A New York legislator is hoping to add restrictions on deposits, wagers and operator advertising to the state’s sports betting market.
Assemblyman Robert Carroll (D-District 44) presented Assembly Bill 7962, which would enact a series of regulatory changes to the New York sports betting scene. Those include a $5,000 daily wagering limit, changes to valid deposit methods and new advertising standards.
The bill has been sent to the New York Assembly Committee on Racing and Wagering.
Calling for changes
Under Carroll’s bill, as detailed at Legal Sports Report, the $5,000 limit would stand for both wagers and deposits. That means that customers couldn’t add more than $5,000 to their account in a 24-hour window, and they couldn’t bet more than $5,000 in 24 hours, no matter how much money was in their account.
It also calls for another step in responsible gaming with a checkbox for returning patrons.
“When an account holder's lifetime deposits exceed two thousand five hundred dollars, the mobile sports wagering operator shall prevent any wagering until the patron immediately acknowledges that the account holder has met the deposit threshold and may elect to establish responsible gaming limits or close the account,” the bill reads.
The proposal would also eliminate the possible use of credit cards to fund customers’ betting accounts. This approach has been championed by responsible gambling activists since it prevents gamers from wagering money they don’t possess.
On top of that, bettors could not add to their sportsbook account more than five times in the same 24-hour period. This would be to address the impulsiveness of users, particularly those who chase losses (or feel the need to bet again if they lose a wager).
Responsible gambling initiatives
The bill also calls for changes to regulations not directly related to sportsbooks’ operations. It would implement a prohibition on sports betting television advertisements from 8 a.m. to 10 p.m. and during live sports events.
Operators also would not be allowed to market odds boosts or bonus bets, both of which are almost always involved in promotional sign-up opportunities for new customers.
And as noted by LSR, these advertising regulations are similar to those outlined in the yet-to-be-adopted SAFE Bet Act, proposed by U.S. Rep. Paul Tonko, who represents New York, and U.S. Sen. Richard Blumenthal, who is from Connecticut.
The bill, however, does not include any standards regarding the controversial college player prop betting markets since the state already forbids these bets.
In a post shared on X (formerly Twitter) on April 17, Carroll called New York sports betting a “nascent industry” that did not face heavy regulation and “has harmed thousands of NYers (sic).”
Carroll also added at the end of his post that he had a Caesars Sportsbook account.