Nevada sportsbooks can now void wagers on events that already happened all by themselves.
Nevada sports betting regulators adopted rules in November to streamline the correction process for what is known as “past posting.”
Previously, NV sportsbooks had to seek approval from the Nevada Gaming Control Board chair to cancel the bets they have come to erroneously accept when failing to update their markets properly.
What is ‘past posting’?
Past posting can occur when a sportsbook inadvertently leaves betting markets open after an event has started or ended.
It typically stems from human or system errors, like using the wrong start time for a game.
For example, international events with last-minute schedule adjustments can lead to sportsbooks taking bets on events that have already happened.
Rule changes for Nevada sportsbooks
Under amendments to Sections 22.060 and 22.115 of the regulations, NV sportsbooks can void these bets independently but must report their actions immediately to regulators and submit a detailed report within 45 days. The rules took effect upon adoption.
These rules only apply to cases where the outcome of the event is definitively known. Other types of bet cancellations still require formal approval from the NGCB, though there have only been 10 such requests in the last four years, Nevada Senior Deputy Attorney General John Michela noted.
Nevada sportsbooks cannot void other bets without approval
A previous draft of the rules would have allowed sportsbooks broader authority to void on their own.
“The enforcement division was concerned it would be inundated with new and novel house-rule proposals allowing recessions without Board chair approval under a myriad of circumstances,” Michela said.
“To address this potential issue, the proposed changes to the regulation have been limited to specify that Board chair approval is not required to recognize an attempted wager placed after the outcome of an event has been determined is void.”
Recent ‘past posting’ violations
New Jersey regulators fined bet365 $33,000 in August for accepting more than $257,000 worth of wagers on prohibited or already-completed events without permission.
The infractions included bets placed on a college basketball game between the University of Louisiana-Lafayette and the University of Arkansas-Little Rock after the game had already started due to a time change, bets on the Honda Classic several hours into the golf tournament and wagers on Bellator MMA events that had already concluded, due to a scheduling error that led to the incorrect posting of start times.
Sportsbooks like bet365 typically spell out in their house rules that they can void bets deemed posted in “obvious error.” That is sufficient enough for some states to allow them to act on their own, though the complexity of state-by-state regulations has led to these errors and fines where stricter rules apply.
