<header style="box-sizing: border-box; margin-bottom: 20px; position: relative; overflow-y: hidden; font-family: Lato, sans-serif; font-size: 16px; line-height: 24px; background-image: initial; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: 0px 0px; background-repeat: initial;">Nevada May Legalize Online Sports Betting In All 50 States; Here’s How
The proposed legislation could draw the attention of casino giants such as Wynn Resorts. (Zuma Press)
The proposed legislation would radically change the U.S. gambling environment and could draw the attention of casino giants such as Las Vegas Sands (LVS), MGM Resorts International (MGM) and Wynn Resorts(WYNN).
They offer on-premise sports betting in their casinos and would likely participate in online gambling if it becomes widely legalized. So could smaller Las Vegas-based casino operators like Pinnacle Entertainment(PNK) and Boyd Gaming (BYD). The top casinos already offer apps for in-state online gambling in states that allow it.
So far, only four states have legalized sports betting for money, whether online or in casinos: Nevada, Oregon, Delaware and Montana. But it’s mainly confined to Nevada.
Quinton Singleton, vice president and deputy general counsel at gaming technology company CG Technology, in February submitted a proposal to the Nevada Gaming Commission to amend the state’s gambling regulations to allow betters in all 50 states to set up and fund mobile sports-betting apps. CG Technology’s products include Alphabet (GOOGL)-owned Google Android- and Apple (AAPL)-compatible smartphone apps.
It’s not clear when the gaming commission will take up the proposal.
The proposed rules would also simplify registering for online gambling,Legal Sports Report said, citing comments by Singleton. The report said the Nevada Gaming Commission could consider the proposal as early as this year.
The proposed amended rules would only allow certain types of sports betting and would require a difficult registration process. Potential betters would have to complete a one-time in-person verification step at a Nevada-based sports book or casino. And betting on single game sports events would still not be permitted outside the state of Nevada.
Las Vegas Sands, the world’s biggest casino company, has seen its earnings-per-share growth contract for five quarters in a row amid a nearly two-year-long recession in Macau. Sands and other top casino companies operate billion-dollar-plus casino resorts in the gambling hot spot on China’s southern coast. Sands shares, which have a weak IBD Composite Rating of 30 out of a best-possible 99, fell 1.2% to 44.96 in the stock market today.
Wynn fell 3.4%, MGM Resorts rose fractionally, Pinnacle slid 2.6% and Boyd Gaming was up 0.3%.
- JAMES DETAR
- 5/04/2016
The proposed legislation would radically change the U.S. gambling environment and could draw the attention of casino giants such as Las Vegas Sands (LVS), MGM Resorts International (MGM) and Wynn Resorts(WYNN).
They offer on-premise sports betting in their casinos and would likely participate in online gambling if it becomes widely legalized. So could smaller Las Vegas-based casino operators like Pinnacle Entertainment(PNK) and Boyd Gaming (BYD). The top casinos already offer apps for in-state online gambling in states that allow it.
So far, only four states have legalized sports betting for money, whether online or in casinos: Nevada, Oregon, Delaware and Montana. But it’s mainly confined to Nevada.
Quinton Singleton, vice president and deputy general counsel at gaming technology company CG Technology, in February submitted a proposal to the Nevada Gaming Commission to amend the state’s gambling regulations to allow betters in all 50 states to set up and fund mobile sports-betting apps. CG Technology’s products include Alphabet (GOOGL)-owned Google Android- and Apple (AAPL)-compatible smartphone apps.
It’s not clear when the gaming commission will take up the proposal.
The proposed rules would also simplify registering for online gambling,Legal Sports Report said, citing comments by Singleton. The report said the Nevada Gaming Commission could consider the proposal as early as this year.
The proposed amended rules would only allow certain types of sports betting and would require a difficult registration process. Potential betters would have to complete a one-time in-person verification step at a Nevada-based sports book or casino. And betting on single game sports events would still not be permitted outside the state of Nevada.
Las Vegas Sands, the world’s biggest casino company, has seen its earnings-per-share growth contract for five quarters in a row amid a nearly two-year-long recession in Macau. Sands and other top casino companies operate billion-dollar-plus casino resorts in the gambling hot spot on China’s southern coast. Sands shares, which have a weak IBD Composite Rating of 30 out of a best-possible 99, fell 1.2% to 44.96 in the stock market today.
Wynn fell 3.4%, MGM Resorts rose fractionally, Pinnacle slid 2.6% and Boyd Gaming was up 0.3%.