Following the U.S. Department of Justice’s recent clarification of the Wire Act, effectively clearing a path for the legalization of online betting, the State of Nevada is on the fast track to be one of the first State’s to offer online poker, and quite possibly, online casino games as well. Having initiated the process to set up regulatory framework earlier this year in March, the timing of the Nevada Gaming Commission’s recent announcement that proposed regulations have been unanimously approved couldn’t have come at a better time.

Referred to as Regulation 5A (the final draft of eleven revisions and five previous proposals), the framework centers around operator application requirements, as well as procedural matters pertaining to taxation, problem gambling, fees, disputes, transparency and record keeping. Essentially, Regulation 5A sets out the process of applying for an operator license and requirements for keeping an issued license in good standing.

The Nevada Gaming Commission is already considering six applications from the likes of casino operator Caesar’s Entertainment, slot machine manufacturer’s IGT and Bally Technologies and software platform developers Shuffle Interactive (Shuffle Master) and Cantor Gaming. Just how many licenses will be handed out is yet to be determined.

As mentioned, Regulation 5A was borne from an effort that began in March, when the Nevada Assembly approved Assemblyman William Horne’s AB258 bill. Later approved by the Nevada Senate and signed into law by Governor Brian Sandoval, the framework was given until December 31, 2011 to receive a public hearing, which incidentally, went without a hitch.

While some analysts believe the Nevada Gaming Commission will have to wait to see if the UIGEA will be overturned before licenses can be legally divulged, considering the DOJ’s recent ruling on the Wire Act, it is highly likely this will only be a matter of when, not if. In the meantime, the Commission may very well begin processing and reviewing applications so that when the green light is given, Nevada residents can begin playing online poker without delay.