A bill before Nevada lawmakers would let private investment groups place sports wagers and allow the state to reap millions of dollars in untapped revenue.

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The legislation received its first hearing Monday in a Senate committee as a leading gambling executive projected that Nevada sports books could see action nearly triple in the next five years if it were to become law.

Under existing law, only individuals can place wagers at Nevada sports books. The bill would allow so-called entities to be formed and authorized to make sports bets.

The entities could act as a type of hedge fund and wager big dollars on football, basketball, baseball and other sports. In turn, they could seek out investors to put up money and let the experts make the bet.

 

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