"New York Sports Betting Bill Aims to Enhance Consumer Protection"

Summary

• A new New York bill aims to impose restrictions on gambling advertisements.
• The bill proposes setting a 24-hour deposit limit of $2,500 and a wagering limit of $5,000.
• A07962 proposes a ban on the use of credit cards for gambling purposes.

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Assemblyman Robert Carroll has introduced a new bill in New York aimed at enhancing consumer protection within the state's regulated betting industry.

A new bill in NY wants to place more safeguards on people’s gambling

The A07962 bill proposes notable amendments to the current regulations, primarily introducing a daily betting cap for sports betting accounts, currently set at $5,000. Additionally, it seeks to establish a maximum deposit limit that a sports bettor can make within a 24-hour period. The bill aims to tighten regulations on gambling advertisements by eliminating ads that mention odds boosts and generally restricting marketing that promotes bonuses and promotions. It includes a prohibition on certain advertising practices, specifically prohibiting odds boosts or similar offers and the use of terms like

or any analogous phrases. Additionally, the bill draws inspiration from European practices to achieve two objectives: preventing gambling ads from targeting minors and ensuring these ads are not visible during live sports events or between 8 AM and 10 PM. This aligns with ongoing concerns about misleading terms such as These promotions often required bettors to risk their own money upfront, with no assurance of gaining any advantage even when bonuses were triggered. As a result, such promotions have largely been phased out across the United States. Furthermore, the bill introduces a $2,500 deposit threshold. Players reaching this limit would undergo Upon reaching and exceeding this threshold, individuals would be required to acknowledge their limit and be encouraged to either establish a responsible gambling limit or choose to close their account.

The new bill draws on Europe’s best gambling industry’s lessons

A key aspect of the new proposal is the prohibition of using credit cards for gambling. The association between credit card use and gambling has been linked to higher levels of debt, as it often leads individuals to spend more than they intended. Although it is uncertain whether Assemblyman Carroll has garnered support for his bill, this represents a positive step towards promoting responsible gambling in New York. However, whether other lawmakers, such as Sen. Joseph Addabbo, will be interested in the bill as it currently stands remains to be seen.