At a gambling and eSports conference at the Westgate, which took place yesterday, 7th September, Nevada Gaming Control Board announced that the prohibition of sports betting on annual eSports events will be repealed. This will allow sportsbooks and operators to expand their assortment of betting options, offering not only bets on a current event, but also on a series of events in case that these are organized by the same company.
Nevada – the First State to Offer Bets on eSports
Earlier this year, Nevada became the first state to legalize eSports betting. Under the amendments of the gambling law, which came into effect on 1st July, sportsbooks are allowed to offer bets on “other events”, which are not associated with traditional sports betting. These include horse and animal races, eSports and others. The bill was passed unanimously in both chambers and it was approved by Nevada Governor Brian Sandoval.
In fact, the state started to make its first steps in the eSports betting industry last fall, when the Nevada Gaming Control Board greenlighted the Gaming Policy Committee’s proposal to allow betting on eSports events. Following the news, it did not take long until the state welcomed its first bookmaker to offer bets on eSports events. Since then on, eSports betting is considered to be legal, and the recently signed bill only makes it sure that the changes will remain in the near future.
Exploring the eSports Industry’s Potential
Speaking of eSports, it is worth to note that the sector experienced a rapid growth in the last years. Many experts even project that the eSports betting sector is to develop even more in the coming years and the revenues will jump to $696 million by the end of 2017. The potential of the sector was noticed by the Nevada’s officials, who decided to attract new revenue stream by regulating and taxing the thriving eSports market. Up to now, eSports betting is outlawed in all the US states, except Nevada, but fans place hopes that more states will open their eyes for the rising potential of the market.
Accelerating the Sector’s Expansion
Keeping their fingers on the pulse of the industry, the state’s authorities announced their decision to allow eSports bookmakers to offer bets on a whole series of sports events as long as these are organized by the same company. This means that the players can place their bets on the outcome of an event such as World Series of Poker. The news came from Nevada’s Gaming Control Board Chief of Enforcement Karl Bennison, who explained that the entire board accepted the idea. Under the new changes, bookmakers will be authorized to offer eSports betting on multiple events, but they will be required to ask the gambling authorities for a permission.
Conclusion
Being the first to regulate and even expand its eSports betting market, Nevada’s officials recognize all the benefits from their move. They will not only secure a fresh money stream to the state’s coffers, but also boost their already thriving tourism sector. Moreover, by pleasing the players’ needs, the officials will also combat the illicit gambling practices and thus tap cash leakage, which usually occurs in places with too tight restrictions.
