NEVADA’S ONLINE GAMBLING REGS ACHIEVE A SMOOTH INITIAL PASSAGE
Tuesday, September 27, 2011 : This week's workshop produced few arguments
The Nevada Gaming Control Board's workshop to discuss the state's proposed new online poker regulations was held in Las Vegas Monday with little in the way of controversy or argument.
The suggested regulations have been drafted to ensure that Nevada is in a position to move forward immediately federal legalising laws are passed.
Officials explained the regulations, heard testimony and answered questions during the one-and-a-half hour session, which was well attended by players, industry attorneys, former regulators and corporate representatives of firms with an interest in the opportunities legalization could present.
The audience was briefed on the requirements regarding the operation of interactive gaming, licensing, internal controls, record-keeping, player registration, fees, dispute resolution and the reporting of suspicious wagers.
Highlights of the briefing included:
• The Nevada Gaming Commission must review and approve all interactive gaming systems of applicant companies.
• There is a requirement for ongoing testing of interactive systems, including privacy oversight to protect a player's identity and account information.
• Strict requirements regarding the registration of players, including identity, age (21 years) and location verification, together with checks that the player is not a problm gambler or excluded player.
• Records of all financial transactions, wins and losses, must be kept and players may not be given credit.
• Operators must report suspicious wagers within seven days.
• Interactive gaming licenses are classified as distinct from any existing gaming licenses that may be held, and therefore a new i-gaming licence must be taken out by applicants, for which fees will be charged. Fees have been set at $500,000, with $250,000 annual renewals and $125,000 for service providers with $25,000 annual renewals.
Further public hearings will be held by the Commission and the Board in November before the final regulations are approved, which must take place before January 31, 2012.
Control Board Chairman Mark Lipparelli appeared pleased with the smooth passage of the regulations through the first hearing, saying: "I think we're fairly close….we have a solid foundation, but there may be changes based on [12] written comments that were submitted."
