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Nevada Senate Oks equity group sports betting

CARSON CITY, Nev. (AP) -- Private equity groups could make large bets at Nevada sports books under a bill advancing in the Nevada Legislature.

AB346 was passed unanimously Tuesday by the Nevada Senate. One lawmaker abstained. Under existing law, only individuals can place wagers at Nevada sports books.

Nevada holds a monopoly on sports betting under a 1992 federal law. Backers of the bill say it would position Nevada to capture some of the estimated $380 billion bet illegally on sports each year in the U.S.

Under existing law, only individuals can place bets at Nevada sports books.

The Senate on Tuesday also approved a bill allowing bets on the outcome of federal elections

Both measures now move to the Assembly.