Legalized Sports Bets Now Available

In what many are referring to as shocking news, the governor of Nevada only just recently signed Senate Bill 443 into law. So what? What’s the big deal with a new law in the state of Nevada?

How about this for a gamechanger? This new Nevada law for the first time ever in the history of online sports betting in the United States which allows cross border online sports betting. Well, sort of. Here’s what the law really means in it’s present form. In so many words, Senate Bill 443 legalizes what it refers to as sports betting funds. These so-called sports betting funds are in many ways structured much like conventional mutual funds are set up. However, what is more notable than anything else with Senate Bill 443 is that it for the first time ever allows these sports betting funds to accept money from participants who are not actually in the state of Nevada.

Did you read that last line? As you already know, online wagering in the United States is a very gray area. Of the few states that have set up online gambling operations such as New Jersey, as of now all of that activity is limited to state residents. As you can plainly see from Senate Bill 443, Nevada is in one sense pushing the envelope by allowing participants from outside the state of Nevada to engage in online sports betting.

That being said, one caveat regarding Senate Bill 443 that might actually allow this Nevada online sports betting plan to work is that it does not allow these out of state participants to actually pick the individual sports bet. Instead, these out of state participant have pretty much the same level of decision making authority as a mutual fund shareholder. If you stop a minute and think about it, this is a pretty clever strategy to work around current state and federal prohibitions on interstate online gambling. After all, since these sports betting participants aren’t really making the individual sports bets, technically there is no real violation of any existing online gambling laws.

If nothing else, you can see that Senate Bill 443 is a clever work around existing state and federal online sports betting laws. More to the point however is whether or not this new Nevada law has a longer term effect of loosening up restrictions on online gambling. Stay tuned as this situation continues to unfold.

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