Nevada lawmakers last year last year crafted new regulations to enable the creation of sports betting funds in which people outside of Nevada may invest.
Nevada sportsbooks last year generated more than $4.2 billion in revenues and took a $231.8 million win from that total.
This year, the state’s sportsbook anticipate topping $5 billion, and firms like CG Technology helped to develop regulations for entity wagering.
Much like individual bettors, CG Technology creates accounts for the betting entities, which then deposit money into those accounts and wager on sporting events to grow the funds on deposit.
Nevada law requires investors to be at least 21 years of age before they can deposit money with the sports betting hedge funds.
The investors also have no say over how wagers are laid and cannot direct betting activities.
Because the wagers are not laid over telephone lines from one state to another, the U.S. Wire Act does not ban it.
Such innovative approaches are among those Las Vegas officials and casinos are to employ to appeal more to Millennial generation visitors.
Studies show Millennials prefer interactive and immersive wagering experiences, such as daily fantasy sports and sports betting.
Sports betting allows them to hang out with friends and watch exciting football and other contests with their friends, and the new hedge funds get them directly involved.
Daily fantasy sports also is popular among Millennials, and Nevada gaming regulators in June granted a license to US Fantasy of Henderson.
Nevada officials said US Fantasy has a very transparent system and is confident it can keep game rigging at a minimum.
Nevada casinos also are looking to make Las Vegas a global destination for eSporting events, which are highly popular among millennials and generally foreign to others.
Las Vegas has many popular clubs that Millennials typically enjoy visiting, and the Nevada Gaming Commission now requires casinos to appoint an employee to oversee and monitor all dayclub and nightclub activities.
The Nevada Gaming Control Board indicates about 60 percent of all revenues generated at Las Vegas casinos and resorts last year came from non-gaming endeavors, and dayclubs and nightclubs help to move the local economy away from strictly gaming-based.
Such moves are designed to make Las Vegas a more attractive place for younger visitors and help to ensure it remains a top vacation destination for many more decades.
