Rio opens renovated sportsbook by William Hill as predictions war escalates in Nevada
At the height of last summer’s FIFA World Cup, the Rio Hotel & Casino began an extensive renovation project to give its in-person, retail sportsbook a much-needed facelift.
The lucrative project took months to complete, requiring patrons to place bets on temporary kiosks at the start of the football season. As the NFL season edged past the midway point, William Hill completed the initiative in time for a busy Thanksgiving wagering period. Last week, the Rio opened a new 3,400-square-foot sportsbook at the casino resort located just off the Las Vegas Strip.
The property contains 12 William Hill self-service wagering kiosks and eight racing carrels with individually controlled screens. In addition, the sportsbook features upgraded seating for more than 100 sports fans, complemented by large, reconfigurable LED displays.
“The reopening of our renovated sportsbook by William Hill marks another exciting milestone in the ongoing evolution of Rio,” said Rod Turlan, who serves as president of Rio Hotel & Casino. “We set out to create a modern, high-energy environment where fans can enjoy cutting-edge viewing technology, elevated comfort and exceptional service.
The battle on prediction markets
Caesars Entertainment, along with archrival MGM Resorts, has punted on launching a prediction market-platform, at least for the moment. Both companies, which have an enormous Nevada presence, have cited their deep regard for the state licencing process in the decision.
While the state has seen sports handle crater due to the rise of prediction markets, Nevada regulators have fought assiduously to subdue the influence of the new asset class.
At last month’s Global Gaming Expo in Las Vegas, Nevada Gaming Control Board Chairman Mike Dreitzer went on the offensive against prediction markets. Of note, Dreitzer questioned why certain option trades on sports should be regulated on the federal level when he claims that the derivatives practically mirror sports bets.
On Election Night, Nevada Governor Joe Lombardo lost his bid for re-election in a stinging defeat to Democratic challenger Aaron Ford. Lombardo, who is largely viewed as a pro-gaming supporter, trailed on 10 Nov. by a 51.6% to 44% margin, according to the Associated Press.
Ford’s lead is virtually insurmountable with 98% of ballots counted.
Cortez Masto raises the temperature
Also this week, Sen. Catherine Cortez Masto (D – Nevada) criticised CFTC Chairman Michael Selig on a recent agency advisory. In a memo dated 5 Nov., the chair urged Designated Contract Markets to halt geographic restrictions that limit access to traders based on their physical location. In CFTC parlance, DCMs are considered the formal name for platforms, which are more commonly known as prediction markets.
Earlier this summer, the US Court of Appeals for the Ninth Circuit ruled in August that Kalshi could not block Nevada regulators from enforcing state laws on sports betting. In a 3-0 decision, a circuit panel ruled that sports-event contracts should not be classified as “swaps.” After issuing new interpretations to so-called Impartial Access Requirements last week, the CFTC is giving DCMs 30 days to fall into compliance with the new guidelines.
“Sports prediction markets are obviously gambling,” Cortez Masto wrote on X. “But the Chairman of the CFTC is encouraging companies to keep offering these bets in violation of court orders.”
Elsewhere, the Ninth Circuit denied Kalshi’s petition last week to rehear the swaps matter in an en banc hearing. Such a hearing contains a full judicial branch, rather than a smaller circuit panel. The ruling is expected to trigger a 90-day window for Kalshi to petition the Supreme Court for review on the legality of sports-event contracts.
William Hill operates more than three dozen full-service sportsbook in Nevada. Caesars completed a $3.7 billion acquisition of William Hill in 2021.