Winning too frequently in sports betting can subtly reduce your wager limits to pennies; a new measure would outlaw that in New York and might compel the largest betting market in the nation to book wagers it does not want.
Assemblymember Alex Bores filed the Fair Play Act this week, which would prohibit licensed sportsbooks from restricting or outright prohibiting wager quantities unless they are related to issues of sports integrity or responsible gambling.
New York would have the first law of its kind in the United States if it were to be passed. In the biggest sports betting market in the US, operators reluctantly follow regulations they would not otherwise.
Stakeholders have time to draft the law because the New York legislature doesn’t meet again until January.
How winning players are treated by bookmakers
For more than a year, Bores has been studying the market to find ways to ensure that New Yorkers are treated equitably, he told LSR. When he discovered how rapidly bookmakers cut off winners, his mission soon changed from protecting individuals who were losing money.
“These businesses’ promotion of the notion that you could win a lot of money just seemed like a radically unfair proposal. Furthermore, the winners of these novels are frequently banned,” Bores added. “The books are kept honest by the winners. You need both sides of the market to ensure a fair field; without them, it would be like having a stock market where you could only buy, not sell.
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Sportsbooks frequently contend that when bettors obtain an excessive advantage, limitations are required. It is a common strategy in the sector that almost all large operators employ to safeguard their profits against astute competitors that look for pricing errors. For a long time, casinos have maintained the same rights at the tables, tactfully withdrawing or letting go of players who consistently beat them.
Jason Robins, the CEO of DraftKings, has repeatedly told investors over the years, “We do not want players who are doing this for profit.”
In their yearly reports, DraftKings and Penn Entertainment both mention that altering the way that customers might be restricted poses a danger to their companies.
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