Equity Firm Sports Betting Bill Dies in Nevada

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CARSON CITY, Nev. (AP) - Nevada lawmakers aren't ready to allow private equity firms to wager chunks of cash at casino sports books.

A bill authorizing group sports betting died when it failed to make it out of committee Friday.

Another bill that would have allowed bets on the outcome of federal elections also joined the scrap heap.

SB346 sponsored by Republican Sen. Greg Brower of Reno ran into trouble when the chairman of the Nevada Gaming Control Board raised red flags over how such groups would be regulated.

Under existing law only individuals can place bets.

Nevada holds a monopoly on sports wagering under a 1992 federal law.

Brower says the bill would have allowed Nevada to capture a share of the estimated $380 billion bet illegally on sports each year in the U.S.

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