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SportsTranscript
00:00First of all, you have the big state of New York basically saying we're not going to allow people to lose all their money betting on sports.
00:08There's going to be a limit to what you can do.
00:10And then the second part of this is that if this does go through, it could mean some limitations for other states around the country as well.
00:18Yeah, New York is always a trendsetter when you talk about any kind of legislation.
00:21And it's the biggest market in the legal sports betting world.
00:25So it's no surprise we're focusing a lot of attention on a new bill that was just filed on Wednesday that could be the most aggressive restrictions we've seen so far on sports betting apps.
00:36This legislation introduced by Assemblymember Robert Carroll would cap the daily betting, the amount you're able to bet at $5,000 per user.
00:45So once you bet $5,000, you have to wait a whole 24 hours and you can only do five deposits a day.
00:51It would also institute a ban on ads that promote any bonus bets, odds boost, and no sweat offers, which as we know are really central components of the sports betting marketing plan.
01:02It would also ban advertising between 8 a.m. and 10 p.m. and during live sporting events, which we know is a huge time for sportsbooks to try to get users to sign up.
01:11And when most sportsbook ads actually run, the bill has just been referred to the Racing and Wagering Committee, which has historically supported industry-backed proposals.
01:20This obviously is not a proposal that the industry is in favor of, and it means it will face probably a lot of resistance in the legislature.
01:28But I'm not sure this bill really goes anywhere in terms of actually getting passed and implemented.
01:34But the fact that it was just introduced is a very important thing to note.
01:39It is the nation's largest betting market, and it mirrors a lot of similar proposals that we've seen on a federal level.
01:45New York has generated over $3 billion in tax revenue since launching sports betting in 2022.
01:51They have the highest tax rate in the nation.
01:53It's been a very tough market for books to pretty much break even on, but you can't really leave the market because then you're going to be ceding it to other players.
02:01Critics warn that it could drive high-stakes bettors to offshore sportsbooks where they don't have these kind of penalties or limits.
02:07Or even to New Jersey, which obviously was a huge market when sports betting first launched.
02:13It was a state that basically got the sports betting ban overturned, but then once New York launched, lost a lot of money.
02:20So it's going to be an interesting one to watch.
02:22Again, I don't really think it goes anywhere, but you never know what kind of language could get included somewhere down the line, if there's some proposal.
02:30And New York is one of those states we've talked about a lot where they're considering other gaming changes, especially with online sports betting.
02:36So you don't know what will kind of be concession and what will make it down the line there.
02:40But it's definitely something we're going to keep watching and see if other states have any similar proposals down the line.