The New York State Gaming and Wagering Board has received a bill submitted by Assemblyman Robert Carroll, which details several potential changes to online and retail sports betting laws.
Bill A7962 aims to amend betting limits, stake limits, credit card usage, and the types of advertising used by operators.
The first part of the bill proposes the idea that customers should not deposit more than $5,000 within 24 hours.
Players are also prohibited from betting more than $5,000 within 24 hours.
The bill also stipulates that "when the lifetime deposits of an account holder exceed $2,500, mobile sports betting operators should block any bets until the customer immediately acknowledges that the account holder has reached the deposit threshold and may choose to set responsible gaming limits or close the account."
Operators will also be prohibited from certain advertising practices, including enhanced odds or similar offers - but more importantly - they will be prohibited from placing ads with words like "bonus", "bonus bet", or "easy".
Advertisements are also not allowed between 8 AM and 10 PM local time, nor during live sports events.
It is worth noting: Since being elected, Assemblyman Carroll has proposed over 150 bills, 21 of which have been passed by both the House and Senate, and 17 have been signed into law.
The bill is currently under review by the legislative committee, but if passed, it will be submitted to the Senate committee, then to the House and Senate for review.
If it passes these steps, it will be submitted to the governor for a final decision.
The New York Gaming Commission revealed in a recent report that by 2024, its total sports betting volume will reach $23.9 billion, with total gaming revenue reaching $2.14 billion.
