The Nevada Gaming Commission approved Iovation as a licensed service provider last week. The decision was not taken lightly by regulators, as indicated by the eight conditions listed in the final disposition of the case.
The Nevada Gaming Control Board originally set three conditions on the Iovation licensing approval at the initial hearing on February 3. This included that the potential license only covered geolocation services.
Iovation was also required to report “new contracts or changes to any existing geolocation contract with Nevada gaming licensees” to state regulators within 30 days, according to a document released by the Nevada Gaming Commission. The same 30-day period applies to any ownership changes.
The Nevada Gaming Commission added five new conditions to the license when Iovation was approved on February 18.
No contact with Russ Hamilton, among other conditions
Iovation’s officers, directors and employees are forbidden from contacting Russ Hamilton. If Hamilton or any person representing him attempts to reach any person Iovation, the company must notify regulators immediately.
The company must immediately notify the Nevada Gaming Control Board if it discovers any information provided to regulators during the licensing process has changed or is later determined to be inaccurate.
Iovation must report “all complaints, disputes, orders to show cause, and disciplinary actions or investigations related to gaming” by federal or state authorities, as well as “any government jurisdiction concerning the gaming operation,” according to the disposition of the hearing.
Iovation has 60 days to submit internal control procedures to regulators. The company must post $25,000 “for the purpose of funding investigative reviews by the Board,” according to the disposition. “The Board shall have the right without notice to draw upon the funds from the account for payment of costs and expenses incurred by the Board and its staff in the surveillance, monitoring and investigative review” of Iovation and related entities.
Iovation accepted these conditions and is now licensed as a geolocation provider in Nevada’s interactive gaming market. Greg Pierson, CEO of Iovation, told GeekWire that his company spent more than $500,000 to cover the costs involved in the investigation by Nevada gaming regulators.
The full list of conditions may be found on page six of the disposition of the Nevada Gaming Commission February 18 agenda.