The Nevada Gaming Control Board held a public regulatory workshop on Monday to field questions and possible revisions to the new Regulation 5A, which lays out the framework for online gambling in the state. According to several reports, the hearing went extremely smoothly, as attorneys, former regulators, and officials from gaming companies raised few concerns during the 75 minute session.
Assuming the rest of the process for finalizing regulations goes as smoothly as the workshop, Regulation 5A should be set by the end of the year. Gaming Control Board Chairman Mark Lipparelli told the Las Vegas Review-Journal, “I think we have a solid foundation for regulations.”
The new regulations designed to have everything in place so that the state of Nevada can begin to issue licenses to online poker firms should one of two things happen: a) the federal government formally legalizes online gambling, or b) the U.S. Department of Justice tells the Nevada Gaming Commission or the Gaming Control Board that interactive gaming is allowed by federal law. Regulation 5A establishes the framework for all things online gambling related, such as licensing, internal controls, and self-exclusion requirements, along with dispute resolution procedures.
Prior to any final changes, some items which may interest online poker players include:
• Legal online gambling age will be 21.
• Licensees will be required to maintain a revolving fund of $20,000 to pay for compliance investigations.
• Players may only have one account at a given operator and may not use fake names.
• Credit cards are allowed as a means to deposit player funds.
• Inter-account transfers between players are not permitted.
• Hand histories must be kept by the operator for five years.
• Operators must take proactive steps to prevent bot use.
According to VegasInc.com, RedRockOne CEO Michael Jabara spoke up at the workshop, urging the Gaming Control Board to adopt the regulations as soon as possible so that Nevada can have a first mover advantage on other states that may be considering similar online gaming regulations. As stated earlier, it does sound like everything will get done sooner rather than later, as Nevada wants to be both the brick and mortar and online gaming capital of the United States.
In a statement made in August after Regulation 5A was drawn up, Lipparelli said, “Internet poker has become a multibillion-dollar business around the world.
“The technology supporting it, while not perfect, has improved dramatically since its introduction. Similar to our land-based requirements, Nevada will establish high standards giving players as much confidence as possible in the entities and technologies that might eventually gain approval.”
Unlike other online poker and gambling legislation in various stages in other states, these regulations would govern a game open to players worldwide (or just within the United States, depending on what the eventual federal law says), rather than simply within state borders. This is a long-term plan for Nevada, which wants online poker companies to lay their U.S. foundations in the Silver State once the game is legalized on the federal level. Not only would Nevada receive licensing fees, but the gaming firms would create jobs for state residents.
