Starting a Business Can I set up my own gambling business?

[sportscaster56]

Jurisdiction

Nevada

I just moved to Nevada, land of gambling and Las Vegas. I had some ideas about setting up a new business here including one that is based on gambling and I was wondering whether it is easier here than it is outside of the state to do so. I hadn't set it up earlier because of state regulations.

Friends of mine in my old neighborhood set up sports competitions for fantasy sports and I hope to do so here with my new community. It doesn't have to be online, just a group of local people who enjoy this sort of thing. Does anyone know how difficult this could be to set up? Are there monetary limits that I could stay under that might make it easier to operate? I'm not sure where to start researching this idea and would be grateful if anybody knows.

 

[Tax Counsel]

Although gambling is legal in much of the state, it is a very regulated business. I'd suggest you consult an attorney familiar with the state gaming law to lay out exactly what you intend to and what state and local laws would require for you to do it.

 

[flyingron]

TC is right as usual. Nevada is coming down hard particularly on "daily" Fantasy Sports. Essentially, it is illegal in the state (even for the big guys like Fan Duel and Draft Kings. More traditional (season long) fantasy sports are still dicey. Some companies have pulled out of Nevada, others are still attempting to work their way around the regulatory issues.