In recent years, gamblers expecting to place wagers on the Olympic Games at Nevada sports books were in for a letdown: Per state law, they were prohibited from doing so.
The South Point is trying to change that.
Next Thursday, the state Gaming Control Board will hold a workshop in Las Vegas to consider a regulation change proposed by the South Point that would allow for wagering on sporting events sanctioned by the International Olympic Committee.
South Point executives also are asking the board to loosen some regulatory language that would make it easier for sports books to accept wagers on other types of events, too.
Nevada gaming regulations ban wagering on any noncollegiate amateur sport or athletic event. The South Point wants to alter that language to expressly permit Olympics betting.
The second proposed amendment deals with regulations that spell out conditions that must be met in order for a sports book to accept wagers on something other than a horse race, greyhound race or “athletic sports event.”
Under that regulation, a sports book needs to demonstrate that the event’s outcome “would not be affected by any wager placed.” The South Point wants the state to instead require that wagering would be “unlikely” to affect the event’s outcome.
Altering that language would allow sports books to accept wagers on events like the Heisman Trophy or the Academy Awards.
The South Point’s October petition to the gaming board spells out the casino’s reasoning for the requested regulatory amendments. It notes that other countries, including Great Britain, already accept wagers on the Olympics. Similarly, with regard to wagering on additional events, the petition says that “this is a matter of keeping Nevada competitive with other jurisdictions in terms of wagers that can be accepted.”
Plus, the Summer Olympics could be a business boost for sports books during a typically slower time of the year. The World Cup did just that last summer.
“It’s a different world out there,” said South Point bookmaker Jimmy Vaccaro. “Anything that we add that draws any attention or brings anybody in is a huge plus … They won’t be knocking down the doors to make bets on this, but it’s just one more thing that we think we should be able to do.”
Other local sports book operators are standing behind the South Point’s petition: William Hill, CG Technology and the Westgate have all filed letters of support with the board. Vaccaro said he doesn’t anticipate any organized opposition.
Quinton Singleton, vice president and deputy general counsel at CG Technology, said in an interview that the Olympics have grown more related to professional domestic sports, pointing to NBA players’ participation in the games as an example.
“I think the face of the Olympics has changed a little, where before it was considered an amateur event and now it’s not,” he said.
William Hill went one step further and suggested its own regulatory amendment. The sports book operator’s second letter of support, filed on Wednesday, proposes that race books and sports pools also be allowed to offer wagering on “virtual races and sporting events, such as horse races, greyhound races, car races, tennis matches or soccer matches.”
“Since licensed race books and sports pools already accept wagers on races, these events are virtual facsimiles of the events typically wagered on in a race book or sports pool,” the William Hill letter states. “As you know, race and sports events are frequently separated by substantial periods of time. Virtual events can serve as compelling filler content during periods that are traditionally slow, as they do in the U.K.”
The Gaming Control Board already has a relationship with the Olympic committee. Board Chairman A.G. Burnett said he and board member Shawn Reid signed an agreement to share information with the committee.
That allows the two groups to easily alert the other if they discover evidence of illegal betting activities. So, for example, if a sports book starts to see suspicious line movements related to the Olympics, they’ll bring it to the attention of the board, which will in turn alert the Olympic committee.
“I think there’s always been a sense of caution when it came to amateur athletic events, and you can kind of glean that from reading the regulation as it sits today,” Burnett said. “However, what has gotten us comfortable over the last couple years is our ongoing dialogue with the (Olympic committee).”
If the board approves the regulation changes next week, it will send them to the Gaming Commission for ultimate consideration.