Senate Bill 240 is a measure that was sponsored by Clark County Republican Senator Becky Harris that was recently signed into law by Nevada Governor Brian Sandoval. The bill amended the pari-mutuel wagering rules of the state, essentially allowing ‘other sports’ to be included in the category. In the mix is eSports betting, an activity that will soon be legalized in the state thanks to the approval of the bill.
eSports and proposition bets on awards shows will be allowed in the state once the law goes into effect on the 1st of July. Gaming regulators of the state already allowed eSports wagering to take place but the bill formalizes the activity under state law. With the new law, the Nevada Gaming Commission has the ability to issue licensing to permit the operation of pari-mutuel wagering which includes off-track pari-mutuel bets. The Commission has the ability to adopt, amend and repeal regulations that are related to such betting options.
Regulators of the state also have the ability to create an Off-Track Pari-Mutuel Wagering Committee that will involve 11 people who are licensed to take part in off-track pari-mutuel wagering. The Commission will also have the ability to require a licensee to submit fingerprints and information in regards to their character, habits, etc.
The Senate Bill states that the Commission will be provided quarterly payments from the licensees at a 3% rate on the total amount of money wagered on a sporting event or race. The amount has to be provided after the cost of administration has been deducted. This amount must not go over 5% of the amount collected and paid to the State Treasurer by the Commission to the State General Fund.
eSports has the potential to be big business in Nevada. The Luxor has plans to create a multi-tiered dedicated esports arena and a 15,000 square foot space has already been opened by Millennial. With conventions and tournament events becoming the norm, it will not be surprising to see the state earn big bucks in the coming year with quality regulations now in place.
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