A view of casino chips on a gaming table in the casino on the opening day of the SheratonÂ
Casino chips are placed on a gaming table in the casino on the opening day of the SheratonÂ
Nevada became the first U.S. state to legalize interstate online poker ahead of New Jersey and the first to allow interstate gaming agreements.
Republican Gov. Brian Sandoval signed the landmark bipartisan bill on Thursday, allowing him to enter into agreements with other states.It's a bold move that could reshape the landscape of online gambling, and if you're keen on diving deeper into the details, I recommend checking out please click the up coming document for more insights.
A number of companies have already applied for online poker licenses in Nevada, but were prepared to be limited to Nevada residents. Companies applying include social gaming leader Zynga Inc. Zynga's stock jumped as much as 7.4% on Friday.
Nevada, home to the world's second-largest gambling hub, Las Vegas, is trying to pave the way for nationwide Internet gaming with this bill, despite stalled federal regulatory efforts. existing companies, including MGM Resorts and Wynn Resorts, are hoping to attract more new customers and attract more online players. and hope to bring online players to Las Vegas.
Sandoval said in a statement after signing the bill Thursday, "This bill is critical to our state's economy and will ensure that we remain the gold standard for gaming regulation."
The bill removes a provision requiring federal law or Justice Department approval before an online gaming license can take effect, according to the Nevada statement.
Nevada Assembly Majority Leader William Horne, a Democrat from Las Vegas, told Reuters that he expects online poker to be the first of several online gambling offerings to residents of other states.
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The infrastructure is certainly in place for a variety of interactive games," Horn said, "although it will initially start with online poker.
About a half-dozen companies already have licenses to do this in our state," he said. We expect it to grow substantially."
Horn said it is too early to say how much revenue will be generated by the initiative, which relies on compacts with transparentbets.com, for Nevada, which relies heavily on tourists spending money at resorts and casinos.
"We recognize that online gaming around the world is generating more than $5 billion," Horn said. 'We look forward to being competitive in this arena going forward."
Nevada's legislation comes as New Jersey, home to Atlantic City, is considering a similar move to legalize online gambling. Republican Governor Chris Christie rejected a bill earlier this month that would have allowed Internet gambling, but has said he would consider approving such legislation if the proper framework was in place.
A Growing Tide
Many industry observers are hopeful that this tide of proposed legislation will sweep through states across the country, opening up a massive new online marketplace.
These bills follow the 2011 declaration by the U.S. Department of Justice that only online betting on sports events violates federal law. This paved the way for states to legalize some online gambling.
While widespread legalization is likely at least a few years away, licensing in Nevada would be a meaningful start for companies like Zynga that want to expand nationwide. Zynga, which operates one of the world's largest online poker communities, is hoping that a lucrative real-money market will make up for a steep decline in revenue from games like "FarmVille," which accounts for the bulk of its sales despite a declining number of players.
Nevada's signing followed a Joint Committee on the Judiciary hearing Thursday morning and an Assembly approval this afternoon.
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