Legal Nevada Sports Betting - NV Betting Laws & Regulations 2023

Security and Online Betting 

From the day that the state legalized sports betting, Nevada essentially held a monopoly on single wager gambling until as recently as 2018. Quite staggering really to think about the fact that Nevada was essentially the only place you could conduct online sports betting for the longest time. This was due to the federal government passing law in 1992 that prohibited any further state expansions of sports betting. The bill was called the Professional and Amateur Sports Protection Act (PASPA).  

So, while Nevada dominated the online sports betting scene it comes as no surprise that they were the first state to offer mobile sports betting as well. Residents of Nevada could start putting through their wagers online with mobile sites more than a decade ago, as the first site opened in 2010. From then onwards, Nevada was rife with online sportsbooks. 

Picking Out a Sportsbook

While you may have a number of different online sportsbooks to choose from for your Nevada betting, you still have to ensure that you choose a sportsbook that maintains certain standards. These standards include a quality of customer care, security, and the correct licensing. You can find all of this important information here on our Oddspedia website where we cover all Nevada sportsbooks in great detail with our reviews. You’ll know exactly what these sportsbooks are offering, the level of security they have and whether or not you can find any exciting sports betting promotions as well. 

One thing that is important to note about Nevada sports betting online is that you still need to register in person. Strange to think that the state that has allowed legal sports betting for the longest time still lags behind in this regard somewhat. Where many states will allow you to simply register online, Nevada will require that you head down to the physical brick-and-mortar sportsbook to get the process underway. Here at Oddspedia, we give you the breakdown on these sign-up processes, how you can make your first deposit and anything else you might need to do to successfully kick off your Nevada sports betting journey.

Most popular bets In Nevada - the Raiders lead the way

Sports betting has already been around for ages in the Silver State and as such has seen countless bets on the biggest and best local team. The bet types indicate a pretty clear trend of betting on the state's beloved home sports teams. 

The most popular bet types in Nevada almost always start with the Las Vegas Raiders. While they may have had a somewhat controversial move from Oakland to Las Vegas, the Raiders still receive plenty of support from Nevada residents. The NFL is a massive sports betting pull and it's no different in the Silver State. The sports betting support doesn’t begin and end with the Raiders though as ice hockey fans will back the Vegas Golden Knights until the bitter end. 

College basketball is also an immensely popular attraction for sports betting fans in Nevada. The Nevada Wolf Pack represents the University of Nevada in the Mountain West Conference. They draw tons of betting action from the Silver State residents as the games are always exciting. 

Having a personal stake in a sports team always makes their contents that much more exciting. When you throw in a few cheeky sports bets as well, then it really becomes an edge of your seat kind of stuff.

Are betting losses in Nevada tax deductible?

While we have taken you through some of the tax laws surrounding Nevada sports betting, we haven’t as of yet detailed what you can do with your sports betting losses. It operates differently to how you register your Nevada sports betting wins so it's important to have a grasp of this, so you don't miss out on some tax-deductible losses. 

Where you would use the NV 1040 form to file your Nevada sports betting wins at the end of the financial year, you will use a Schedule A form to submit your losses. These Nevada sports betting losses are indeed tax deductible but only up to a specific point. What we mean by this, is that you can’t deduct losses greater than the total amount that you have won that year in Nevada sports betting wins. For example, if your total Nevada sports betting winnings amount to $7,000, then you can only claim $7,000 worth of tax-deductible losses. Make sense? It's actually very straightforward. 

This is why we mentioned keeping a record earlier. It's vital that you keep a record of not only your wins but your losses as well. Your betting tickets are important in this regard so keep them stored in a nice little folder so that come tax season, you are all set to write off some of your Nevada sports betting losses with ease.

Conclusion to our guide on sports betting in Nevada

Sports betting in Nevada is a thing of beauty as it makes your sport viewing that much more exciting. It's important to remember though, that you have to live to the age of 21 when you start your betting journey. More than this, you have to bet within state lines if you wish to use Nevada sportsbooks online. 

And lastly, pay your taxes. Nobody likes doing it but to keep your Nevada sports betting fun all above board, it's important that you file the NV 1040 form at the end of the year detailing your sports betting wins.

Regulatory Bodies and Key Gambling Legislation

• Nevada Gaming Commission 
• Nevada Gaming Control Board

FAQs About Betting In Nevada

Here at Oddspedia, we are flooded with every type of question from our dedicated readers. Many of these questions relate specifically to Nevada sports betting online so we thought it would be a good idea to answer a few of them for you here in our guide: