New York Assembly Considers Monthly Betting Statements

Big changes could be on the way to the massive New York sports betting market.

The state Assembly is considering bill A10329, which would require all sportsbook operators to provide monthly statements to customers. The statements would provide a summary of each bettor's activity for the month, including gambling habits. The goal is to show bettors a way to recognize problem gambling habits they may not be aware of, providing key insights into their gambling.

If A10329 is passed, it would require each sportsbook operator to send a monthly statement containing the following information:

• Total amount of deposits, wagers, wager amounts, winnings, and losses

• Overall net winnings or losses

• Number of log-ins to the sportsbooks

• Overview of bonuses and promotions claimed

• Lifetime betting history

• List of problem gaming resources, including self-exclusion lists

The New York State Gaming Commission would be able to create a standardized format for the statements, making it easier for bettors with multiple accounts. This would prevent operators from displaying the information in ways that could be difficult to understand or misleading.

The bill is currently waiting for review by the New York Assembly Racing and Wagering Committee. 

Proactive Idea, But Timing Could be Problematic

The idea of mandating monthly betting statements is a popular and proactive way to address the growth of problem gambling. However, the current state of sports betting may limit its impact.

The biggest issue with A10329 is that it would only impact New York’s regulated sports betting market. It would not include sports prediction markets, which continue to explode in popularity. Prediction platforms aren’t considered to be a form of gambling, meaning state gambling laws do not bind them.

Some people struggling with problem gambling may benefit from a monthly statement, while others may not be willing to put up with the change. Whether they are unwilling to address their problem or perhaps hiding it from loved ones, troubled bettors could make the switch to prediction platforms. Those operators have spent little effort to address problem gambling, leading customers to wager as they see fit.