Throughout the United States in total gambling is a $50 billion business. 20 Percent of that number comes from just Nevada alone. Within Nevada one third of the general tax revenue comes from state gambling taxes. The state of Nevada prefers to refer to the act of gambling as ‘gaming’ this is because the word ‘gambling’ has a negative ring to it. The state also believes gaming is exactly what it should be, players should play for fun with the possibility of winning a huge jackpot.
Some wonder why Nevada offers the largest variety of casinos. This is mainly due to the fact that Nevada carries the lowest monthly tax percentage over any other state in the United States. Here, casinos will need to pay $250 per slot machine for any casino that has over 15 slot machines in total. On top of that the casino also has a 6.75% monthly tax on gross gaming revenue.
Land Based Casinos
Those who are employed within a casino are required to carry a valid gaming work permit and must be registered with the state of Nevada. The only exception to this law is for bartenders and cocktail waitresses. When walking into a land-based casino in Nevada, a player must be 21 or older to enter the casino and gamble. Younger children are allowed in the casino but only on public walkways.
Gaming in Nevada became legal in 1931 within land based casinos. One thing that may come as a shock to those looking to gamble in Nevada is that there is no Nevada state lottery. This is due to all of the other gaming that takes place in Nevada. Most feel payouts from slots have better odds than a state lottery would. The state also does not participate in any multi-state lottery pools either. The closest thing to some form of lottery is the Megabucks promotion which is a multi-casino progressive slot machine that features a jackpot that starts at $10 million.
Online gaming is also legal within Nevada. Players have often been confused by the federal regulations surrounding this topic. Currently there is no legislation in place that prohibits players from gaming online. According to GTO, the law that certainly causes some confusion is the UIGEA which was passed in 2006 and prohibits banks & financial institutions from processing online casino transactions. Since the passing of this law, many other methods have come up to help players continue playing online. Nevada also allows Parimutuel betting for those who are 21 and over. Currently the state offers one horse racing track which is located in Elko, Nevada.
As of 2013, Nevada has passed laws which makes it legal for online casinos to operate in the state of Nevada. The state of Nevada has always been interested in integrating online gaming into their casinos however one thing stood in their way. Laws. Up until now it has been illegal to operate online casinos from within the United States. Nevada residents had to find off shore casinos to gamble from online, but this has all changed.
Companies as well as land based casinos are now able to open their own online casinos in the state of NV. There were some concerns with online casinos taking away from land based casinos however once the numbers were looked at, the state came to the conclusion that there is a possible $4 billion to $10 billion dollars currently going overseas each year.