Posted on: December 2, 2022, 06:59h.
Last updated on: December 2, 2022, 03:44h.
A Recent York lawmaker wants the state’s Gaming Commission (NYSGC) to determine rules against what he calls “predatory” bonuses given by licensed online sports betting operators.
State Sen. Pete Harckham, D-South Salem, filed Senate Bill S9605 on Wednesday. If passed, it could create a latest section of Recent York’s racing, pari-mutuel wagering, and breeding law. It will mandate the NYSGC draft rules regarding such enticements as deposit matches, “risk-free” bets, free money or wagers, site credits, and profit boosters.
He filed the bill lower than two weeks after The Recent York Times published a series of articles on the US sports betting industry. Harckham even cited findings from certainly one of those articles, which touched on practices utilized by online sports betting operators to draw latest customers and retain them.
The mobile sports betting industry is utilizing targeted promoting that’s personally tailored to lure in latest customers from right inside their homes,” Harckham wrote within the bill’s justification statement. “Which means following legal sports betting in Recent York State, multitudes of people that weren’t formerly presented with these predatory practices will fall prone to gambling addiction that might have otherwise been avoided.”
Harckham, who chairs the Senate Committee on Alcoholism and Substance Abuse, also noted that other countries, like Great Britain, have placed limits on advertisements totally free bets.
In Canada, Ontario officials have also levied fines against operators which have didn’t abide by standards that prohibit operators from promoting bonuses typically advertisements.
‘More Safeguards Must Be Put in Place’
Harckham’s bill doesn’t cite any specific measures. It only calls for a latest subsection of the state’s gaming call and directs the NYSGC “to promulgate rules and regulations regarding predatory sportsbook bonuses in mobile sports betting.”
If passed, it could take effect if Gov. Kathy Hochul signs it into law.
Industry officials have cited their voluntary support for anti-addiction resources as proof that they will be trusted to operate without stricter government rules, but more safeguards should be put in place as this reporting has illustrated these predatory practices are triggering a spike in gambling addiction,” Harckham said in his justification statement.
The Recent York Legislature will start its 2023 session on Jan. 4.
Last week, Hochul vetoed a bill that may have created a problem gambling advisory council.
About Recent York Online Sports Betting
Regulated online sports betting launched in Recent York on January 8. Last 12 months, the NYSGC approved nine licensed operators through a competitive bidding process.
When the first licensed operators went online 11 months ago, they offered latest bettors a whole lot or more in promotions. Now, they proceed to supply similar incentives to first-time users.
Caesars Sportsbook initially offered a $300 sign-up bonus and a deposit match of $3,000. Currently, it offers an identical free bet of up $1,250 for first-time bettors if their initial wager loses.
DraftKings offers a 20% match for first-time deposits, with the bonus capped at $1,000. FanDuel, meanwhile, offers newcomers a so-called “no sweat first bet” of as much as $1,000. If their first bet lost, bettors would receive their stake back in free bet credits.
Through November 27, Recent Yorkers have wagered nearly $14.6 billion on games through the licensed apps. The operators have reported $1.2 billion in gross gaming revenue over that span.
Recent York taxes that revenue at 51%, meaning it has received greater than $619 million this 12 months. Nearly all of that funding goes to public education. The state sets aside $6 million annually for problem gambling education and treatment purposes.
Posted on: December 2, 2022, 06:59h.
Last updated on: December 2, 2022, 03:44h.
A Recent York lawmaker wants the state’s Gaming Commission (NYSGC) to determine rules against what he calls “predatory” bonuses given by licensed online sports betting operators.
State Sen. Pete Harckham, D-South Salem, filed Senate Bill S9605 on Wednesday. If passed, it could create a latest section of Recent York’s racing, pari-mutuel wagering, and breeding law. It will mandate the NYSGC draft rules regarding such enticements as deposit matches, “risk-free” bets, free money or wagers, site credits, and profit boosters.
He filed the bill lower than two weeks after The Recent York Times published a series of articles on the US sports betting industry. Harckham even cited findings from certainly one of those articles, which touched on practices utilized by online sports betting operators to draw latest customers and retain them.
The mobile sports betting industry is utilizing targeted promoting that’s personally tailored to lure in latest customers from right inside their homes,” Harckham wrote within the bill’s justification statement. “Which means following legal sports betting in Recent York State, multitudes of people that weren’t formerly presented with these predatory practices will fall prone to gambling addiction that might have otherwise been avoided.”
Harckham, who chairs the Senate Committee on Alcoholism and Substance Abuse, also noted that other countries, like Great Britain, have placed limits on advertisements totally free bets.
In Canada, Ontario officials have also levied fines against operators which have didn’t abide by standards that prohibit operators from promoting bonuses typically advertisements.
‘More Safeguards Must Be Put in Place’
Harckham’s bill doesn’t cite any specific measures. It only calls for a latest subsection of the state’s gaming call and directs the NYSGC “to promulgate rules and regulations regarding predatory sportsbook bonuses in mobile sports betting.”
If passed, it could take effect if Gov. Kathy Hochul signs it into law.
Industry officials have cited their voluntary support for anti-addiction resources as proof that they will be trusted to operate without stricter government rules, but more safeguards should be put in place as this reporting has illustrated these predatory practices are triggering a spike in gambling addiction,” Harckham said in his justification statement.
The Recent York Legislature will start its 2023 session on Jan. 4.
Last week, Hochul vetoed a bill that may have created a problem gambling advisory council.
About Recent York Online Sports Betting
Regulated online sports betting launched in Recent York on January 8. Last 12 months, the NYSGC approved nine licensed operators through a competitive bidding process.
When the first licensed operators went online 11 months ago, they offered latest bettors a whole lot or more in promotions. Now, they proceed to supply similar incentives to first-time users.
Caesars Sportsbook initially offered a $300 sign-up bonus and a deposit match of $3,000. Currently, it offers an identical free bet of up $1,250 for first-time bettors if their initial wager loses.
DraftKings offers a 20% match for first-time deposits, with the bonus capped at $1,000. FanDuel, meanwhile, offers newcomers a so-called “no sweat first bet” of as much as $1,000. If their first bet lost, bettors would receive their stake back in free bet credits.
Through November 27, Recent Yorkers have wagered nearly $14.6 billion on games through the licensed apps. The operators have reported $1.2 billion in gross gaming revenue over that span.
Recent York taxes that revenue at 51%, meaning it has received greater than $619 million this 12 months. Nearly all of that funding goes to public education. The state sets aside $6 million annually for problem gambling education and treatment purposes.
