Current Speaker Kirk Hendrick, who was appointed for a four-year term in 2023, announced he would resign in January while continuing to serve until the conclusion of the Nevada legislative session on June 2.

As a result, Mike Dreitzer will now step into a more prominent regulatory role in the state. Nevada uniquely operates with two regulatory entities: the NGCB and the Nevada Gaming Commission, which has oversight over the board. Nonetheless, the board’s chairman handles the majority of daily operations.

Dreitzer is set to complete Hendrick’s term, which lasts until January 2027, with the possibility of reappointment for another full term thereafter.

Governor Lombardo expressed his appreciation for Hendrick in a statement: “As he prepares to step down, I am exceptionally grateful to President Hendrick for his partnership and service to our state.” He added, “Under his leadership, the Nevada Gaming Control Board has eliminated bureaucratic hurdles and made tremendous progress in modernizing and innovating gaming in Nevada.”

Dreitzer, who was previously the CEO of gaming supplier Gaming Arts, expressed enthusiasm about furthering the board’s vital mission and collaborating with its team to uphold high standards in gaming regulation for the state.

Nevada’s gaming market faces numerous regulatory challenges. Hendrick was also assigned by the Governor, along with other state agencies, to undertake an internal review aimed at updating existing regulations.

During his tenure, Hendrick’s board successfully cut 16 state regulations and hosted multiple workshops focused on payment systems. He played a significant role in facilitating a regulatory amendment set to be implemented in 2024, which permits customers to utilize betting accounts for non-gaming purchases at licensed establishments—an important milestone for the industry.

As Dreitzer steps into this pivotal role, he will navigate a turbulent period for Nevada gaming. The Las Vegas casino sector has been rocked by a significant scandal involving money laundering and illegal gambling activities.

Read also: Legal Breakthrough for Kalshi: New Jersey Court Halts Enforcement Actions by Gaming Regulators

Under Hendrick’s leadership, the NGCB imposed fines of $10.5 million and $8.5 million on Resorts World Las Vegas and MGM Resorts for their involvement in the scandal. Moreover, a former executive affiliated with both companies, Scott Sibella, had his gaming license revoked during Hendrick’s time in office.

This scandal, which was exposed and prosecuted by federal authorities, has cast a shadow on state regulatory bodies. Additionally, an employment discrimination lawsuit filed by a staff member last September hints at internal strife.

Job rotation has been a notable issue, with the NGCB experiencing high turnover in recent years. Dreitzer will be the fifth chairman since January 2019, following Sandra Douglass Morgan, who succeeded Becky Harris. Morgan was replaced by Brin Gibson in November 2020, who then stepped down in November 2022. Brittnie Watkins briefly held the position as interim chair before Hendrick took over and is now passing the role to Dreitzer. Hendrick remarked, “Handing the gavel to Chairman Mike Dreitzer will be a smooth transition,” noting their long-standing professional relationship. “Mike is the perfect choice for Governor Lombardo based on Mike’s long career in gaming law, government, regulatory compliance and business,” he concluded. Mike Dreitzer Nevada

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While prediction markets have existed for some time, they gained considerable attention following a court ruling favoring the New York-based exchange Kalshi in October. That decision allowed Kalshi to offer election betting despite the CFTC’s objections, opening the door for various platforms, including Robinhood and Crypto.com, to join in. This led to considerable trading activity, with billions of dollars exchanged in election contracts last November, and the introduction of sports contracts shortly thereafter. This has sparked considerable unrest among various stakeholders, including gaming operators, state regulators, and responsible gaming advocates. Because federally sanctioned exchanges are permissible across all 50 states and are not classified as sports betting, they currently do not incur state betting taxes, raising further concerns regarding consumer protection.

In response to these developments and the accompanying challenges, the CFTC has organized the upcoming roundtable. The agency’s position on prediction markets remains uncertain, particularly in light of the shift in presidential administrations. Notably, Donald Trump Jr. was appointed as an adviser to Kalshi in January, and President Trump’s nominee for the CFTC chair, Brian Quintenz, is a member of Kalshi’s board.

The Nevada Resort Association (NRA), a leading trade group in the state, took a strong stance against prediction markets in their response submitted on April 3. Traditionally, Nevada considers itself the cornerstone of legal gaming in the U.S., and NRA President and CEO Virginia Valentine voiced a determined defense of this reputation. She emphasized that Nevada has cultivated a safe environment for legal sports betting for decades. “Allowing for sports wagering to happen outside of state regulated channels puts citizens at risk and endangers the critical economic support gaming provides,” she stated. Valentine also noted that after PASPA was overturned in 2018, other states turned to Nevada for guidance in establishing their own sports betting frameworks.

Read also: Record Igaming Revenue in New Jersey Compensates for Casino and Sports Betting Dip

In contrast, New Jersey, which has played a pivotal role in shaping the modern sports betting landscape, articulated its concerns in a submission on April 2 from the Casino Association of New Jersey (CANJ). CANJ President Mark Giannantonio highlighted the state’s lengthy struggle to legalize sports betting, emphasizing the lack of consumer protections in the illegal betting market. “Our state policymakers knew people were betting on sports, but they were doing so illegally and with no consumer protections,” he pointed out. He argued that the establishment of a legal sports betting industry in New Jersey was carefully crafted to ensure safety and economic benefits for the state, and he expressed worries that federally sanctioned prediction markets could undermine those efforts.

Similar to Nevada, New Jersey has also taken action against Kalshi, issuing a cease-and-desist order on March 27. Kalshi has countersued in New Jersey, but a scheduled hearing has been postponed to coincide with the CFTC roundtable on April 30. As the situation develops, the responses from these influential gaming states reflect the industry’s apprehension about the future of prediction markets and their potential impact on regulated sports betting. Nevada New Jersey Prediction Markets

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