New York Bill Would Limit Daily Sports Betting Deposits

A New York lawmaker has sponsored a bill that would limit daily sports betting deposits and prohibit the use of credit cards to fund sportsbook accounts.

Know Your Limits

Assemblymember Robert Carroll has introduced Assembly Bill A7962 that would restrict bettors from funding their sports betting accounts to a daily maximum of $5000, prohibit the use of credit cards to fund those accounts, and implement new advertising standards as they pertain to sports betting operators.

The New York Assembly Committee on Racing and Wagering has received the bill and is considering it at the time of this writing. The bill would not only limit bettors’ daily funding, but it would also prohibit them from betting more than $5000 in a 24-hour period regardless of their sportsbook balance. It would also ban customers from depositing five times in the same 24-hour period.

Responsible Gambling Prompts

In another responsible gambling guardrail, the bill proposes that any bettor with a lifetime of deposits totaling $2500 would have to acknowledge a prompt when logging in that states:

It also calls for another step in responsible gaming with a checkbox for returning patrons.

“When an account holder’s lifetime deposits exceed two thousand five hundred dollars, the mobile sports wagering operator shall prevent any wagering until the patron immediately acknowledges that the account holder has met the deposit threshold and may elect to establish responsible gaming limits or close the account,” the bill reads.

The bill also calls for the elimination of sports betting television advertisements from 8 AM to 10 PM and during live sports events. Marketing practices using the terms “bonus,” “bonus bet,” or “no sweat” would also be taboo.

SAFE Bet Act

Assemblymember Carroll’s proposal includes some of the hallmarks of the federal Supporting Affordability & Fairness with Every Bet Act, or SAFE Bet Act, proposed by fellow Democrats Representative Paul Tonko and Senator Richard Blumenthal.

The bill is controversial, as it would supersede the authority of state regulators and mandate federal responsible gambling guardrails that would impact all online sports betting and iGaming markets in the United States.

Tonko said shortly before the March Madness tournament this year, “In exactly one week, Americans will be placing bets and likely losing those bets made on their favorite teams. We are not here because we want to stop the industry from breaking [revenue] records, nor are we here to prevent Americans from wagering on sports should they choose to.

“We’re here today because government, at every level, has failed to pay attention to or understand the impact of gambling-related harms.”

Key Restrictions in the Proposed Legislation

Elements of Carroll’s bill mirror the SAFE Bet Act, like no sports betting advertising between 8 AM and 10 PM while restricting the use of slogans like “bonus,” “bonus bet,” or “no sweat.” The bill would also ban college player props nationwide and in-play betting.

Industry Pushback

However, there is fierce opposition from gaming industry stakeholders and lawmakers alike. The American Gaming Association has labeled it disrespectful to the regulators who have crafted gaming laws tailored to their markets.

The American Gaming Association issued a statement after the SAFE Bet Act was announced last September, stating:

“Six years into legal sports betting, introducing heavy-handed federal prohibitions is a slap in the face to state legislatures and gaming regulators who have dedicated countless time and resources to developing thoughtful frameworks unique to their jurisdictions and have continued to iterate as their marketplaces evolve.”