With sports betting growing in both popularity and social acceptance, many feel the time is now for Nevada to allow for the acceptance of wagers on the Olympic Games. Gamblers who hoped to get in on Olympics action were let down when sports books informed them betting on them was prohibited.
The South Point is looking to change that. This Thursday, the state Gaming Control Board will hold a workshop on the matter. The South Point hopes to sway them to allow for wagering on sporting events sanctioned by the International Olympic Committee, in addition to loosening some regulatory language making wagering on other events acceptable as well.
Nevada gaming regulations prohibit wagers on any non-collegiate amateur sport or athletic event. The South Point wants the language altered to specifically permit Olympics betting. One claim points to sports such as basketball. They argue many players on Olympic teams are professional, which should classify the Olympics as a professional sporting event regardless.
A second amendment will be proposed covering conditions, which must be met in order for a sports book to take wagers on anything other than a horse race, greyhound race, or “athletic sports event.” As it stands, a sports book can only take action the event’s outcome “would not be affected by any wager placed.” The South Point is asking for the state to require that any wager would “unlikely” affect the event’s outcome. Such an alteration would allow the books to take bets on events such as the Grammy Awards, or the Heisman Trophy.
The South Point has gone to great lengths with this battle, including an October petition which contained a comprehensive list of reasons why betting on the Olympics should be allowed. One such reason is that other countries, including Great Britain, currently take wagers on the Olympics. The petition stated, “this is a matter of keeping Nevada competitive with other jurisdictions in terms of wagers that can be accepted.”
Jimmy Vaccaro, long-time Las Vegas bookmaker, of the South Point, said, “it’s a different world out there,” and added, “anything that we add that draws any attention or brings anybody in is a huge plus.” Local sports book operators William Hill, CG Technology, and the Westgate have all filed letters of support with the board. Vaccaro doesn’t foresee any organized opposition to the petition. Olympics wagering won’t be a game changer, but can help bring up revenue in summer months, which are considered the slowest for sports books.
William Hill even took the matter further, and suggested their own regulator amendment in a second letter. The letter proposes race and sports books also be allowed to offer wagering on “virtual races and sporting events, such as horse races, greyhound races, car races, tennis matches or soccer matches.” The letter stated, “As you know, race and sports events are frequently separated by substantial periods of time. Virtual events can serve as compelling filler content during periods that are traditionally slow, as they do in the U.K.”
If the board approves the proposed changes, it will pass them on to the Gaming Commission for final consideration. The bill is expected to be approved in time for the 2016 Games in Rio de Janeiro.
