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Sports betting rules in New York could change if Assemblyman Robert Carroll’s proposed legislation moves forward. His new bill aims to tighten the way mobile and retail sportsbooks operate across the state.
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At the center of the proposal is a push to ban credit card use for deposits on betting platforms. If passed, players would no longer be able to fund their accounts using borrowed money. It’s a step that echoes growing concerns about gambling addiction and personal debt.
But the bill goes further than just limiting deposit methods. It also outlines rules on advertising and pushes for strict financial checks on operators. Casinos and sportsbooks would need to prove they have enough cash reserves to cover all possible winnings. Without meeting these financial requirements, they wouldn’t be allowed to run a sportsbook.
The legislation, known as Bill A7962, looks to change existing laws under the New York Gaming Commission. It would amend the state’s current racing and wagering framework and apply fresh oversight to both physical and mobile betting operations.
According to the New York State Senate, “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…”
If passed, the Commission would also be tasked with setting rules on how much cash sportsbooks must hold at all times. They’d also have the power to decide how much users can bet and whether operators can accept bets on multiple-event series like tournament futures.
The bill is now under review by the Assembly Committee. If approved, it will move to the Senate Committee and may eventually reach the House Floor.