Betting entities approved

Laws signed allowing group wagers, management of out-of-state facilities

Two bills backed by the Nevada sports betting industry that could lead to an increase in the $3.9 billion already wagered annually in the state’s sports books were signed into law by Gov. Brian Sandoval.

Senate Bill 443 authorizes the formation of business entities to place race and sports pool wagers. The new law allows investors to join business entities and share the profits and losses from large wagers at Nevada sports books.

Senate Bill 445 allows Nevada books to set the betting lines and manage facilities in other jurisdictions. Both bills became law Tuesday. The bills were backed by sports book operator CG Technology, which lobbied lawmakers and worked with gaming regulators on the language.

“This is a victory that further promotes Nevada as the epicenter of sports wagering in North America,” CG Technology general counsel Quinton Singleton said in a statement.

He told ESPN that entity wagering exists in other jurisdictions, saying it puts “Nevada on a path to again being one of the most competitive sports betting markets in the world.”

CG Technology CEO Lee Amaitis said the bills allow the company “to expand our business and service offerings.”

Several experts estimated the handle — the amount wagered on sports — could triple in the state over the next five years, fueled by entity wagering.

Proponents of the concept bill failed to get the measure through the Legislature two years ago. However, they worked with

Sports books still have right to refuse wagers

state gaming regulators on wording that requires the entity itself to disclose information on its investors to the licensed sports books.

State Sen. Greg Brower, R-Reno, who sponsored the bill two years ago, said the bill’s proponents “came up with language that would ensure support.” Brower said entity betting was “the next frontier” for sports wagering, similar to skill-based games being included in slot machines.

According to the bill, the business entity must be registered with the Nevada