Nevada Approves Bill To Legalise eSportsJake Cooper | 06 Jun 2017
eSports is an industry that has been growing at an unprecedented rate across the globe, and particularly in the USA, from where it originates. Now, the lucrative eSports betting vertical is finally set to become legalised in the American state of Nevada after state governor Brian Sandoval approved a bill that has amended the industry’s wagering rules, allowing future gamblers to place real money bets on eSports games.
It is common knowledge that state gaming regulators throughout Nevada have already allowed eSports betting and considered it a viable industry for quite some time. However, the newly approved bill has formalised this type of betting under the state law, making it completely legal for Nevada-based punters to take part in the practice.
NGA To Grant Pari-Mutuel Betting Permits
The bill, Senate Bill 240, will officially be put into effect on 1 July 2017. The new legislative framework will also allow other sports to be categorised under the pari-mutuel betting category – such as betting on television contests or awards ceremonies like the Oscars or the Golden Globes, for example.
As part of the news laws legalising eSports betting in Nevada, the local Nevada Gaming Commission will also be permitted to issue licenses that will enable firms to lawfully conduct pari-mutuel betting systems. Senate Bill 240 states that these licensees will pay quarterly payments to the NGC in order to maintain their licenses, with a tax of 3% on the total amount wagered at any sporting or racing event required.
In an attempt to further regulate and safeguard the newly legalised betting market, the NGC may also soon introduce a fingerprinting process for their licensees, requiring in-depth personal information to perform background checks and ensure that each operator is above board.
eSports Betting Expected To Produce Record Gaming Revenues
The US state of Nevada enjoyed a gaming revenue increase of 1.19% overall during the month of April, growing from $876.1 million in April of 2016 to $886.5 million last month. Although this does signal a boost in revenues, these numbers are not as significant as those released in March, when Nevada’s GGY grew by a whopping 7.45% over the previous year to reach $984.6 million.
It is expected that the legalisation of eSports betting in the state will likely boost these numbers significantly over the next few months, which could signal a lucrative year yet for the state’s regulated gambling industry.