that is closed before the playing of the game. In this way, the integrity of the game is maintained because the operator cannot switch bets at the last minute. It should be mentioned that the Nevada Gaming Commission strictly regulates this type of legal sports betting, requiring bookmakers to prominently display the limits of the bets that they offer.