Governor Sandoval Signs Online Gaming Bill - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Governor Sandoval Signs Online Gaming Bill

Courtesy: Office of Governor Brian Sandoval Courtesy: Office of Governor Brian Sandoval

Governor Brian Sandoval has signed Assembly Bill 114 into law. The new law fully legalizes interactive gaming in Nevada.

Senate and Assembly Judiciary Committees unanimously approved AB114 on Thursday before quickly sending it to the Assembly where it passed unanimously.

In testimony before the committee, Gov. Sandoval said a similar internet gambling bill is pending in New Jersey.

"This legislation, today, finally opens the door to allow Nevada licensees or those who would get licensed in this area to get engaged in online gaming," Gov. Sandoval told us earlier today.

The previous law meant online gaming licenses would not be effective until the federal government gave the okay. The new law bypasses that regulation giving Nevada a head start in a fiercely competitive national arena.

The ability to offer gaming outside of Nevada's borders is also something lawmakers say will bring millions of dollars of tax revenue into the state.

"Online gaming is a multi-billion dollar industry and we've been missing out for years on that revenue and we hope to start benefiting from it," says Assembly Majority Leader William Horne.

The tax rate on interactive gaming would be about 16%. Revenue would be split among the federal government, the state where the player lives, and the state where the company is based.

Senator Horne sponsored the bill and says there is very little opposition to this.

And while some worry it could hurt casinos in Nevada, he and the governor say it should actually help them.

"I don't understand if thre are any brick and mordars that are opposed to this. This is a great opportunity for them to get into a new area of gaming," says Gov. Sandoval.

The law also means anyone that has been operating an illegal online gaming company cannot apply for a license for five years or apply for a waiver if they think they haven't broken the law.

Governor Sandoval made the following statement after signing Assembly Bill 114, internet gaming legislation:

"This is an historic day for the Great State of Nevada. Today I signed into law the frame work that will usher in the next frontier of gaming in Nevada. This bill is critical to our state's economy, and ensures that we will continue to be the gold standard for gaming regulation.

"I want to thank Assemblyman Horne for his work on this very important issue, and Senate and Assembly leadership for making this legislation a priority. This effort shows what we can accomplish when we put our party labels aside and work together as Nevadans."

(The Associated Press also contributed to this report.)

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