New York legislator looks to set limits upon sports betting
Under the terms of the bill, the New York Gaming Commission would have the authority to regulate sports pools and the conduct of sports wagering to the same extent as other offerings.
Key Points
- The legislation also establishes certain limits on sports betting for both mobile and retail, including advertisements, wager limits and prohibiting the use of credit card deposits
- The Commission would form regulations on the amount of cash reserves maintained by casino and mobile operators, the acceptance of certain wagers and maximum bets
New York Assemblyman Robert Carroll has introduced legislation that would enforce certain limits upon mobile and retail sports betting operators within the state, including advertisements, wager limits and prohibiting the use of credit cards for deposits.
“Except as otherwise provided by this article, the commission shall have the authority to regulate sports pools and the conduct of sports wagering under this article to the same extent that the commission regulates other gaming,” the New York State Senate said.
“No casino or mobile sports wagering licensee shall be authorized to operate a sports pool unless it has produced information, documentation and assurances concerning its financial background and resources, including cash reserves, that are sufficient to demonstrate that it has the financial stability, integrity and responsibility to operate a sports pool.”
The legislation looks to amend the racing, pari-mutuel wagering and breeding law currently enforced by the New York Gaming Commission to regulate sports betting and the advertising campaigns which follow suit.
Good to know: The New York State Gaming Commission posted a $2.44bn sports wagering handle for the month of March – marking the end of fiscal year 2024/25 and bringing the state’s total figure for the year up to $23.94bn
As part of Bill A7962, the Commission would eventually develop regulations to govern the amount of cash reserves maintained by casinos and mobile operators to cover winning wagers, the acceptance of wagers on a series of sports events and the maximum wagers which may be accepted by an operator.
The legislation is currently being considered in the Committee Assembly before possibly moving on to the Senate Committee and House Floor.
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