Wednesday, June 6, 2018

Legal Sports Betting Demystified by AG Burnett

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Legal Sports Betting Demystified by AG Burnett
Legal Sports Betting Demystified by AG Burnett

Monday, May 14, 2018, was a great day for US punters and a big step on the path to regulating sports betting across the country. The Supreme Court has finally put the kibosh on the outdated federal Professional and Amateur Sports Protection Act from 1992 and a proposition was made to allow the states to enact sports betting legislation and make this popular form of wagering legal!

Now, we're not out of the woodwork yet, but the wheels were set in motion and we can surely expect positive changes to happen in the near future. This major event is currently the talk of the industry, with officials and enthusiasts discussing all possible outcomes at length. Looking for expert opinion on the matter, our very own sister site World Casino News tracked down AG Burnett, an important figure in the gaming world whose credentials we believe make him a voice to listen to.

Former Senior Deputy Nevada Attorney General for the Commission on Sports and the NGCB, Mr. Burnett also served as Chairman of the Nevada Gaming Control Board 2012 - 2017 and is now a partner at the 70-year old Nevada Gaming & Administrative Law Group McDonald Carano. In the exclusive interview for our sister website WCN, he talked about regulatory bodies, taxes and fees, illegal bookmakers, college sports and the best way to put revenue gains to good use.

Sports fans will be glad to know that some of the burning questions have been answered in a clear and concise manner. Published in two parts, this elaborate conversation exhausted all important points which we wanted to clear up for our readers.

State Regulators, Revenue, Taxes and Corruption

Now that the long-awaited regulation might at long last become a reality, we wanted to know who would be the best for the job and how it should be done - is a nation-wide betting law a better option than having individual gaming states outline their own legislation for themselves? Do state regulators have the know-how and the experience needed in such delicate matters?

''There are nuances to sports betting, but the regulators around the country have been studying those and are well-equipped to adapt them into their normal course of business.There is an investigative process, a licensure mechanism, and ongoing regulatory requirements to fulfill.  As long as the basics are there, you have what you need to start with.''

''Sometimes the regulators in gaming states are also lawyers themselves, as is often the case in Nevada, and that can come in handy in difficult situations.''

Given how the existing black market generates double the income compared to the legal US casino industry, another big question is how will illegal bookies respond to a regulated market? Will they come off the streets and unlicensed online venues to try and meet legal requirements under state regulators?

''Regulation means the illegal operators eventually become extinct, or so small that they might as well be.''

''When states move to regulate, monitor, and ensure licensed books are operating in compliance with the law, things seem to be solved on the gaming side.  In fact, I would argue that there is great benefits in looking at how gaming is regulated, and perhaps taking some of those notions and installing them within an organization that may have concerns about illegal betting or other activities.''

And what about taxation? Isn't that one of the key aspects to solve and direct offshore and illegal revenues into the national budget?

''It would be up to each individual state, but I would assume revenues from sports betting will be commingled with other gross gaming revenues, and distributed accordingly.''

But wait, we're not going to tell you everything here! Why not read all about this hot topic yourself over at WCD? For details on these and many other key decisions, please take a look at what AG Burnett had to say exclusively for World Casino Directory. For now, it looks some eager states have already started the process of crafting the necessary laws, and we can hope to see parts of this enormous industry legalized by 2019.

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