New Sports Betting Bill in New York Introduces Strict Spending Limits
New York legislators have received a new bill that could significantly reshape the state's sports betting landscape. Introduced by Assemblymember Robert Carroll, the proposal seeks to impose strict limitations on bettors' spending and implement extensive restrictions on sports betting advertising. The Assembly's Racing and Wagering Committee is now reviewing the legislation.
LISTEN TO THIS ARTICLE:If enacted, Assembly Bill A07962 would establish a daily limit on wagering of $5,000 per individual, regardless of income level. In addition to the financial restriction, the legislation would also prohibit bettors from making more than five deposits within a 24-hour period, although it does not specify individual deposit limits.
Related: New Study Reveals Alarming Growth of US Illegal GamblingThe proposed advertising regulations are equally severe. The bill would bar sportsbooks from promoting odds boosts, bonus bets, or similar promotional content in any of their marketing materials.
Furthermore, the legislation prohibits sportsbooks from advertising between 8 a.m. and 10 p.m. local time, as well as during live sporting events. These restrictions would limit most televised advertisements, which typically air during those time slots or in conjunction with live games.
New York currently leads the nation in sports betting revenue, having surpassed previous frontrunner New Jersey following the state's market launch in 2022. The state's tax rate on sportsbooks' gross gaming revenue – at 51% – is among the highest among multi-operator markets in the US. Since theSupreme Court overturned the federal sports betting ban in 2018, New York has accounted for over one-third of the tax revenue generated by legal sportsbooks nationwide.
Critics of the bill warn that such aggressive restrictions could drive high-stakes bettors to neighboring states, particularly New Jersey, where the regulatory environment is less stringent. This potential migration of bettors could negatively affect New York's tax revenue from sports betting, which has already reached an estimated $3 billion.
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The bill comes amid a broader national conversation about the regulation of legal sports betting, especially in the context of consumer protection and responsible gambling. Although a federal bill proposing similar restrictions has stalled in Congress, state-level initiatives like Carroll's could serve as a model for other jurisdictions considering more aggressive oversight of the industry.
Some states have already implemented limited advertising restrictions in promotional materials. These moves prompted some betting operators to adjust their advertising practices across all markets. A more comprehensive law in New York could have a widespread impact on sportsbook advertising nationwide.
Opposition to the bill has come from various corners of the gambling industry. Industry stakeholders argue that restrictive measures may unintentionally drive bettors toward unregulated offshore operators, which do not contribute to state tax revenue and lack responsible gambling safeguards.
Estimates from industry analysts suggest that the black market may be as large as, or even larger than, the $150 billion in legal bets placed in 2024.
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