Nevada gambling regulators sign off on Olympic betting, ending longtime ban

Come summer 2016, when the best of the best athletes climb podiums wearing gold, silver and bronze medals, Las Vegas gamblers could very well be counting their green.

Nevada gambling regulators voted Thursday to allow the state's sports books to offer bets on the Olympics for the first time in years.

Revised regulations say the gaming commission chairman can limit the bets at his or her discretion. The wagers have been banned for more than a decade since the state made regulatory changes allowing bets on the state's own sports teams but specifically barring non-college amateur events.

International sports books in Great Britain, Ireland and Australia and offshore Internet sites already allow such bets. South Point Hotel Casino pushed for the change with the support of other sports-book operators.