The last time Americans could walk right into a Las Vegas sports book in the course of the Olympics and make a big gamble on their country, Michael Johnson was still winning medals, Vince Carter was creating a towering Frenchman famous, and Michael Phelps was debuting within the Games as a 15-year-old also-ran at the U.S Olympic swim team. This year, all that changes.

For the primary time because the 2000 Sydney Games, Las Vegas sports books are accepting bets at the Olympics this summer, providing casinos a financial boost within the dog days of August, keeping bettors glued to the television as Carmelo, KD, and corporate try to cover massive points spreads, and delivering the general blow to the speculation of Olympic purity.

For years Americans could bet at the Olympics in Vegas, but that right was stripped away in 2001 thanks largely to Senator John McCain. His Amateur Sports Integrity Act would have banned betting on all amateur sports to be able to protect college athletes from “the harmful effects of gambling,” he wrote on the time.

But college sports are a large business in Vegas and Nevada’s sports books wanted nothing to do with McCain’s law. So that they cut a deal. Betting on college sports would remain legal, but betting on other amateur competitions, reminiscent of the Olympics and the Little League World Series, would now not be allowed.

No big deal, Vegas thought on the time. There has been never much interest in Olympic events anyway. If casting off the facility to post odds on amateur powerlifting would appease McCain, then the sports books were happy to play along — so long as they got to maintain March Madness.

More at The big apple Magazine

Similar Stories from This Week in Gambling:

Read More... [Source: Gambling Headlines – This Week in Gambling]