Sportsbook License for Betfred Nears Approval at Virgin Hotels, Las Vegas
During a recent hearing, the gambling gurus down at Nevada's gaming control board, the Nevada Gaming Control Board (NGCB), raised some eyebrows over Betfred's planned sportsbook venture at Mohegan Sun Casino. A juicy tidbit from gaming experts over at CDC Gaming spilled the beans, revealing this meeting was a key step for Betfred towards expanding its U.S. presence.
Securing approval from the commission is the next move for Betfred, laying the groundwork to begin taking sports wagers. Despite pandemic-related delays, the NGCB reviewed their request and tossed a 2-0 recommendation their way for a sportsbook license.
The plan is to kick off sports betting at the Mohegan Sun's Virgin Hotels Las Vegas venue. Their new sportsbook promises a swanky ambiance, complete with 80-inch screens, a cozy 1,269 square feet of floor space, and seating for a cool hundred bettors. To make things even more enticing, self-serving betting kiosks and live, in-person betting windows will be available for action.
Betfred's plans for Vegas don't end with just one sportsbook, either. Veteran sportsbook legend and big-time bettor Lou Damico will serve as Betfred's VP of race and sports, while the company aims to create between 20 and 30 new jobs if approved.
But all's not rosy for Betfred in the eyes of the NGCB. During the meeting, they grilled the sportsbook over past regulatory sanctions stemming from alleged anti-money laundering (AML) failures, both in the UK and as far back as 2019. To make matters worse, a $3 million penalty was imposed by the UK Gambling Commission last September for the same AML-related issues.
Betfred's gamble in the US hasn't been all smooth sailing, but they have their sights set on establishing themselves across the U.S. map. With 1,400 betting shops in the UK, Betfred trails only Entain before setting off stateside.
Once approved in Nevada, Betfred intends to start as a brick-and-mortar operation, but may later venture into mobile sports betting later this year. Expansion plans also include setting up shop in Oregon, California, Indiana, Oklahoma, Missouri, Alabama, and Kansas, totalling ten states where Betfred has a license.
However, questions remain about Betfred's regulatory history with regards to AML regulations. Though recent fines have been handed out to other bookmakers for similar violations in the UK, the situation with Betfred in the US seems less clear. Sleuthing around for answers from reliable Nevada gaming regulatory bodies or Betfred-specific news sources may be necessary to settle the matter.
- The Nevada Gaming Control Board (NGCB) is considering Betfred's proposal for a sportsbook venture at Mohegan Sun Casino, which could expand Betfred's U.S. presence.
- Approval from the NGCB is the next step for Betfred, allowing them to start taking sports wagers, potentially launching at Mohegan Sun's Virgin Hotels Las Vegas venue.
- Betfred's new sportsbook features a swanky ambiance, multiple screens, self-service kiosks, and live betting windows to attract bettors.
- Betfred is not just focusing on one sportsbook in Las Vegas; they aim to create more jobs if approved.
- However, Betfred's regulatory history, particularly related to alleged anti-money laundering (AML) failures, has raised concerns with the NGCB and may impact their licensing.
- Despite challenges, Betfred aspires to establish itself across the U.S., leveraging its extensive experience in the sports betting industry and intends to expand into mobile sports betting later this year, as well as exploring opportunities in ten other states.
