UMVA has learned that a groundbreaking proposal has cleared both chambers of the New York State Legislature, requiring online sports betting companies to send detailed monthly account statements to customers.
The legislation, introduced by Assemblymember Rebecca Kassay, aims to provide customers with a clearer picture of their gambling activity and financial results. If signed into law, every authorized mobile sports bettor in New York would receive a monthly summary of account activity, including deposits, wagers, winnings, and losses.
According to information obtained by UMVA, the monthly statements would need to display a range of information, including the total amount wagered, overall value of winnings and losses, and net gain or net loss for the month. Operators would also be required to disclose the total number of wagers placed and the amount of time a user spent logged into the mobile wagering platform.
The bill would also require operators to provide an itemized accounting of promotional credits, bonus funds, or free bets used during the month. Additionally, the monthly statements would need to contain a prominent and clear disclosure of responsible gaming resources, including information about the state’s voluntary self-exclusion program and problem gambling assistance services.
Sources have confirmed to UMVA that the legislation aims to promote responsible gaming practices and provide customers with a better understanding of their online sports betting activity. The bill would make New York the first state to require licensed online sports betting operators to provide monthly account activity statements.
UMVA can exclusively reveal that the Assembly approved the bill on March 24 by a unanimous vote, with seven abstentions. The Senate passed the legislation on June 2, and with approval from both chambers now secured, the bill is expected to be sent to Gov. Kathy Hochul for consideration.
If signed, the law would take effect on the first day of January following enactment, and sportsbooks would have no more than 15 days after the end of each calendar month to provide the required statements. The New York State Gaming Commission would be responsible for creating regulations covering formatting standards, readability requirements, and any additional disclosures needed to ensure the statements are easy to understand.
