Due to regulation in Nevada, both amateur sporting events and events with judged outcomes fall under categories making them illegal to wager on. Sports book operators hope that changes, and it can’t happen soon enough. Olympics have traditionally featured amateur athletes in their competitions, but throughout the years, things have changed.
Sports such as basketball and hockey are pointed to by operators, claiming the Olympics now are more on a professional status than ever before. In the 2012 London Summer Olympics, some $80 million was wagered during the games, according to CG Technology General Counsel Quinton Singleton. Many local operators feel the potential revenue increase is a no-brainer, which would lead to increased taxation, and help Nevada compete with other jurisdictions.
Currently, the state also makes it illegal for sports book to accept wagers on events such as the Academy Awards and the Heisman Trophy winner, which are determined by judges, where the outcome is known before it is officially disclosed. One issue with wagering on the Olympics is similar, in regards to outcomes determined by judges, in events such as figure skating and synchronized swimming.
Barry Lieberman, an attorney who represents South Point casino owner Gaughan South LLC, along with Las Vegas-area sports book recently held a workshop with the Nevada Gaming Control Board pleading their case. Lieberman brought up Ultimate Fighting Championship and boxing matches that have judges who determine a winner. Board chairman A.G. Burnett was quick to point out the difference is that in those events, there sometimes is a definitive winner. “You can’t get a knockout in a gymnastics competition,” Burnett said.
The idea was initially proposed by South Point owner Michael Gaughan, and was shown support by many sports book operators, including CG Technology, William Hill U.S., and the Westgate Las Vegas, who all submitted letters of support to the board. They expect wagers to be accepted in time for the 2016 games in Rio de Janeiro.
