Nevada Sports-books Bet On TheOlympics

nevada_olympic_bettingIt is not general practice for betting to take place on non-professional sports, and the National Olympics Committee takes this rather seriously. However, this does not stop punters from taking a wager or a prop bet when the Olympics takes place. Now gaming regulators in Nevada are thinking of allowing sports-betting fans to place bets on these games which take place every four years.

The Nevada State Gaming Control Board is the controlling body that is considering this change in regulation. The only dilemma is whether regulation would change to include both winter and summer events, or simply a handful of popular events. The initial proposal came from Michael Gaughan who is the owner of the South Point Hotel, Casino and Spa, and has already been work-shopped.

Letters of support have been received from William Hill, a UK based company where punters can bet on just about anything. Also CG Technology, the Westgate Las Vegas Resort and Casino are in support of the idea. They believe it would increase the “menu” of events and enhance the stature of sports betting in Nevada. During November last year, Nevada took $535 million in wagers which includes a combined spend of $400.7 million on professional and college football. These were both all-time single-best-month records for the State.

Analysts believe that fast-paced changes in technology are responsible for remote and other gambling trends. Especially the mobile phone and tablet! Mobile has become the favored way to place bets, where players can bet on games in progress while even watching the games.

By allowing punters to bet on the Olympics this would place Nevada on par with other legal gambling jurisdictions, such as the UK, which has a highly mature marketplace. During the 2012 Summer Olympics in London, all the betting shops in the UK were taking wagers on these games. During this short period of time it was estimated that $80 million in sports bets changed hands.

Currently very few sports books are allowed to offer proposition bets, except for the traditional wagers that take place during the Superbowl. It is believed that taking wagers for the Olympics would allow for prop bets to take place on non-sporting events. Currently US players are not allowed to wager on, for example, who the winner of Idols will be. These wagers are allowed in the UK.