Proposed NY bill aims to enhance consumer safeguards in sports betting market
Fresh Take:
New York Assemblyman Robert Carroll drops a bill, A07962, to tighten gambling restrictions with a focus on consumer protection. Here's a simplified breakdown of the proposed changes:
Tightening the Gambling Reins in New York
Assemblyman Carroll's bill aims to bring new safeguards for Empire State bettors within the regulated betting industry. Let's dive into the main proposals.
Setting Daily Betting and Deposit Limits
A07962 advocates for a $5,000 daily betting limit on sports betting accounts alongside a $2,500 maximum deposit limit within a 24-hour period.
Reining in Gambling Advertising
The bill looks to crack down on deceptive advertising practices, specifically targeting the promotion of "odds boosts," "bonus" offers, and other similar phrases. It also seeks to minimize exposure to gambling ads during live sports events and between 8 AM and 10 PM.
"(M) prohibition on certain advertisement practices including odds boosts or similar offers, including advertising that contains the phrases "bonus", "no sweat", "bonus bet", or any other similar term."
Stepping up Responsible Gambling Practices
This change aligns with past criticisms, as phrases like "no-risk bets" have been seen as misleading because people must still risk their money before receiving bonuses, and these bonuses do not guarantee a favorable exchange. As a result, such bonuses have largely been phased out in the U.S.
Implementing Affordability Checks
A player exceeding the $2,500 deposit threshold must acknowledge the limit and then have the option to set a responsible gambling limit or close their account.
Embracing Europe's Lessons
This bill also echoes European measures, such as barring credit card use for gambling purposes and ensuring that minors are not targeted by gambling advertising.
As of now, it remains unclear whether Assemblyman Carroll has gained support for his bill from his fellow legislators, including Sen. Joseph Addabbo. Stay tuned for updates on how this promising step towards responsible gambling in New York unfolds.
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- Assemblyman Carroll's bill, A07962, seeks to establish guardrails for the betting industry in New York, aiming to protect consumers.
- The proposed changes include setting a $5,000 daily betting limit on sports betting accounts and a $2,500 maximum deposit limit within a 24-hour period.
- The bill also targets deceptive advertising practices, prohibiting certain advertisement phrases like "bonus", "no sweat", "bonus bet", or similar terms, particularly during live sports events and between 8 AM and 10 PM.
- To promote responsible gambling, the bill requires players who exceed the $2,500 deposit threshold to acknowledge the limit and optionally set a personal gambling limit or close their account.
- This bill mirrors European measures, such as barring credit card use for gambling purposes and protecting minors from gambling advertising.
