Nevada Eyeing up for a Revolutionary Gaming Expansion

nevada sports bettingThe Gaming Control Board of Nevada is looking forward to expanding the gambling laws that would allow the bettors residing outside of the state to place bets with Nevada sportsbook.

The gaming authority has been trying different ways to increase the gambling sector’s reach in the sports betting space. This comes after the five other US states have started offering comprehensive sports betting options after the federal ban was lifted on sports betting in May this year.

Both the federal government as well as the state government has to approve such kind of measure in the first place.

Nevada was the only state exception to the former federal ban where it allowed different kinds of sports betting to its players for several years. Sports betting is available across New Jersey, Delaware, Mississippi, West Virginia apart from Nevada.

Important Changes to Consider

Ten representatives in the gaming industry have testified on necessary amendments to 4 potential regulations. One of them is the Regulation 22 that covers race books and sports pools.

The board is planning to alter the existing regulations that stop racebooks and sportsbooks that does not allow players from outside the state to place bets. The proposed amendment is likely to say “unless such wagers are legal in the jurisdiction from which they originate, and federal law allows such wagers.”

At the same time, the new regulation also abolishes the requirement of full social security number by the players while opening an interactive game account. In place of that, players just have to mention the last four digits of their social security number, and it is aimed at protecting their sensitive and confidential data.

An additional proposal in the new regulation is that the sportsbook has to honour any winning ticket for 12 months. At the moment, the period is up to 30 days. Some sportsbooks allow a larger time frame for the settlement of bets.

The representatives of MGM Resorts International, Caesars Entertainment and Wynn Resorts also called for rules that will allow players to create a game account while physically available at the casino site. This rule is not applicable in New Jersey as a part of the new betting laws of the sportsbook.

The state of New Jersey receives more revenue from the online sports betting than the land-based casinos. The motion requires a majority voting by the board members before it can be placed to the Nevada Gaming Commission.

Another separate motion will require the sportsbook to offer different types of betting to players. The Chairman of the gaming board will have the final say in this matter once the application is submitted describing the event like its supervision and integrity protection of the players.

Sports Betting Legalization Success

After the federal ban was lifted and new sportsbooks were introduced, several states across the USA have started experiencing some substantial success.

In September, the state of New Jersey doubled its revenue with an increase of $96 million in August up to $184 million until that month. It shows a 92% hike and New Jersey is looking forward to increasing the figure to three-fold times shortly.

The Mississippi state is able to garner revenues of $10 million in sports betting in August where it has just started. West Virginia is able to manage revenue worth $5 million in August.

One of the biggest reasons for the increase in revenue in the state of New Jersey is starting of college and football seasons.

Online sports betting is likely to become a trend with more players opting for it and is the same reason why Nevada is planning to expand its game offerings.

While Nevada has a significant share in the gaming market because of the enormous tourism level and holding of several sports event, the state is indeed looking to rise and shine with its sportsbook betting soon.

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