LAS VEGAS (AP) — A new Nevada law allows investors looking for a stock market alternative to wager their money in the state on sports instead.
The law allowing business entities to wager on sports on behalf of investors was backed by sports book manager CG Technology and signed by Nevada's governor last week.
The law requires businesses be based in Nevada and have a bank account in the state. CG Technology's deputy general counsel Quinton Singleton says staff and investors must disclose identities with the sports books.
Singleton says the measure now legalizes an activity that was permitted before but comes with a clear-cut framework.
Other Las Vegas sports book operators including Johnny Avello at Wynn Resorts say the law isn't so clear-cut and aren't sure if they'll accept the business bets yet.