While the law still has a way to go before it becomes law, the fact that it has been introduced suggests that operators may be subject to additional scrutiny and guidance from lawmakers and regulators in the wake of the Times series.
New York’s sports venues would arguably be about to understand, as the Bee Gees once sang, the New York Times’ effect on man.
In fact, after a Times series on the spread of legal sports betting, a bill was introduced before the New York Senate that would direct the State Gambling Commission to enact rules and regulations aimed at “predatory” bonuses presented through online sports betting. . .
The bill’s sponsor is Senator Pete Harckham, a Democrat and chairman of the House Committee on Substance Abuse, and it aims for sports sites to provide “matching deposits, risk loose money, loose bets, play credits, site and profit increases,” reads one summary. .
Not only that, but a “justification” segment of the bill (which was introduced this week) refers to recent Times reports.
“Industry officials have cited their voluntary resources for addiction as evidence that they can be trusted to operate without stricter government rules, yet they want to implement more safeguards as this report has illustrated that such predatory practices cause an increase in gambling addiction. “says the bill.
While the bill still has a way to go before it becomes law, the fact that it has been filed suggests that operators may be subject to additional scrutiny and guidance from lawmakers and regulators in the wake of the Times series. This report delved into the movements of the legal sports betting industry, adding the friendly lobbying that contributed to its creation in some states.
Some states have also allowed traders to deduct the price of bonuses they give players from their taxable income, reducing their overall tax bill. Interestingly, however, New York is not one of the states that does this and the Empire State Building also has one of the highest tax rates in the US. U. S. for mobile sports betting, at 51%. In addition, operators such as BetMGM have been angry with this tax and have reduced their investments in the state.
Still, the U. S. sports betting industry is still in the U. S. The U. S. is still relatively young, having only taken off following a 2018 Supreme Court ruling that struck down the status of a federal law in the path of that expansion. Further studies on industry-related practices and policies, and their effects on actors, may lead states to refine their approach.
Media policy can also influence the thinking of legislators. New York, therefore, may be just one of many states that are beginning to change in politics.
“The mobile sports betting industry uses targeted advertising that is personalized to attract new consumers directly to their homes,” Harckham’s bill says. “This means that, as a result of legal sports betting in New York State, many other people who were not in the past, in the face of such predatory practices, will become vulnerable to the emergence of a gambling addiction that may have been prevented otherwise. “