New York Could Potentially Require Warnings on Gambling Ads
It has certainly been an interesting 12 months for the New York gambling market since the state launched mobile sports betting last January.
While there have been explosively, frankly, unexpected figures during the first year, it seems potential new legislation could see operators in the state, at least at first, hamstrung in the short term after it was revealed a possible new bill might require them to include warnings on adverts.
News of this comes following the proposed Senate Bill S1550, which is presently at the committee level, that would need the New York State Gaming Commission to forge an alliance with the commissioner of addiction services in a bid to combat potential problem gambling.
As a result, all advertisements that operators release will need to include a number that points to a hotline that assists people with possible gambling addiction.
What Are the Details of the Proposed Bill?
While certain details still need to be fully ironed out, it appears that the intention of the bill is clear as New York seeks to take the next step in its mobile sports betting lifecycle, as the bill itself makes clear.
New York state residents have access to wagering at multiple casinos, racetracks, the lottery, and other venues and mean. Gambling will be even more accessible.
In New York state, gambling can be found everywhere, from physical casinos to a multitude of online websites and apps. The advent of the internet has made gambling more accessible through the online betting platform.
As gambling becomes more easily accessed by more people, the number of lives negatively affected by gambling has also increased. This can lead to serious consequences for both the gambler and their family.
The extent to which problem gambling exists in the state after just 12 months is, at the minute, still unclear, though the NYSGC clearly feels that measures need to be in place to help combat gambling addiction in the long term.
In the first year alone, a staggering $16.2 billion was handled by online sportsbooks that operate in the state, though this may also point to some confusion.
It is easy to forget that New York is one of the richest states in the union, playing home to Wall Street - the financial epicenter of the US and, as such, arguably, the largest percentage of those with significant levels of disposable income.
Despite this, the bill refers to how easy it is for people in the state to place bets with the statement continuing: “In the unprecedented growth of gambling, where it is easy to place bets with PayPal, credit cards, bitcoin, or money-transfer apps; it is also important as a state to be proactive [in] identifying and preventing potential problems of gambling.
“If signed into law, this bill would require industries to include warnings about potentially harmful and addictive effects of gambling.”
How Much Could This Affect Future Revenue Figures?
All things considered, operators in the state are unlikely to be too concerned by the proposal, considering that there is a clear market for mobile sports betting.
What it is likely to do, is enhance its reputation as a brand that cares about the welfare of its customers, and by having a helpline number in place, it will at least assist the very vulnerable.
With high levels of disposable income in New York and continued expansion of the wider gambling market, these signs point to, if anything, increased growth over the next 12 months, if not at least consolidation in the short term.