Jackpot: Nevada expects big money after online gambling legalization

Nevada has beaten their casino rivals from New Jersey to become the first US state to legalize online gambling and open doors to a potential national market of $4 billion to $10 billion per year.

State Governor Brian Sandoval put his signature on the document
Thursday after lawmakers passed the bill through the Nevada
Assembly and Senate as an emergency measure.

The rush is explained by the fact that New Jersey Governor Chris
Christie has previously vetoed a similar bill, but made it clear
that he may well sign it next week if it’s framed properly.

“This is a historic day for the great state of Nevada,”
Sandoval, who used to be a chairman of the Nevada Gaming
Commission, said in a statement. “Today I sign into law the
framework that will usher in the next frontier of gaming in
Nevada.”

“This bill is critical to our state’s economy and ensures that we
will continue to be the gold standard for gaming regulation,”
he added.

The AB114 law requires the Nevada Gaming Commission to adopt a set
of regulations authorizing the governor to enter into agreements
with other US states to conduct interactive gambling.

It’s especially important for Nevada, which has a rather small
demand for online wagering due to a large number of real-life
casinos in Las Vegas and other parts of the state.

“We don’t have a universe of players,” Pete Ernaut, a Nevada
political consultant, told The Las Vegas Review-Journal. “So for
us, what we get to offer to a state like California or Texas is
that we have the most mature regulatory infrastructure. We have the
most mature financial, auditing and collection capabilities, much
greater than some of those states, and they have the
players.”

According to chairman of state’s Gaming Control Board, A.G.
Burnett, by supply licensing and regulation Nevada could make
online gambling – primarily, poker –  accessible via the
internet everywhere in the US, which would create a potential
market of $4 billion to $10 billion per year.

Nevada started working towards agreements with other states after
their claims to legalize internet gambling were denied by the
Congress back in 2011.

But a letter from Department of Justice, which stated that the Wire
Act of 1961 – often used to crack down on wagering on the web –
only applies to sports betting, allowed the state to bypass the
federal ban.

“We feel pretty certain that an agreement with another state
would be legal because it is some form of compact,”
Burnett
said in an interview with the Los Angeles Times. “We are being
cautious and researching so that we do things appropriately. We are
not going too fast and don’t want to offend the federal government
in any way. But we need to allow our licensees to compete.”

With law coming into force immediately, and Burnett adds the state
already has around 20 applications for online gambling licenses
from different operators, equipment and software vendors.

The first online bet in Nevada is expected to be placed in a couple
of months, while such states like New Jersey and Delaware also
expressing strong interest in internet gaming.

<!–

100k

100k

100k

100k

–>

Article source: http://rt.com/usa/nevada-online-gambling-law-334/

Tags: , , , , , , , , , , ,

Leave a Reply

CommentLuv badge

*