Event betting a possibility in Las Vegas
Bookmakers in Las Vegas may soon be able to take prop bets and other types of wagers due to a change in the law.
Commonly known as “event betting”, the system would allow wagering on the outcomes of events, as opposed to just the winners or losers of sporting events. Examples of these types of bets include the outcome of political races, or who wins what at The Oscars.
Many professional poker players are already for well known for the prop bets they make between themselves, including who will last longest at big tournaments like the World Series of Poker.
According to a report by Covers.com, it’s unlikely that event wagering will be seen at any of the sportsbooks in Las Vegas for a few months; problems including the prevention of cheating will hinder the proceedings.
Mike Colbert, director of the sportsbook at Cantor Gaming, thinks event betting “won’t add all that much to revenue, but anything that creates more action I’m in favour of”. Colbert does think however, that prop betting on the WSOP could prove “lucrative”.
The change in law allows for Las Vegas to become greater competition for online gambling websites, who for some time have allowed event betting on a diverse range of events.