Gaming Board begins path to accept wagers outside Nevada
The state Gaming Control Board is on the verge of allowing bettors from out of state to place sports wagers in Nevada sportsbooks — if the federal government and other state governments will permit it.
The board on Tuesday launched efforts to upgrade regulations of Nevada’s sports wagering industry in the wake of new competition from at least five other states. New Mexico on Tuesday became the sixth state to offer legal sports betting at a tribal casino near Albuquerque, joining New Jersey, Delaware, Mississippi, West Virginia, and Nevada.
Ten gaming industry representatives provided testimony on proposed amendments to four regulations, including Regulation 22, which guides the operation of race books and sports pools.
Among the changes under consideration are:
Altering an existing regulation that prohibits race and sportsbooks from taking wagers from out of state. A proposed amendment would add, “unless such wagers are legal in the jurisdiction from which they originate and federal law allows such wagers … ”
GAMING
aged by some good news on the economy. The Federal Reserve said output by U.S. factories, mines and utilities climbed in September despite the effects of Hurricane Florence, and the Labor Department said U.S. employers posted the most jobs in two decades in August while hiring continued to increase.
Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute, said stocks jumped because the industrial production report suggests that inflation isn’t speeding up and that investors took that as a sign the Fed won’t accelerate the pace of its interest rate increases.
“Anything that helps the market think that the Fed won’t make a mistake is good,” Wren said.
Netflix soared 12 percent to $387 in aftermarket trading after reporting surprisingly strong subscriber growth during the summer. That was a welcome change from the big losses it took after its second-quarter report, when it posted disappointing subscriber totals and gave a weak forecast. Netflix is up 80.5 percent this year, the fourthbest of any S&P 500 stock.
Unitedhealth, the largest U.S. health insurer and provider of privatelyrun Medicare Advantage plans, once again topped Wall Street forecasts and raised its projections for the year. The stock climbed
4.7 percent to $272.57.
Morgan Stanley rose 5.7 percent to $45.94, and Goldman Sachs added 3 percent to $221.70. The two investment banks did better than expected in the third quarter, helped by strong performance in their trading operations and revenue from stock underwriting that exceeded expectations.
Morgan Stanley’s stock has fallen 12 percent this year, and Goldman has lost 13 percent.