Prohibits mobile sports wagering operators from enabling or otherwise permitting authorized sports bettors to deposit or withdraw funds to or from their account through gift certificates, open loop gift certificates, or e-wallets.

This bill aims to stop mobile sports betting companies from allowing users to deposit or withdraw money from their betting accounts using gift certificates, open loop gift cards, or digital wallets. The goal is to regulate how funds are managed in mobile sports wagering to ensure safer and more secure transactions. By restricting these payment methods, the bill seeks to prevent potential misuse and fraud in sports betting.

Supporters of the bill argue that it enhances the integrity of mobile sports wagering by ensuring that all transactions are conducted through more secure and traceable methods. They believe that by limiting payment options, it will help protect consumers and reduce the risk of gambling-related fraud. This legislation is seen as a proactive step towards responsible gambling practices in New York.

Critics of the bill contend that it unnecessarily restricts payment options for sports bettors, potentially making it more difficult for them to engage in legal wagering. They argue that the bill could drive users to unregulated platforms that do not have the same safeguards in place. Opponents also suggest that the restrictions may hinder the growth of the mobile sports betting industry in New York.