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- Regulatory Workshop Held by Nevada Gaming Control Board
- Saturday, October 1st, 2011 by Nadia
A regulatory workshop held by the Nevada Gaming Control Board recently was quite successful. In the hearing, which took place this Monday, the Gaming Control Board addressed queries and took suggestions on its Regulation 5A. Reports suggest that the 75 minute session went without interruptions. Former regulators, attorneys and gaming company officials, raised a few issues.
If the rest of the approval procedures go smoothly, Regulation 5A can be expected to come into effect by the year end. Mark Lipparelli, Chairman of the Gaming Control Board, made a statement that the new regulation has a solid base.
Conditions for Nevada to Issue Licenses
There are two conditions, of which at least one will have to be met for Nevada to be able to issue licenses to online poker rooms. The conditions are that:
- The US Department of Justice will have to declare that federal law allows interactive gambling. The department should convey this either to the Gaming Control Board or the Nevada Gaming Commission.
- Online gambling has to be legalized by the federal government.
Key Points Laid Down by Regulation 5A
The new regulation states that the minimum age to engage in online gambling is 21 years. It also mandates that a player can create only a one account at a particular site. They will not be permitted to create multiple accounts with fake names. Regulation 5A will allow credit cards to be used for funding accounts. However, funds cannot be transferred internally, between players. The regulation also states that operators should maintain hand histories of players for at least 5 years. To restrict bot use, operators will be required to take appropriate measures, as stated by the regulation.
As opposed to other gambling regulations which have rules for a specific state, the new regulations will govern online card rooms which are open to players across the world or within the US (as per the federal law provisions). Nevada?s plan in this regard, is a long-term one. Its goal is to make poker companies in the nation lay their foundations in the silver state of the United States. This can bring in fees from licensing in the state of Nevada. Plenty of jobs will also be created in the process.
RedRockOne CEO?s Thoughts on Regulation
Michael Jabara, the CEO of RedRockOne, mentioned that the regulations should be adopted by the Gaming Control Board at the earliest. With the goal of becoming the US capital for both online and offline gambling, Nevada will see to it that the regulation is finalized in the near future.
Lipparelli Optimistic About Approval
Lipparelli, in a comment on regulation 5A stated that online poker is a large multi-million dollar business today. Though the technology used by online gambling sites is yet to reach a level of perfection, it has improved a lot in the recent years. Driven by the aim to establish high gaming standards so that gamers can play with confidence, Nevada will employ new technologies. These will be approved eventually, said Lipparelli.
Source: http://www.playsolidpoker.com/poker-news/regulatory-workshop-held-by-nevada-gaming-control-board/
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