Nevada Gaming Control Board Rejects Sports Betting Ticket Exchange Proposal
On May 23, the Nevada Gaming Control Board (NGCB) once again rejected the proposal for sports betting ticket exchanges in the state, a concept pushed by PropSwap.
The board’s decision blocks the initiative to allow wagering companies to facilitate the trading of sports bets.
Background and Proposal Details
PropSwap, which was banned by Nevada regulators in 2021 due to operating without a gaming license, had proposed Regulation 5.240.
Aimed to establish a new category for “betting ticket resale service providers,” regulation would allow them to run an online sports betting ticket exchange without needing a traditional gaming license.
During the meeting, NGCB Chair Kirk Hendrick expressed skepticism about the necessity and demand for such a service in Nevada.
He raised several concerns, including potential exposure to money laundering and the complexities of enforcing know-your-customer and player protection measures.
NGCB’s Concerns
“I’m a big believer in new concepts and entrepreneurship… but I have a number of concerns about this activity in Nevada. Is this something the Nevada gaming industry needs and customers in Nevada need and want?” Hendrick questioned during the session.
While acknowledging the potential for future reconsideration, Hendrick concluded, “This is a good draft of what could happen and I would say in the future it may be looked at again. But from where I sit today, I’m not in favor of recommending it to the commission.”
PropSwap supports a bill in the Nevada legislature to legalize the service, which has not advanced but could be revisited in 2025. Despite the current rejection, Hendrick indicated that the issue might be reconsidered in the future if justified.
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