Sportsbooks have been taking bets on eSports for over 13 years and its popularity keeps getting bigger every year. While most sports betting websites around the world are taking bets on eSports, Nevada sportsbooks are the exception. This is because they have not shown much interest in it and have not regulation in place for it. However, this year things have been different and there has been some progress for the Nevada eSports Betting Expansion Regulation.
Last year, Nevada gaming regulators made the Esports Technical Advisory Committee (ETAC) to facilitate betting on esports in the state. The main reason for the expansion was because of the requirements for sportsbooks to accept eSports bets. Under the current rules, sportsbooks must get individual approval for every eSport Event. Needless to say, this is a time-consuming method and is not a friendly environment to eSports Gambling.
Almost a year later, they finally have an eSports Betting regulation to propose to the Nevada Gaming Control Board (NGCB). Under the new regulation, gambling operators would know which events are eligible for accepting esports bets. Therefore, it would let them let sportsbook plan in advance and even allow the promotion of the events.
According to sportsbook software solutions, the decision for their final version of the eSports betting regulations took place on Monday. During the voting session, the eSports gambling regulation got the approval from the committee. However, that is only the first step in making the eSports Betting Expansion Regulation official.
Nevada eSports Betting Expansion Regulation Update – More Approval Necessary
Now that the ETAC all agree on the eSports Betting Expansion Regulation, the NGCB needs to approve it. According to gambling analysts, the NGCB should receive the new regulations by the end of the year. If all goes right, the evaluation will pass and then go to the Nevada Gaming Commission for the final approval. Theoretically, eSports wagering in Nevada could be completely legal and have the proper regulation in place in 2023.
Originally, the ETAC was made as the first major step for Nevada to expand its gambling ecosystem. However, the original bill to regulate eSports betting had many flaws in it. One of them being gambling operators having to apply for an eSports license with a separate entity. Under Regulation 22 of the bill, it would all fall under the ETAC jurisdiction.
Furthermore, with the new regulation, sportsbooks would be able to accept bets on esports events without approval. That is, as long as they have the complete information about the video game in the event.
Millions of people watch eSports matches online or in person at some of the biggest venues around the world. With so many fans, the eSports market is currently worth over $1.4 billion and $5.74 billion by 2029. Therefore, offering eSports Betting is Essential to Sportsbook Growth and Nevada needs to hurry with its eSports Betting Expansion Regulation.
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