Nevada ‘entity betting’ fund clients claim they’ve been stiffed

One of Nevada’s so-called ‘entity betting’ operations has left a legacy of clients wondering about the fate of their deposited funds.

On Thursday, the Las Vegas Review-Journal reported that the Nevada secretary of state and attorney general had received complaints from clients of Bettor Investments, which formerly operated a Nevada-licensed entity betting operation.

In 2015, Nevada passed a law allowing out-of-state residents to participate in the state’s legal sports betting market through mutual fund-style pools. Investors had no say in specific wagering decisions, which were made by the half-dozen or so Nevada-licensed entities that launched following the law’s passage.

But despite the initial hype, Nevada sportsbooks proved largely uninterested in the entity betting concept, with the exception of CG Technology (CGT). Among the entities that did business with CGT was Bettor Investments, which was led by Reno-based Matt Stuart.