A recent vote by the Nevada Gaming Commission has officially approved the ability to place wagers on all Olympic events. The decision to pass this was unanimous, and means that those who want to place bets on the outcome of the Olympic games next year will finally be able to do so legally. One reason for the Nevada Gaming Commission’s decision is the increase of professional athletes who are entering into the Olympic competitions this year such as NHL hockey players and NBA basketball players. Additionally, the rest of the world already bets on the Olympics, and so Las Vegas had some catching up to do. Either way, the legalization of Olympic wagering is big news for both regulators and bettors alike.
What This Means for Vegas
Although the new law will not have too big of a material impact until the Summer Olympics roll around in 2016, Las Vegas sports bookers are anticipating some big money when the Olympics finally hit Rio de Janeiro in the upcoming year. This is great news for Vegas due to the fact that sports betting tend to be low in the summer since the NFL and NBA are both off-season.
The Regulation Change
The new regulations will allow the chairman of the gaming control board, A.G. Burnett, to retain all control when it comes to what events can be bet on in the Olympics. Before the regulation change, rules stated that bets were only allowed to be placed on events that the outcome would not be affected by wagers being placed on it. However, the new regulation has changed the language to say that the event’s outcome must now only be unlikely to be affected by bets being placed.
Subjective Games in the Olympics
There are many events in the Olympics that are chosen subjectively such as gymnastics and figure skating, and so it was deeply discussed as to whether or not betting would be allowed on these games, as the judges’ decisions could be impacted by the ability to bet. However, it was decided that bets will be allowed, and it will be up to sports books on what events they want to offer wagers on.
Controversy With Age of Competitors
There is some controversy on the fact that many competitors in the Olympics are minors and so some argue that it is morally wrong to bet on the outcome of children. However, this argument was countered by the fact that horse betting has been going on for years and many of the jockeys are 16-years old.
You Can Start Betting Now
If you feel as though runner Usain Bolt has a great chance at winning a gold medal again in the 100-meter race even though it’s in one year’s time then you can start wagering now thanks to William Hill sports and race books located throughout the state. William Hill is the operator of more than 100 sports books located in Nevada, as well as a popular mobile betting app that has already released its odds. Will China or the United States win the most medals? Will Serena Williams take home a gold medal in the women’s singles tennis match? Almost anything can be bet on right now in regards to next years Olympics.
Legitimization of Regulators
For betting regulators, the allowance of Olympic wagers is more than a new revenue stream, but is a legitimization for them in the eyes of the entire world. This is especially the case as regulators received the blessing of the International Olympics Committee, who believes that legalized gambling will lower illegal gambling practices.