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December 17, 2014

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Nevada regulator raises red flags on group betting

A top gambling regulator is raising red flags on a proposal to allow private equity firms to place large bets at Nevada race and sports books.

Gaming Control Board Chairman AG Burnett says the measure raises serious regulatory concerns over how the state would police activities to guard against money laundering and corruption.

Burnett testified Friday before the Assembly Judiciary Committee on SB34, a bill to authorize sports wagering by groups.

Under existing law, only individuals can place bets. It's also illegal to pay someone else to place a bet for you.

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

Supporters of the bill say it would allow Nevada to capture some of the estimated $380 billion bet illegally on sports each year in the U.S.

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