Las Vegas May Soon Offer Event Wagering

Las Vegas bookmakers may soon be able to book prop bets and other non-sports wagers, thanks to an amendment to the Nevada Gaming Commission’s regulations.

The new regulations have opened the door for what’s known as “event betting,” or wagering on outcomes other than winners and losers of sporting events. Popular event bets include the outcome of political races and the Academy Awards.

“I think it will be good for the state,” Mike Colbert, sportsbook director for Cantor Gaming told Covers.com. “I don’t think it’s going to add all that much revenue, but anything that creates more action I’m in favor of.”

According to the Covers.com report, Cantor Gaming was critical in getting the laws amended to allow such wagers. However, Colbert also suggested that while getting the laws amended was easy, implementing these bets will require proving that the sportsbooks can prevent cheating, which may delay the offerings somewhat.

According to the report, it is unlikely that event wagering will be seen at any Las Vegas sportsbooks in the coming weeks. However, it could be just a matter of months before the first books can offer these bets to their customers. This timetable might be early enough to allow prop betting on the World Series of Poker – a proposition that Colbert says could be lucrative.

“All of the poker guys would love it,” Colbert said. “They bet amongst themselves anyway about who’s going to last longer, who’s going to win a tournament and who’s going to win the most bracelets. There’s really a market for a variety of different poker wagers.”

Offering these bets would be another way for Las Vegas sportsbooks to compete against online gambling operations. Online sportsbooks have long offered event betting to their customers, allowing them to bet on anything from the winners of reality television competitions to awards shows.