|A bill passed in the final hour of the regular legislative session could help Nevada's slumping book industry fend off challenges from other states, industry experts say.|
Tony Cabot, a partner in law firm Lionel, Sawyer & Collins, hails the legislation authorizing race books to accept bets placed off site as 'good for Nevada casinos because it allows race books to regain a competitive parity with California and other states currently engaged in the activity.'
Account wagering, which allows an individual to create an account with a Nevada race book and deposit funds in that account, has been identified by the Nevada Pari-mutuel Association, the industry trade association created in 1990, as the key to reversing the 24% decline in revenues since 1998. Individuals with such accounts can contact the race book by telephone or Internet and place bets using the money on deposit, Cabot explained.
“Nevada has been recently facing competition from California, making the new law particularly important.”