New York Advances Bill To Outlaw Online Sweepstakes Games
HighlightsÂ
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The SB5935 proposal to prohibit online sweepstakes casinos proceeds to the governor’s table for approval.
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The bill is directed towards the dual-currency sweepstakes model.
The official bill to outlaw sweepstakes games has reached New York Governor Kathy Hochul’s desk, as it clears the legislature. The governor has a timeline till 31st December either to agree with the agenda or disapprove it.
State Senator Joseph Addabbo’s bill, SB 5935, was forwarded by the assembly in mid-June. Addabbo, who chairs the Racing, Wagering, and Gaming Committee, has pushed through the upper chamber with ease. The bill intends to ban the dual-currency model that is commonly used in sweepstakes games.Â
This move not only affects operators, but also the payment processors, content suppliers, and affiliate marketers associated with sweepstakes casinos. This ensures they all face legal consequences.Â
If the Senate Bill 5935 becomes the law, it makes it illegitimate for platforms to offer virtual currency for sale alongside promotional coins for redemption purposes.Â
The gaming companies have to incorporate social casino models to remain legally compliant. The social casino uses non-redeemable tokens and does not offer real-world prizes. The setback is that this model is less profitable from a business standpoint.Â
Despite the efforts of Social Gaming Leadership (SGLA). The proposal is now on the governor’s desk to be fully accepted.Â
For more information, Refer Here!
State Senator Joseph Addabbo’s bill, SB 5935, was forwarded by the assembly in mid-June. Addabbo, who chairs the Racing, Wagering, and Gaming Committee, has pushed through the upper chamber with ease. The bill intends to ban the dual-currency model that is commonly used in sweepstakes games.Â
This move not only affects operators, but also the payment processors, content suppliers, and affiliate marketers associated with sweepstakes casinos. This ensures they all face legal consequences.Â
If the Senate Bill 5935 becomes the law, it makes it illegitimate for platforms to offer virtual currency for sale alongside promotional coins for redemption purposes.Â
The gaming companies have to incorporate social casino models to remain legally compliant. The social casino uses non-redeemable tokens and does not offer real-world prizes. The setback is that this model is less profitable from a business standpoint.Â
Despite the efforts of Social Gaming Leadership (SGLA). The proposal is now on the governor’s desk to be fully accepted.Â
For more information, Refer Here!
