Nevada May Simplify Cancellation of Past-Posted Sports Bets
While online sports betting is generally a very smooth process, errors can occur. A major issue facing the industry is the occurrence of past-posted wagers.
Possible rule change coming to Nevada for past-posted wagers.
LISTEN TO THIS ARTICLE:These are bets that remain open for placement after a sporting event has begun or after its outcome is known. This type of bet gives an unfair edge to bettors who place them, whether knowingly or not, and allows them to secure a guaranteed win.
Nevada has proposed a solution, which would streamline the process for canceling this type of wager. The change would allow betting operators to void past-posted wagers without needing approval from the Nevada Gaming Control Board (NGCB).
This proposal was initially discussed at an NGCB meeting in July, where members chose to take more time to consider the matter. According to a report from CDC Gaming, the NGCB has now recommended moving the proposal forward, following a decision made earlier this week.
Proposal Heads to Nevada Gaming Commission
The Board’s recommendation on Wednesday means that the proposal will now advance to the Nevada Gaming Commission, which is scheduled to meet on August 22. If approved, the new rules enabling operators to cancel past-posted wagers could be in place just in time for the upcoming football season.
The proposal, if enacted, would no longer require Nevada sportsbooks to seek approval from the NGCB’s chair, Kirk Hendrick, for canceling past-posted wagers. Instead, operators would have the autonomy to void these bets at their discretion, effectively reducing the regulatory burden on the Board.
Related: Nevada Gaming Commission Puts Penn Entertainment Executives in the Hot Seat
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Finding a Fair Solution
Hendrick highlighted the Board’s challenging role in ensuring fair treatment for both bettors and licensed sportsbooks. He noted that if a patron unknowingly or deliberately places a past-posted bet, the sportsbook should have the ability to address the mistake.
He acknowledged that digital errors can lead to bettors taking advantage of past-posted wagers, resulting in substantial payouts. However, Hendrick emphasized that if the outcome of an event is already known, “then there’s no wager.” The proposal ensures that such wagers can be canceled, preventing patrons from contesting these decisions.
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