Posted on: October 20, 2023, 07:57h.
Last updated on: October 20, 2023, 07:57h.
Nevada sportsbooks can now include esports on their boards without needing to petition state gaming regulators for each individual event.
The Nevada Gaming Commission recently gave its approval to new regulations that allow sportsbooks to accept wagers on esports alongside traditional sporting events.
To include esports odds, licensed sportsbooks must fulfill certain due diligence requirements.
“These amendments have been a long time coming and it’s my belief they will help increase the volume of wagers,” said NGCB member Dr. Brittnie Watkins. “They’re in line with our policy goals of promoting the success of gaming.”
The Nevada Gaming Commission unanimously adopted the new regulations, known as 2022-07R, with a minor adjustment made by the agency.
Doping Component Removed
Previously, sportsbooks had to file a request to include esports events like the “League of Legends World Championship,” causing unnecessary workload for both sportsbooks and state gaming regulators. Now, Nevada sportsbooks can quickly include sanctioned esports tournaments on their boards.
While oddsmakers are skilled in determining if an esports event meets the criteria for legal betting, the Nevada Gaming Commission decided against including a provision regarding doping.
The Nevada Gaming Control Board had suggested that sportsbooks be required to communicate with esports organizers to ensure doping provisions are in place. However, the commission felt this would result in fewer esports events available for betting.
Commission Chair Jennifer Togliatti stated, “It’s a nice idea, but logistically, financially, and practically, it’s very difficult.”
Esports Market Growth
Esports, or competitive video gaming, is a thriving industry in the US and is projected to continue growing.
According to Chicago-based Cognitive Market Research, the esports market is expected to reach nearly $4.5 billion by 2030, with a compound annual growth rate of about 18%.
Partnerships with major players like Microsoft’s Xbox and advancements in technology are contributing to the market’s expansion.
“Over the last few years, there has been a rapid increase in smart device adoption and internet penetration. Smart devices offer flexibility to customers on a smartphone, laptop, desktop, or tablet. With these devices, users are simply able to access several esports through apps and websites,” the research report detailed.
The study also noted that esports’ popularity is attributed to the opportunity to win real money and the potential for a full-time career in the industry.