Regulatory Hearings in Nevada Could Change Gambling Long-Term

Upcoming regulatory hearings could lead to long-term changes to Nevada’s casinos gaming scene.

Regulatory Hearings Could Change Gambling in Nevada

Upcoming regulatory hearings in Nevada could change the way people gamble in the state in the future. On Wednesday, the Nevada Gaming Control Board (NGCB) will discuss changing its definition of “wagering accounts,” which could lead to a more flexible gaming framework. Regulators will see if they can set up new cashless betting options and define the difference between wagering vouchers and wagering accounts. The new definition would lead to a conversation that could change interactive gaming and peer-to-peer betting beyond online poker.

According to the regulative addition, accounts are used to record and track betting vouchers, monitored by the licensee’s wagering system. 

In May, a workshop for Regulation 5A on interactive gaming was postponed and the commission hasn’t issued a new date for it yet. However, sides against the proposal are already lined up. Three organizations have written statements about the plan. 

888 Holdings, affiliated with Caesars Entertainment Inc., is also looking for clarifications from the regulations regarding online poker in the state. The company has worked on expanding online poker. 

ZenSports Proposes Cryptocurrency and Peer-to-Peer Wagering

On Thursday, the Nevada Gaming Commission (NGC) could consider a recommendation from the Gaming Control Board on ZenSports, a startup company from West Hollywood, California. On August 4, Mark Thomas, the president, secretary and CEO, with 81.35% ownership of ZenSports, did a board presentation for the regulators, showing his “unorthodox visions” of sports betting, including peer-to-peer wagering and betting with cryptocurrency. 

With peer-to-peer sports betting, players will bet against someone they play within the game instead of against the house. Smarkets and Prophet already allow their bettors to bet against other bettors instead of wagering traditionally against the sportsbook.

ZenSports is already looking for licenses in other states, but it wants to secure its entry in Nevada first. The Control Board recommended Thomas receive a license to operate Big Wheel Casino in Lovelock. His company is also buying a small property from Strategic Gaming Management. However, the NGC still has to approve ZenSports’ license. Currently, though, the NGC doesn’t have plans to discuss peer-to-peer betting and cryptocurrency at its meeting this week.

Brick-and-Mortar Gaming Concerns

In a letter to NGCB Chairman Brin Gibson and NGC Chairman John Moran, Adam Corrigan of the Corrigan Companies said that gaming companies in Nevada spent billions on building world-class entertainment resorts. Corrigan Companies operates small gaming facilities Al’s Garage, Vintner Grill and Roadrunner Saloon, and said that interactive gaming operations don’t invest in brick-and-mortar facilities such as casino resorts. According to Corrigan, online gaming will lead to fewer customers visiting land-based venues, limiting casinos to provide funds for reinvestment in their casino resorts. He also stated that many online casinos don’t have land-based operations in Nevada, which diverts reinvestment out of the state. However, the assertion isn’t based on solid data. In states that have launched online gaming, land-based gaming has not seen a decline attributable to the new market.