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Nevada Welcomes Wall Street-Style Betting Funds

Betting a sports for people outside of Nevada is getting a lot easier.

Betting a sports for people outside of Nevada is getting a lot easier.

Long ago Nevada cornered the market on legal sports gambling by regulating race and sports books where it is legal to post odds and take wagers on everything from horse racing to NFL football games.

The problem for casinos was that rule discouraged millions of gamblers nationwide from placing a bet in Nevada.

Now in a very Wall Street-way, Nevada has eliminated the barrier to placing out of state bets on sports. The catch is you have to your money in a fund that is located in and registered with the state of Nevada.

That local fund then places bets on your behalf and other in the fund. Matt Stuart, founder and managing member of Bettor Investments in Reno, expects there to be a lot of interest from gamblers in other states.

“I’ve got a lot of interest in the fund, actually I’ve had interest from 24 other states,” Stuart told KNPR’s State of Nevada.

Stuart described those who have contacted him as “people who have an enthusiasm for sports, whether it be betting or investment side approach.”

Although Bettor Investments has been approached by potential clients, he said the company is still waiting for regulatory process to be completed before they open their fund to investors.

Matt Stuart, founder and managing member, Bettor Investments LLC

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