- The Esports Technical Advisory Committee, an eight-member group established last year to allow esports betting in the state of Nevada, moved a step closer to recommending the first rules for betting on esports contests in Nevada.
- The ETAC has been working on new rules for wagering on esports events.
- In October, the committee intends to complete the regulations.
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Esports Wagering Getting More and More Popular
The Michelob Ultra Arena at Mandalay Bay and the HyperX Arena at Luxor are just two venues where millions of spectators watch esports matches live or online. When the MSG Sphere at The Venetian opens its doors in 2023, even Madison Square Garden Entertainment will host esports competitions there.
Considering the surge in interest in attending sporting events, several analysts believe that esports could be ”the next big competitive thing for a city.” Esports betting is viewed as a logical progression in the development of tournaments.
Betting on esports ”is already happening,” according to Brendan Bussmann, a gaming industry analyst with the Las Vegas-based B Global. This is in defiance of Nevada and other local laws.
Additionally, Bussmann said that bringing all participants together and ensuring that everyone is on the same page in terms of gambling market regulation is a crucial component of the advancement of sports betting.
ETAC Creating Regulations for Gambling
The proposed legislation was presented to the Esports Technical Advisory Committee on September 21 after months of work on esports gambling-related regulations.
It made the decision to send the plan back for an amendment to the Nevada Attorney General’s office. The committee and the attorney general’s office have been working together to develop the aforementioned regulatory framework, which will permit esports wagering by 2023.
According to the proposed plan, bookmakers would be permitted to take bets on esports events without the Nevada Gaming Control Board’s special consent (NGCB).
The ETAC will gather on October 24 to take one more look at the gaming laws before submitting them for consideration to the NGCB and the Nevada Gaming Commission.
The NGCB’s Regulation 22, which governs racebooks and sports pools, will include the new esports regulatory framework as an amendment. The committee will also talk about whether or not esports betting regulations should be added to or modified for sports betting.
Additional restrictions, like sportsbooks’ subjecting themselves to due diligence procedures, would be part of the new regulatory structure. All esports leagues and events on which bets have been received must be reported to the Nevada regulatory authorities on a quarterly basis.
If a problem arises, the NGCB chairman would have the authority to forbid bookmakers from taking bets on specific esports events. On the other hand, bookmakers may ask for a review if they think a league or tournament ought to be open to wagering.
On July 18, the Nevada Gaming Control Board (ETAC) had a meeting with a number of esports betting businesses, including Oddin.gg, GRID.gg, and Bayes Esports, to explore the creation of regulations and the introduction of esports betting in Nevada.
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