Sports bettors in New York could soon be receiving monthly financial statements from their sportsbooks thanks to legislation that is one step away from being sent to Governor Kathy Hochul's desk to be signed into law.
The final hurdle for the bill is a vote in the New York Senate after the New York Assembly unanimously approved a bill in March requiring licensed sports betting operators to send monthly statements to customers, The vote tally was 143-0.
The state's Senate Racing, Gaming and Wagering Committee approved the bill by another unanimous vote (7-0) on May 20 to send it to the Senate floor. The bill advanced to a third reading on the Senate floor this week.
If approved, the new law would go into effect on Jan. 1, 2027. It would require monthly statements be sent to users that would include the total amount of funds deposited, bet, won and lost in a month. The information would also include the total amount of time the sports bettor spent logged into the online sports betting platform, and users would have access to their lifetime wagering history.
New York's licensed operators would need to provide the financial statement to registered users through push notifications no later than 15 days after the month ends.
Most major sports betting apps, including DraftKings and FanDuel, already provide this information for users on their online sports betting platforms upon request. The law would make it compulsory and not leave it up to bettors to seek out the information.
Other states are considering similar bills, with New Jersey among the states pushing for such measures. Sen. John F. McKeon introduced a bill recently requiring licensed New Jersey sports betting operators to send similar reports to customers, and that legislation is in committee. New York would likely be the first to pass the legislation if the Senate and Hochul sign off.
"Equipping New Yorkers with key data surrounding gaming activity and behavior bolsters informed participation and is critical in reducing problem gambling in our communities," Assembly Member Rebecca Kassay, who introduced bill A.10329, said in a news release. "This bill modernizes consumer protections to ensure that mobile sports betting platforms operate responsibly in our state while prioritizing the well-being of our residents."
