Nevada has always been the ultimate destination for gambling. Everyone would still agree that Las Vegas is still the gambling capital of the world. It will always be a popular destination for gambling enthusiasts.
Now, throughout the years, the state has seen many changes in its gambling regulations. Aside from that, the state is also beginning to compete with the online gambling sector. More and more casino players are shifting online because of convenience.
The Nevada Gaming Control Board reported a 25% decrease in gambling revenue in 2020, and it was largely due to the COVID-19 pandemic and the shift to online casino gaming.
So, how’s Nevada doing today with the rise of online gambling? We’ll be taking a look at that the evolving landscape of gambling regulations in the state, including the impact they may have on the industry in this article.
Quick Look at the History of Gambling Regulations in Nevada
Gambling has been legal in Nevada since 1931. This was when the state legalized casino-style gambling. Since then, Nevada has been at the forefront of gambling regulation, with the state taking a proactive role in shaping the industry and setting standards for other states to follow.
It was in 1955 when the state finally formed the Nevada Gaming Control Board.
Its primary goal is to regulate the gambling industry in the state. The Board ensures that all casinos in Nevada are operating legally and ethically. It also has the power to issue fines and revoke licenses for violations.
Evolution of Gambling Regulation in Nevada
Over the years, Nevada has seen several significant changes to its gambling regulations. One of the most notable changes was the legalization of sports betting in 1949.
Since then, sports betting has become a significant source of revenue for the state’s casinos, especially after the Supreme Court struck down a federal ban on sports betting in 2018.
In 2013, Nevada became the first state to also legalize online poker. The state only allows online poker to be played within its borders, but it still represents a significant shift in gambling regulation.
The Nevada Gaming Commission has also approved online sports betting, which has contributed to the growth of mobile gambling in the state.
Latest Changes in Nevada’s Gambling Regulation
In recent years, Nevada has made several significant changes to its gambling regulations. One of the most notable changes was the approval of skill-based slot machines in 2015.
These machines allow players to use their skills to increase their chances of winning, which is a departure from traditional slot machines that rely solely on luck.
Another significant change was the approval of esports betting in 2017. This move allowed for betting on competitive video game tournaments, which has become increasingly popular in recent years.
In 2019, the state legislature passed a bill that allows for online sports betting accounts to be created remotely, without having to physically visit a casino. Online poker and other online real money casino games are also allowed to be online as long as they’re only accessible within the state’s borders.
The latest changes in Nevada’s gambling regulation reflect the state’s willingness to adapt to new technologies and changing consumer demands.
Impact of Regulation Changes on the Industry
The recent changes in gambling regulations in Nevada have had a significant impact on the industry. The approval of skill-based slot machines and esports betting has attracted a younger audience to casinos, which has been a challenge for the industry in recent years.
These changes also impacted the state’s economy. The legalization of sports betting and online gambling has allowed Nevada to remain a major player in the gambling industry, even as other states begin to legalize gambling.
The state saw a record high of $12.9 billion in gambling revenue in 2019, with $5.3 billion of that coming from sports betting alone.
Even if Nevada took a bad hit during the COVID-19 pandemic, many operators still thrived thanks to their online counterparts.
In 2020, despite the looming pandemic, sports betting has become a significant source of revenue for the state’s casinos. Mobile sports betting accounted for 56.2% of the total sports betting handled in the state.
Wrapping Up
The gambling industry in Nevada has seen many changes over the years, but it continues to thrive. Despite the growth of mobile gambling, Nevada still has a thriving traditional gambling industry.
Now that we’re already past the pandemic, Sin City is back to its glory, and many tourists are still enjoying playing at land casinos. No matter how convenient online gambling is, nothing beats a Las Vegas experience.