During a hearing on Wednesday, the gambling regulator in Nevada, the Nevada Gaming Control Board (NGCB), questioned the leading operator in light of its plans for a Betfred Sportsbook, a report released by CDC Gaming reveals.
The meeting marked an important step forward for Betfred as the next step is now to secure approval from the Commission that would enable it to start accepting sports wagers. Although the process was delayed by the pandemic, the NGCB reviewed the operator’s request and gave a 2-0 recommendation for a sportsbook license.
If approved, Betfred plans to start taking sports wagers at its sportsbook located at Mohegan Sun Casino at Virgin Hotels Las Vegas. The company’s new sportsbook located at the Virgin is planned to offer 80-inch screens and feature 1,269 square feet of floor area with seats for up to 100 visitors.
The location would have self-serving betting kiosks as well as betting windows that will allow live in-person betting. According to the new report, Lou Damico, a sportsbook legend and professional bettor will serve as Betfred’s VP of race and sports. The sportsbook is expected to create between 20 and 30 new workplaces if approval is secured.
At the recent meeting, the NGCB questioned Betfred about regulatory actions taken against the company. The Commission probed Betfred over regulatory sanctions for alleged failings to anti-money laundering rules dating back to 2019. In addition, Betfred was questioned regarding a $3 million sanction issued by the Gambling Commission in the UK over AML and CTF failures dating back to September last year.
The Company Continues US Expansion
Currently, Betfred is a leading bookmaker in the UK that has some 1,400 betting shops. The company is the second-largest retail bookmaker in the country falling behind only by the giant Entain.
In Nevada, once Betfred secures its license it plans to operate initially as a retail outlet only. Later this year, the company may engage in mobile sports betting as well, expanding further its presence in the state and the US.
Besides Nevada, Betfred plans to launch in seven other states including Oregon, California, Indiana, Oklahoma, Missouri, Alabama and Kansas. On the other hand, once the company secures a sports betting license in Nevada, that would mark the 10th US state where it has a license to operate.