New York Legislator Proposes Mandatory Monthly Sports Betting Statements for Users

Less than a decade following the landmark decision by the U.S. Supreme Court to overturn the Professional and Amateur Sports Protection Act (PASPA), legal sports betting has expanded to 40 states across the nation. New York, a significant player in this burgeoning industry, authorized sports wagering in April 2021 and officially launched operations in January 2022.

Since its launch, the Empire State has rapidly ascended to become the country's preeminent sports betting market, consistently reporting billions of dollars in wagers. Now, new legislative action threatens to reshape operational requirements for betting service providers and empower consumers with enhanced insight into their monthly gambling habits.

On Friday, Assembly Bill 10329 (A10329) was formally introduced in the New York Assembly. The proposed legislation, sponsored by Assemblymember Rebecca Kassay, mandates that all licensed mobile sports wagering operators furnish their authorized sports bettors with a monthly account activity statement. Following its introduction, the bill was promptly referred to the Assembly's Racing and Wagering Committee for review.

The core of A10329 dictates that these statements must be delivered electronically via a push notification and remain continuously accessible through the bettor's personal account interface. Should the bill garner sufficient support and be signed into law, the provisions would become effective on January 1, 2027.

Assembly Bill 10329 meticulously outlines the specific information required within these monthly disclosures. Each statement must encompass comprehensive data points, including the total amount of funds deposited by the bettor, the cumulative sum wagered, and the aggregate winnings and losses recorded during the reporting period. Furthermore, the statements are to detail the bettor's net financial gain or loss, the total number of wagers placed, and the duration spent logged into the mobile sports betting platform.

Critically, the proposal also requires operators to disclose all promotional credits, bonuses, or free incentives utilized by the bettor within the reporting timeframe. In a clear nod to responsible gambling, the bill mandates a prominent and explicit disclosure of responsible gaming resources, including information pertaining to the state's voluntary self-exclusion program and various problem gambling assistance services. Bettors must also be provided with access to their complete lifetime wagering history.

Under the proposed terms, licensed betting companies would be obligated to dispatch these monthly account activity statements no later than 15 days after the conclusion of each month. The bill also envisions the establishment of a standardized format for these statements, with the potential for additional financial details to be included if deemed necessary.