Nevada Lawmaker Seeks To Allow Betting on Presidential Elections

A Nevada senator introduced legislation to allow casinos to accept bets on US political elections.  Wagering on elections would be new in the US, but is common in other countries such as the UK.  The Las Vegas Sun article covering the story reports that the Irish online gambling company, Paddy Power, took $1.6 million in wagers over last year's presidential election.

The legislation would potentially allow wagering on more than just the presidential election.  Quoting from the article, "the law would allow betting on Senate, congressional and presidential campaigns. Segerblom said he would be open to allow bets on state elections as well, and said the law could also allow bets on the Academy Awards and other cultural events."

This is great news for YouGaming's patented pari-mutuel fantasy concept.  The concept, covered by three US Patents, covers pari-mutuel fantasy wagering on any human event or contest in both a skill game and a wagering game implementation.  To try out the feasibility of these kind of games, YouGaming's skill game website, ProContest.com, crafted a US Presidential fantasy game and an Academy Awards fantasy game on the site and tested game logic.

The wagering games being proposed in Nevada can easily be implemented in both a fixed odds as well as a pari-mutuel format.  The pari-mutuel format will allow the casinos to offer games freely without the worry of loss due to the setting of an improper payout odds or betting line.  In pari-mutuel wagering, the house just takes its percentage off the top, with the rest being paid to the winning bettors.  In these new game areas, pari-mutel will be a safer approach for the casinos and very likely more profitable, due to the higher takeout percentage.

Read more: http://www.lasvegassun.com/news/2013/mar/25/betting-presidential-elections-nevada-state-senato/#ixzz2P28l0Ckc