Las Vegas legalised gambling on the Olympics

After a 15-year hiatus, the most populous city in the state of Nevada has reopened its door to legalised gambling on the 2016 Rio Olympic Games.

US.- For the first time since the 2000 Sydney Games, Las Vegas sports books are accepting bets on the Olympics this summer, providing casinos a financial boost in August.

Vice-President of the Westgate SuperBook, Jay Kornegay, said that he doesn’t expect to rake in much cash. “We expect it to be very minimal, and we don’t expect to take any bets on rowing.” Despite the diversity of sports in the Rio Olympics, the VP of the Westgate SuperBook is certain that basketball will be the biggest attraction and will draw the majority of betting action.

Betting on the Olympics is legal online and in many countries, including Great Britain, Australia and Ireland, which had put Las Vegas at a disadvantage. “Overall, this just allows us to be a little more competitive with the rest of the world,” Kornegay said.

Betting was banned in 2001 as part of a bill sponsored by Senator John McCain after Nevada agreed to ban betting on amateur athletics in order to keep gambling on college sports legal. Betting on college sports would remain legal, but betting on other amateur competitions, such as the Olympics and the Little League World Series, would no longer be allowed.

Last year, some Las Vegas power players started pushing for the Nevada Gaming Commission to revise its regulations. When it actually happened, chairman Tony Alamo said the change was less about making big checks on racewalking bets, than ensuring Las Vegas’s position in the global hierarchy of sports betting.