Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance

Can I offer a sports betting product in New York? What are the requirements?

Requirements for offering a sports betting product in New YorkTo offer a sports betting product in New York, you must comply with the regulations set forth in 9 NYCRR 5329.10 and NYCL PML § 1367.Sports pool system requirementsAccording to 9 NYCRR 5329.10, prior to operating a sports pool, all equipment and software used in conjunction with its operation shall be submitted to a licensed independent gaming test laboratory for review and approval. The system must also have a risk management framework, including user access controls, segregation of duties, automated risk management procedures, fraud detection, regulatory compliance controls, anti-money laundering compliance standards, and a method to prevent past posting. The system must maintain all transactional betting data for a period of 10 years and record information for each wager made, including the description of the event, event number, wager selection, type of wager, amount of wager, date and time of wager, unique wager identifier, and an indication of when the wagering ticket expires.Sports wagering requirementsNYCL PML § 1367 defines the terms and conditions for sports wagering in New York. To offer sports wagering, you must be a licensed casino or a mobile sports wagering licensee. You must also comply with the regulations regarding prohibited sports bettors, prohibited sports events, and in-play sports wagers.Limitations on sports pool wagersBoth 9 NYCRR 5329.10 and NYCL PML § 1367 limit sports pool wagers to $10,000. Any sports pool wager in excess of $10,000 or making a payout in excess of $10,000 must be authorized by a supervisor.Commission access to dataConsistent with existing commission authority, the operator shall provide access to wagering transaction and related data the commission may deem necessary, in a manner approved by the commission.ConclusionTo offer a sports betting product in New York, you must comply with the regulations set forth in 9 NYCRR 5329.10 and NYCL PML § 1367. These regulations cover the requirements for the sports pool system, sports wagering, limitations on sports pool wagers, and commission access to data.