States like Massachusetts have centered their legislative session on the topic of responsible gambling and could be the leaders of the sports betting industry. Now, New York may seek to implement big changes after a meeting was held by the New York Gaming Commission on Monday.
The Sports Betting Capital May Enact Some Major Changes
New York State Gaming Commission’s general counsel, Edmund Burns, is taking the action to limit the exposure of sports betting advertisements across the Empire State. The reason behind this drive is that many people under the age of 21 see these ads everywhere.
With nine sportsbooks available to the public, limiting the exposure of these ads has become the forefront of almost every legislative session across the country. Markets like Ohio have taken the approach to ban betting advertisements on college campuses.
The Ohio Casino Control Commission approved a fine of $250,000 against PENN Entertainment and Barstool Sports for hosting an event on Toledo’s campus. To the east, BetMGM will become the first sportsbook to initiate responsible gaming in the United States and Canada, especially with Massachusetts online launch happening soon.
The Bay State has taken the same approach to banning sports betting ads on college campuses. According to the state’s law, consumers are prohibited from placing wagers on in-state collegiate teams, except for events such as March Madness.
Why Lawmakers in New York are Facing This Uphill Battle Head On?
With more states entering the picture in the sports betting industry, responsible gaming measures have grown substantially. Earlier this month, New York Representative Paul Tonko revealed the Betting on Our Future Act, which would essentially ban online advertisements from reaching the target demographic under the age of 21.
This is following the approach that both Ohio and Massachusetts have set out. However, this may be a tough uphill battle for the Empire State because the state is in the process of pursuing an iGaming market. Likewise, pro athletes under 21 would be exempt from promoting any sports betting apps if they are under the legal betting age.
On top of all that, the state could potentially push a bill that would open the way for more sportsbook operators to the state. In the current state, the idea might be unlikely because it could negatively affect the revenue geared toward education and youth sports.
Will Banning Ads Affect New York’s Market?
Since the launch began on January 8th, 2022, the sportsbooks combined to bring in a total handle of $16.2 million. The success led to $1.36 billion in gross gaming revenue and $693 million in tax receipts for the state.
Organizations that deal with problem gambling in the state have asked for money funding as the sports betting market continues to set records, especially in January 2023. It’s too early to tell if banning these advertisements will hurt the market, but the bookmakers continue to express their concerns about becoming profitable. Coming up with a solution will be the toughest task as the session proceeds.
