Nevada Proposes Rule Empowering Sportsbooks to Nullify Past-Posted Wagers

The rise in popularity of mobile wagering and its expansion across the United States brought significant changes to the industry. While previously, retail wagering was popular, mobile betting created a whole new audience and demand for fast-paced wagering and a range of markets.

Yet, in the digital age, mistakes still can happen and sports betting isn’t immune. One of the issues in the sector revolves around the so-called past-posted wagers. Such are bets which remain open for play while the sports event has already started, or its outcome is already known. This grants an unfair advantage to the bettors who may knowingly or unknowingly place their wagers and score a guaranteed win.

One proposal in Nevada seeks to make the process required for canceling such wagers significantly easier than before. The proposal would affect betting operators and enable them to cancel past posted wagers without requesting approval from the state’s gambling regulator, the Nevada Gaming Control Board (NGCB). 

Initially, the change was discussed during the NGCB meeting back in July. However, a decision was not taken at the time as members were given more time to consider the issue. Now, according to a report from CDC Gaming, the NGCB recommended the change for approval earlier this week.

The Board’s decision came on Wednesday, which means that the proposal will now move forward and expect a green light from the Nevada Gaming Commission. The next meeting of the Commission is planned for August 22, and it is likely that the proposal that enables operators to cancel past-posted wagers would be discussed then. In case the change is approved, it may come just in time for the upcoming football season.

Reducing the Regulatory Burden

Per the proposal, sportsbooks in Nevada will no longer have to request approval for the cancelation of past-posted wagers from the NGCB’s chair, Kirk Hendrick. As noted, the change enables the operators to cancel those wagers at their own discretion. This is expected to remove an unnecessary regulatory burden from the regulator.

Hendrick explained that the Board has the difficult task of ensuring fair treatment not only for the bettors but for the licensed sportsbooks as well. “If a patron were knowingly or unknowingly making a past post, they would have a relationship with that book where the book would be able to say, ‘Maybe I made a mistake here,'” he explained.

Hendrick said that through mistakes that can happen in the digital age, bettors can take advantage of past-posted wagers and cash out significant sums. However, he reiterated that if the outcome of a sports event is known, “then there’s no wager.” Finally, Hendrick explained that the proposal allows such wagers to be removed while ensuring that patrons cannot dispute those decisions.