On Monday, new legislation permitting betting on sporting events was presented in Nebraska.

Some people are concerned about the prospect of extending the gambling scene in the state. Still, others are trying to soothe the waters by focusing on the positives, which include increasing stability and tax revenue.

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Limits on Placing Bets on College Football

The proposed legislation would make it possible to place legal wagers on sporting events involving games played by football teams representing domestic institutions and colleges. 

However, there is one stipulation in accordance with the regulation now in place: the restriction that only matches played within the state would be eligible for putting sports bets on them.

Eliot Bostar, a state senator from Lincoln, was the one who initially proposed the law. Since he was also the driving force behind Legislative Bill 1268, which suggested vending machines specialized in selling lottery tickets, his name is quite closely associated with the growth of gambling in the state of Nebraska. On the other hand, he made it abundantly apparent that the most recent effort was not for expansion.

Stringent Regulations Must Be Followed in Waging 

According to a report from the Omaha World-Herald, he explained that the purpose of Legislative Bill 168 was not to change the state’s statutes but rather to make them more consistent with one another. 

In addition, the law would provide a portion of the funding for the Nebraska Opportunity Grant program, which is the state’s scholarship fund for post-secondary colleges and universities. Revenues from the state’s lottery now support this fund.

The restrictions that the existing legislation sets forth for sports betting and the locations in which it can be conducted will be the primary emphasis of the new bill. 

Even though it is theoretically allowed, a wager on a sporting event has not yet been placed in any of Nebraska’s racetrack casinos. This is even though the state has stringent regulations in place that must be followed in order to place a wager on a sporting event.

Nebraska’s Evolving Gambling Scene

There are now two casinos operating within the state: the WarHorse Casino in Lincoln and the Fonner Park casino in Grand Island. The former brought in approximately $286,000 in revenue during its first week of operation, so the forecast for this particular vertical is looking quite good. 

Although specific revenue figures were not disclosed, the tax rate for casinos in Nebraska is 20%. This indicates that the casino made a profit of at least $1.4 million dollars.

Those are the numbers for the temporary casino; the main development is scheduled to be completed by the end of 2024, at which point it is sure to attract much more interest because to the additional services it will provide. 

The full-fledged casino will likely start providing sports betting as well, given that the rules governing the activity are scheduled to be approved in the next few months.

Looking Forward to Ways to Expand its Business 

Sen. Bostar’s Bill 168 may make it tough to bypass the narrative of growing gambling, but there is little doubt that the state is looking for ways to extend the business.

 It has recently given the go-ahead for the development of a new casino, which will be Harrah’s Nebraska casino in Columbus. Additionally, it has the intention of bringing in more casinos through the construction of new horse tracks.

In addition to that, the state of Nebraska is investigating the possibility of taxing skill games, which have quickly become one of the most popular hobbies in the state. Because so many businesses are dependent on these games, some people are afraid that taxation will put them out of business. 

However, others, including WarHorse Casino, believe that taxation is not only unavoidable but also advantageous because it will allow for a reduction in the state’s property taxes.

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