Las Vegas approves Olympic betting: Report

This summer, while the best athletes climb podiums wearing gold, silver and bronze medals in Rio de Janeiro, gamblers in Las Vegas will be cashing in their betting slips at casino windows.

On Thursday, the Nevada Gaming Commission voted to allow the state's sports books to offer bets on the Olympics for the first time in over a decade.

Prior to yesterday's reversal, betting on the Olympics was discouraged because of it involved amateur athletes, but professional athletes now also compete. 

And it didn’t take long for Nevada sports books to begin offering betting lines on the 2016 Summer Olympic Games.

Within minutes after the Nevada Gaming Commission unanimously approved the regulation on Thursday, William Hill US established Jamaica’s Usain Bolt as a -200 favorite for the men’s 100 meters and said the USA men’s basketball team is a -320 favorite to win the gold medal for the third consecutive games.

The new regulation allows bookmakers to place betting lines on Olympic sporting or athletic events sanctioned by the International Olympic Committee. The chairman of the Gaming Control Board has the authority to remove an event or contest from betting activity.

After discussions in public workshops, the only question going into Thursday’s meeting was whether or not the Gaming Commission would prohibit wagers on events such as figure skating that are scored by judges. That notion was never addressed.

International sports books in Great Britain, Ireland and Australia and offshore Internet sites already allow such bets. South Point Hotel Casino pushed for the change with the support of other sports-book operators.

So start handicapping those little gymnasts. Because that next 10 may win you 20.

Gov. Christie signs bill to permit sports betting in New Jersey: Report

New Jersey is moving ahead with plans to permit betting on sports in the state and one racetrack already said it will start taking bets as early as next weekend.

Despite a federal challenge lodged by major professional sports leagues and the NCAA to halt betting on team sports, on Friday, Gov. Chris Christie signed a bill passed this week in the Legislature that would partially repeal New Jersey's prohibition on sports wagering, reported ESPN.com.

Supporters of the legislation hail it as a potential remedy for the state's struggling racetrack and casino industries, but the effort faces significant opposition from professional sports leagues and the NCAA.

Monmouth Park Racetrack said it plans to begin on Oct. 26. and has already built a sports-wagering facility at the track. Racetrack adviser Dennis Drazin said it has set up an independent entity to regulate the wagering and it will be managed by the British bookmaking company William Hill.

Spokesmen for Major League Baseball and the NBA, NFL and NHL declined to comment. 

The state attorney general withdrew its request for a U.S. District Court judge to clarify an injunction preventing sports betting after Christie signed the measure. Christie said he believes the bill adheres to federal law and responds to the issues raised in federal courts.

"As I've said all along, I am a strong proponent of legalized sports wagering in New Jersey," Christie said in a statement. "But given earlier decisions by federal courts, it was critical that we follow a correct and appropriate path to curtail new court challenges and expensive litigation. I believe we have found that path in this bipartisan legislative effort."

While the Christie administration supports sports betting at racetracks and casinos, no casino in the state has announced plans to offer sports betting.

Most casino operators are publicly traded companies with operations in multiple states and countries, and most are concerned that operating in potential defiance of a federal law could cost the company licenses in other jurisdictions.

New Jersey ready to issue sports betting licenses in 2013

The state of New Jersey says it will start issuing licenses for sports betting on Jan. 9, 2013.

It all depends on if a federal lawsuit filed by the NCAA and the four major professional sports leagues can be overcome, according to The Associated Press.

The state Division of Gaming Enforcement published regulations for sports betting on Monday in the New Jersey Register.  The state enacted a sports betting law in January, limiting bets to the Atlantic City casinos and the state's four horse racing tracks.

In May, Gov. Chris Christie said New Jersey would proceed with its sports betting law — despite a federal ban on legalized sports gambling in all but four states. Christie thinks it's hypocritical that New Jersey can't join Nevada, Delaware, Oregon and Montana as the only states with legalized sports betting.

"I don't believe that the federal government has the right to decide that only certain states can have sports gambling," said Christie. "And it does not acknowledge that there is illegal sports gambling going on in every state in America as we speak."

Proponents of sports betting believe it will stimulate a declining Atlantic City economy and pump some much needed revenue into the state's budget.

Casinos, racetracks or joint ventures of both can apply for the $50,000 "sports poll licenses."