For decades, poker pros have relied on staking deals to compete in big tournaments and cash games. However, a new bill that’s been introduced in Nevada threatens to destroy a very large part of the poker world.
Prefiled on behalf of the Nevada Gaming Control Board, SB 40 seeks to reduce money laundering in sports betting. However, the language also makes it seem like poker staking deals could be illegal in the Silver State too. That said, let’s discuss key language in the proposed legislation and more on how it could impact the poker community.
No profiting off others’ bets
Without pointing out any specific gambling activities, SB 40 makes it clear that earning profits from others’ bets/play would be illegal. A couple of telling excerpts state that it’s unlawful for a person to receive any reward for:
(1) accepting or facilitating a bet or wager on the result of any race, sporting event or future contingent event, without first having procured, and thereafter maintaining, all required gaming licenses.
(2) accepting or facilitating a bet or wager on the result of any race, sporting event or future contingent event that is placed on behalf of a person who receives any compensation or reward.
Anybody who violates this proposed law would be guilty of a category B felony. The penalty for a B felony is a prison sentence between one and six years and a fine worth up to $5,000.
Potential impact on poker
Again, the language of SB 40 doesn’t immediately make clear what exact activities will be punishable. But the bill doesn’t rule out the potential for poker staking to be impacted, despite the fact that most consider this a perfectly normal part of the game.
In particular, the Vegas-based WSOP would be impacted by the negative consequences of SB 40. Many pros seek out staking deals for the WSOP so that they can play dozens of events without fearing variance. High buy-in tournaments like the $1 million Big One for One Drop and $111,111 One Drop High Roller could potentially disappear without backing.
The good thing is that SB 40 is only on the table and there’s time for it to be amended. Going further, it’s doubtful that the Gaming Control Board wants to do anything that could hurt the WSOP. So if the potential problems for poker are pointed out, maybe the language of SB 40 will be revised.