New York Proposes Stricter Sports Betting Rules Under New Bill A7962

New York lawmakers introduced Assembly Bill A7962 last week, proposing more stringent regulations on sports betting. 

The bill aims to reduce the risks associated with problem gambling and increase regulatory oversight in the largest sports betting market in the US.

A7962, recently discussed in a New York Assembly Committee hearing, proposed more thorough provisions to limit user deposits while imposing tighter advertising restrictions and addressing problem gambling concerns.

One of the bill’s first stipulations is facilitating sportsbook deposit and wagering limits rolled out across New York online and retail sports betting. In doing so, bettors will have a restricted limit of $5,000 in deposits or wagers in 24 hours.

Furthermore, Assembly Bill A7962 also dictates, “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.”

Additionally, the bill will ban the use of credit cards for sports wagering, intended to prevent gamblers from using borrowed money to gamble, tackling the risks associated with this deposit method. 

The planned veto of credit card usage for sports betting signifies a new, tougher stance in safeguarding New York residents from overextending themselves financially.

Another proposal of the bill is to clamp down on gambling operators’ advertising in an effort to limit New Yorkers’ exposure to the perceived exploitative marketing strategies employed.

These new measures will include an outright ban on terms such as “bonus,” “bonus bet,” and “no sweat” in promotions. Moreover, future advertising restrictions will also bar the airing of gambling adverts between 8 a.m. and 10 p.m. and during live sporting broadcasts.

A New Era of Oversight and Consumer Protection in New York?

The submission of Assembly Bill A7962 implies a renewed focus by lawmakers to address the growing concerns about gambling addiction in the state. Given that New York’s monthly mobile gaming handle now regularly surpasses $2 billion, the bill advocates for operators to take the additional steps necessary to address problem gambling.

Suggested measures include bettors receiving an annual acknowledgment of their lifetime deposit thresholds and the need for platforms to produce a publicly accessible informative ‘responsible play’ page.

Likewise, operators could soon be required to submit an annual problem gaming plan, which would be subject to approval by the New York State Gaming Commission and the Office of Addiction Services and Supports.

Mobile operators must also limit bettors to only one active account and confirm that mobile bettors are physically located within New York State.

Addressing the surge of unlicensed platforms in New York’s sports betting ecosystem, Assembly Bill A7962 also outlines stricter enforcement initiatives. These include any enterprises caught operating or actively promoting unlicensed sports betting platforms in the state, which could soon face financial penalties and sanctions.

Assemblymember Robert Carroll, who introduced the bill, hopes these proactive measures can counter the threat of problem gambling within state lines. The bill follows on the heels of New York’s 2024 record-breaking sports betting revenues, which topped $23.9 billion. Meanwhile, legislators are also debating the introduction of iGaming into the mix.

With this bill, Carroll aims to mitigate the industry’s accelerated growth by introducing more advanced protections for New York bettors. Should Assembly Bill A7962 pass, the raft of stricter regulations, financial penalties, and an emphasis on stronger consumer protections looks set to create a fairer and more responsible sports betting market within the Big Apple.