Nevada is considered to be the top sports betting destination in the United States. Almost all of the state’s casinos offer sports betting platforms, some of which are online. This week, gaming analysts began calling for online sportsbooks in Nevada to change their registration process.
With growing competition all over the country, Nevada is looking for any way to increase their gambling revenue. Changing the way people sign up to the state’s internet sportsbooks might just work. Let’s look at what’s being discussed.
Nevada’s Online Sports Betting Industry Continues to Grow
For decades, Nevada was the only US state that was legally allowed to offer sports betting. This changed in May of 2018 when the US Supreme Court struck down PASPA. Today, every state can set its own laws on the sports gambling industry.
Several states including New Jersey and Pennsylvania now have successful sports betting markets. Despite this, Nevada’s revenue from sports gambling continues to grow. During the first four months of 2019, sports betting revenue in this state reached $104.62, up 22% from the same time period last year.
A month-by-month revenue breakdown looks like this.
- January: $14,626,000 (-41.7%)
- February: $35,816,000 (+235.1%)
- March: $32,523,000 (-4.7%)
- April: $21,656,000 (+32.6%)
It’s clear that even with the rise of sports betting around the country, Nevada continues to generate money from this industry. Interestingly, some of the top gambling analysts are now calling for online sportsbooks in Nevada to change.
Registration Process for Online Sportsbooks in Nevada Should Change
As we’ve already mentioned, many states now allow sports betting. Several of these states have also legalized online and mobile sports betting. Nevada is one of these states, yet the registration process for these websites is not quite as simple as it is in other parts of the country.
Nevada made online sports betting legal in 2010. Here, individuals looking to make sports wagers online need to register at a land-based casino. It’s significantly more difficult than in states like New Jersey, where gamblers simply verify their identity and enter their credit card details.
There are many that feel online sportsbooks in Nevada are at risk of failing if the state doesn’t change the way that players register. This is especially true as more states begin to legalize and regulate internet sports betting.
A 2017 report from Eilers & Krejcik claims that 71% of individuals in the US would rather gamble through unregulated gambling sites based in other countries than visit a local casino to place sports wagers. Gambling analyst Chris Grove believes it’s time for Nevada to change its current laws on the online sports betting industry.
“Las Vegas needs to be able to offer a sports betting product that is equal to, if not better, than what they can do at home,” he said. “If the remote regulation stays in place, Las Vegas will have a materially worse sports betting experience than most of the rest of the U.S. If that’s the case, it’s going to be difficult for Las Vegas to capture all of the upside from sports betting being legalized across the rest of the U.S.”
NV Gaming Control Board Doesn’t Seem Concerned
Based on what’s being said, it doesn’t look as if the Nevada Gaming Control Board is overly concerned with most people’s opinion about the state’s online sports betting system. Last year, lawmakers in this state briefly talked about changing the way registrations work for online sportsbooks in Nevada, yet nothing came from it.
Sandra Morgan, chairwoman of the NV Gaming Control Board, commented on the internet sports betting industry to the media this week.
“I do think we have a great and stable statutory and regulatory scheme, but there’s always room for improvement, and to be able to modernize regulations that have been in place for a very long time is definitely going to be a focus of mine,” she said.
Analysts believe that the current set of laws are in place to drive people into land-based casinos in Las Vegas. This city relies on casino gambling to generate revenue. Forcing individuals to register in these casinos in order to play at online sportsbooks in Nevada is one of the easiest ways to accomplish this.
Perhaps in the next few years, lawmakers in the state will realize that the system needs to change. Make sure to stay tuned for updates to Nevada’s online sports betting laws over the next few months!