New form of sports wagering coming to Nevada

OK. I did some research. I actually got a hold of the guy who has the patent on person-to-person exchange wagering. For one reason or another, he doesn't want anything to do with anyone.

Fortunately upon further review, I found out that his patent is useless in the United States as person-to-person exchange wagering is deemed illegal by Gaming Control Statutes and Regulations.

Why? Because in effect, when an individual accepts an offer, he/she is in fact "booking" the action. And unless that individual has proper licensing, that's not going to fly.

So I am glad my patent is targeted the way it is. The only one who can accept an offer is a legal, licensed sportsbook. It makes sense.

BTW, the project is done and we'll be handing the entire project over to the Gaming Control Board by the end of the calendar year.

Pete

When we hand it in, they'll have an entire manual to lead them through the process A to Z. It goes through an investigative period (to approve the security) and an enforcement period (to approve that this type of transaction is legal) before we can be approved.

Pete

Pete- You sound like a pretty smart guy but your idea is never going to happen. It's not even going to get a chance to happen. You're pitching this idea to an agency that is one of two reasons Nevada is in the dark ages when it comes to sports betting. The Nevada Gaming Control Board doesn't know the first thing about sports betting. It's run by accountants who've never made a bet in their lives.

The state and the sportsbooks love things just the way they are. Put up generic lines and keep the parlay cards well stocked and at the end of the year, they'll always make money. Since I got here in the mid eighties, the only major change in betting has been on the horseracing side when the casinos went to parimutual wagering. They love that because it took all the risk out of booking horses and now they have a guaranteed win.

Even if they approve your idea, the sportsbooks don't want anything to do with it because implementing and running it would require effort and brains. That's two things sportsbook directors don't have. 99.9% of the bettors would never be able to figure it out anyway.