Las Vegas is one of the most popular destinations for vacationing and day-tripping, attracting people from all over the world. But who sets the odds on the city’s most popular games?
The answer, surprisingly, is not the casinos themselves. It’s the state of Nevada (and, to a lesser extent, the city of Las Vegas).
The state of Nevada regulates sports betting in the US, and it only allows the casinos to set the odds for their own games. Bookmakers can set the odds for all other games, but they must follow the rules set by the state.
That means that, aside from the mega-jackpots on which the casinos depend for their annual revenues, the largest prizes in most US casinos are actually set by the state, and not the casinos themselves. In other words, without the state regulating sports betting, the largest casinos would be losing money (and, therefore, would have to reduce the odds on other games, or close down).
The Reason For State Regulation
The main reason for this state regulation is to prevent problem gambling. The staff at the Nevada Gaming Control Board (NGB) estimates that around half of all vacationing Norwegians (and, to a lesser extent, French and Germans, too) visit Las Vegas each year, mainly to bet on sporting events. These people are highly likely to become problem gamblers if they aren’t careful, and the NGB doesn’t want to see that happen. Most of the European tourists that visit Nevada are relatively new to betting. They don’t know how things work in the “real world” and, therefore, are much more likely to suffer from problem gambling.
To prevent that, the NGB sets the odds on all sports betting in the state, in order to make sure that gamblers aren’t tempted into betting beyond their limits, since the prizes at the gambling establishments are relatively small. In return, the NGB gets to keep an eye on the overall health of the gambling industry in the state. They can monitor the number of problem gamblers and take action if necessary.
The other reason for the state regulation is to avoid situations where bookmakers would try to take advantage of the fact that they’re not allowed to set the odds as they please. In such situations, the NGB sets the odds in order to even the playing field and ensure that all players have an equal chance of winning. Therefore, when a bookmaker sets the odds on a game, it is usually within the range of 1.5 to 2.0 in favor of the favorite.
The Different Types Of Sports Betting In Nevada
Nevada sports betting is regulated by the NGB and is overseen by the state gaming commission. There are four overall categories of sports betting offered in Nevada:
- Professional Sports
- College Sports
- Other National Collegiate Sports
- Oddities, Mismatches And Special Events
Depending on the type of event being covered by the match, the bookmaker will set different odds. For instance, there is no specific odds for the NCAA Football Championship game because it’s a yearly event that all sports books prepare for and predict. On the other hand, the NBA has specific odds for every game since it is a more frequent occurrence than the NFL (basketball).
How To Set The Odds In Las Vegas
If you’re planning on gambling in Las Vegas, there are a few things you need to do in order to set the odds correctly. First, you need to find a place that sets the odds in your favor. This may seem easy enough, but there are a lot of different places that set betting odds in Las Vegas, and most of them don’t want to hear from casual gamblers who are just looking for a place to put a quick bet (and don’t have the time to mess with all the rules and regulations).
This is where looking for a bookie that has a good reputation and is well known in the city comes in handy. A good bookie will have sportsbooks available in different locations, with multiple lines of communication with customers, and all the necessary licenses and registrations in order to operate legally (more on this later).
Second, you need to determine how much you’re willing to wager. This varies from person to person, but the general guideline is that you should never bet more than you can afford to lose. It’s highly likely that you will lose money, even if the favorite wins, but you should still try to win enough to cover your original stake. This is where budgeting and saving comes in handy (but not so much if you’re looking for extreme entertainment values).
The third thing you need to do is look into the rules and regulations that pertain to your chosen sport. Most states have some sort of betting regulations that apply, not just to sports betting, but to all types of wagering activity, including casinos and horse tracks. This is where knowing the specific and sometimes obscure rules that pertain to your sport comes in handy (for example, greyhounds aren’t allowed to win the Kentucky Derby, but they are allowed to run in it).
The last thing you need to do is register with the appropriate agencies in case there are any problems after you place your bet. Most bookmakers will have you sign up for an account with a central governing body, such as the NGB or the Sports Commission. In addition, you should check with the Better Business Bureau to ensure that you’re not being scammed by any shady characters (more on this later, as well).
If you follow these general guidelines, you’re sure to have a fun and exciting time gambling in Las Vegas. Just make sure to keep all your winnings and treat every loss as a learning experience (this last part is key, especially in light of the fact that most states have prohibited problem gambling).
Is It Legal To Gamble In Nevada?
It is legal to gamble in Nevada, but it’s not legal for any one person or organization to set the odds in their favor. The main reason for this is that the NGB doesn’t want to promote betting in any way, and they don’t want to create an atmosphere where people might think it’s okay to place bets with impunity. This, of course, would lead to a lot of problems, as most people aren’t aware of the many negative consequences that can arise from gambling (not to mention the fact that it would create an unfair advantage for the bookmaker).
The NGB does, however, allow individuals and organizations to place “reasonable” bets on games, as long as they are aware of the potential consequences. It also allows them to participate in various types of pools, where they can earn money on gambling activities, but the NGB still doesn’t want to promote it (or any other type of betting for that matter).
How Is Nevada’s Gambling Industry Regulated?
The industry in Nevada is regulated by the NGB and the state gaming commission. The state regulates both the licensing and the minimum age requirements for employees, as well as the overall financial health of the industry. The commission also monitors the industry, looking for any signs of wrongdoing, and enforces the regulations set by the NGB.
As mentioned above, the NGB doesn’t want to promote betting or gaming in any way, so it doesn’t do so directly. Instead, it mandates that all casinos and gaming establishments register with the state and put in place measures to prevent problem gambling. Problem gambling in any form is also illegal in Nevada. The commission also periodically audits the industry to make sure that all casinos are meeting the requirements of the law.
Does Nevada Have Any Restrictions On Where You Can Go To Bet?
There are no restrictions on where you can go to bet in general, but the NGB does have restrictions on where you can go to have specific odds set for you. This is mainly due to the fact that they don’t want to overwhelm local businesses that are trying to hold on to their market share (they also try to limit the number of problems that arise from excessive gambling).