Gambling involves a collective game of chance for a wager or stake; whoever wins the game wins the wager or stake.
Pari-mutuel betting is mutual betting; individual bets are placed into a pool, taxes and the house share are subtracted, and payoff odds are calculated. Examples of pari-mutuel betting are horse racing, greyhound racing and sporting events such as boxing, football, basketball and hockey.
Sanctioned betting on horse races in gambling parlors, not at the track, is called “off-track betting.” Nevada was the only state to permit off-track betting before 1970. Now, off-track betting is legal elsewhere.
State Gaming Control Board
The State Gaming Control Board regulates Nevada’s gaming industry, 24 hours a day, 7 days a week. The Board states its purpose as “to protect the stability of the gaming industry through investigations, licensing, and enforcement of laws and regulations; to ensure the collection of gaming taxes and fees, which are an essential source of state revenue and to maintain public confidence in gaming.”