Bill in NY proposes licensed sportsbooks to send monthly statements

• Assembly Bill 10329 in New York proposes to bring push notifications with monthly invoice statements for sports bettors
• If approved and signed into law, the change is expected to be implemented as of January 1, 2027
• Each monthly invoice statement must contain a range of details, including total deposited and spent funds, net gain or loss and other important financial information about each bettor's activities

In less than a decade after the US Supreme Court struck down PASPA, legal betting is available in 40 states.

New York was among the states that legalized betting on sports in April 2021 and officially launched the activity in January 2022.

Since then, New York has become the largest betting market in the country, reporting billions in wagers.

Now, a new bill seeks to change the way betting operators offer their services in the state and enable bettors to access insights into their monthly wagering activities.

Each bettor will have access to a monthly account activity statement

On Friday, Assembly Bill 10329 (A10329) was introduced, proposing that licensed betting operators share monthly invoice statements with their customers with a range of details.

After the bill, sponsored by Assemblymember Rebecca Kassay, was introduced, it was referred to the Assembly's Racing and Wagering Committee.

Ultimately, A10329 seeks to bring major changes, considering it proposes bettors to receive push notifications with a monthly account activity statement.

The proposal requires "each mobile sports wagering operator to provide to every authorized sports bettor a monthly account activity statement, delivered electronically through a push notification and made continuously accessible through the bettor's account."

If the proposal gains traction and is signed into law, it can enforce the change effective from January 1, 2027.

Statements would contain important details

A10329 further specifies what the monthly account activity statements must include.

Per the proposal, each bettor must have access to information about the total amount of funds deposited, the total amount wagered as well as the total amount of winnings and losses recorded during the reporting period.

Equally as important, each monthly account activity statement, per the proposal, needs to include the net gain or loss incurred by the bettor and the total number of wagers placed.

Such statements must also outline how long each bettor was logged into the mobile sports betting platform, as well as what promotional credits, bonuses or free incentives they have used during the reporting period.

Focusing on responsible gambling, A10329 says that a "prominent and clear disclosure of responsible gaming resources, including information regarding the state's voluntary self-exclusion program and problem gambling assistance services; and access to the authorized sports bettor's lifetime wagering history."

Per the bill, licensed betting companies will be required to send the monthly account activity statements up to 15 days after the end of each month.

The proposal also outlines that a standard for the formatting of the statements would be established and if necessary, include additional financial details.

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