Sports books in Nevada can accept wagers on Olympic events, state gaming regulators decided today.
The Nevada Gaming Commission approved a request from the South Point to alter regulatory language that prohibits wagers on amateur sports, which previously included the Olympics. The updated rules, expressly backed by several major sports book operators, state that wagering is permitted on sporting events sanctioned by the International Olympic Committee.
“I think we’re going to do something very remarkable and add a new dimension to sports betting,” said commission Chairman Tony Alamo at the outset of today’s hearing. He said it will probably bring in a small amount of revenue, but nonetheless called it a “big deal” that “globalizes the legitimacy of what we do.”
Under the regulation change, Gaming Control Board Chairman A.G. Burnett retains control over what events are acceptable for wagering.
The commission also agreed to change language that outlines how regulators can approve wagers on events other than an athletic sports event, a horse race or a greyhound race. Previously, the regulation stated that bets can only be placed on events where the outcome would not be affected by wagering. Now, the event’s outcome must be “unlikely” to be affected by wagers.
In the South Point’s October petition to regulators, the casino justifies its argument for Olympic bets by noting that in other parts of the world, including Great Britain, such bets are already legal. It makes a similar case for wagering on additional events like the Academy Awards and the Heisman Trophy.
Sports book operators William Hill, CG Technology and the Westgate all filed letters in support of the South Point’s petition.
William Hill, which has more than 100 sports books in Nevada and a mobile app, opened wagering just after the commission vote and said in a statement that it was the first to do so. Its odds favor Jamaican sprinter Usain Bolt and the U.S. men’s basketball team to win gold medals.