New York Proposing Major Revamp Of Sports Betting: New Bill Proposes Betting and Ad Restrictions
In terms of population, New York is the largest state offering online sports betting in the US market. Since making sports betting apps legal in 2022, the Empire State has generated more than $5.8 billion in revenue. Last year, the state took in $1 billion in tax revenue alone from sports betting.
So it might seem a bit surprising then that there are New York lawmakers seeking to put new regulations in place that could lead to attaching a governor to that massive tax intake.
A bill put forth by State Assemblyman Robert Carroll would curtail the amount and number of times a New Yorker could wager on sports during a single day. The bill also proposes placing more restrictive measures on when, how and where sports betting apps are able to advertise these sites to the general public.
New York currently offers nine online and mobile sports betting options. As per NY.Bet these sites include BetRivers, Fanatics, DraftKings, FanDuel, ESPN BET, BetMGM, Caesars and Resorts World.
From Bonus Bets to Banned Ads: How The Bill Would Work
Assembly Bill A7962 is proposing that daily limits on sports betting be restricted to five bets and a maximum amount of $5,000. The bill would also prohibit placing bets via credit card.
As well, Carroll wants to follow the lead of Ohio and Massachusetts and put into place parameters on what type of language can be used to describe online sports betting promotions. Words such as bonus, bonus bets, and no sweat would be banned from use in any sports betting advertising.
Any information relating to odds boosts would also be forbidden from usage in all sports betting promotional material. The bill would prohibit any gambling advertising taking place between 8am and 10pm. Advertising of betting sites and bonus bets at live sporting events in the state would also be against the rules.
Carroll, who admits to himself being a bettor who holds active online sports betting accounts in New York, is of the belief that the online gambling industry is being too loosely regulated within the state.
“This nascent industry is lightly regulated and has harmed thousands of (New Yorkers),” Carroll posted on X, the social media site formerly known as Twitter. “The least we could do is put specific monetary caps and advertising restrictions (in place).“
Bet Less, Hear Less: What Does This Mean To You?
If you’re like Carroll and already betting sports online in New York, this bill really shouldn’t be all that limiting. Should you be someone who has the kind of coin that enables you to wager more than $5,000 in a day, congratulations. We wish we were so flush with disposable income.
Limiting the opportunity to advertise isn’t going to hurt players as much as it will the sports betting sites. It’s going to be more challenging to recruit new bettors if you can’t explain to those folks what it is the site has to offer. And prohibiting these sites the opportunity to tell potential customers about the promotions being offered will only add to that difficulty.
This bill would prohibit using the term no sweat, but realistically, that’s exactly how you should approach the potential passage of his proposal into law. Such an outcome would lead to the creation of less revenue for betting sites, and thus, provide a smaller tax payment to the state. Can you actually imagine any government willingly voting to give up access to tax funds?
