- A New York assemblyman has introduced a bill to limit the daily amount a bettor can wager or deposit into an account
- If approved, a New York sports betting customers would be capped at a maximum of $5,000 bet a day
- The bill also seeks extensive prohibitions on sports betting ads in the state
A newly introduced bill seeks to cap the maximum amount a New York sports betting customer can wager in one day and limit sports betting advertisements in the Empire State.
Assemblyman Robert C. Carroll’s (D-44) bill, a7962, will limit the amount a New York sports betting customer can wager in a day, cap the amount of times they can deposit into an account, prohibit certain sports betting advertising language, and block out times when sports betting advertisements can be shown.
The bill is currently in the Assembly Racing and Wagering committee.
Caps Betting Amounts and Deposits
Carroll’s legislation, if approved, will set the maximum amount a customer can bet on sports in New York in a 24-hour period at $5,000. Additionally, customers will not be allowed to deposit funds into an account more than five times in a 24-hour period.
The bill also targets the content of sports betting advertisements and when such advertisements can be broadcast. The bill will prohibit advertising content that contains the phrase “bonus”, “no sweat”, “bonus bet”, or other similar types of phrases. Advertising content will also not be allowed include information on odds boosts or similar offers.
Ohio and Massachusetts regulators have approved similar wording restrictions for sports betting advertisements as well.
Additionally, advertisements will be prohibited from providing “information on how to place a sports wager or how sports wagers work.”
The legislation also sets strict requirements for when advertisements will be able to be broadcast. Sports betting advertisements will no longer be able to be broadcast between 8 a.m. and 10 p.m. or during live sporting events.
The proposed law also prohibits customers funding their accounts through the use of a credit card.
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New York Sports Betting Market is Largest in Country
If approved and signed into law, it could drastically affect New York’s sports betting market, which is the largest and most profitable in the country.
The Empire State set sports betting records in 2024, when New Yorkers bet the most they ever have since the state launched sports betting in 2022. New York online sports betting customers bet more than $22.6 billion last year, topping the previous high in 2023 of $19.1 billion.
New York online sports bettors wagered $22,624,505,166, an 18.4% increase over the 2023 handle total of $19,103,521,572. It was the first time New York sports bettors wagered more than $20 billion in an entire calendar year.
Gross gaming revenues and tax revenues also followed suit, as the state experienced highs in both for 2024. The commission reported $2,044,005,840 in gross gaming revenues, an increase of 20.9% over the 2023 gross gaming revenue total of $1,689,883,800.
The most impressive total? New York took in more than $1 billion in sports betting tax revenue for the year, reporting $1,042,442,978. The final total was nearly a 21% increase over the 2023 tax revenue total of $861,840,738.
If customers are capped at just $5,000 to bet in a day, it will reduce the amount of handle in New York and likely the amount of taxable revenue generated during a single year.
Assemblyman Gary Pretlow has proposed a new bill that would place a cap on sports betting in New York and impose restrictions on advertisements for gambling. The bill comes as the state continues to expand its sports betting market, with more and more operators entering the space.
Under the proposed legislation, sports betting licenses would be limited to just 14 operators, with each operator only allowed to have one skin or brand. This would effectively cap the number of sports betting options available to consumers in New York, a move that Pretlow believes is necessary to prevent oversaturation of the market.
In addition to the licensing cap, the bill would also impose restrictions on advertisements for sports betting. Specifically, it would prohibit operators from advertising on television, radio, or any other medium where the audience is likely to be under the age of 21. This is in line with efforts to protect young people from the potential harms of gambling.
Pretlow has stated that his goal with this legislation is to strike a balance between allowing for the growth of the sports betting industry in New York while also protecting consumers, particularly vulnerable populations such as young people. He believes that by implementing these restrictions, the state can ensure that sports betting remains a safe and responsible form of entertainment.
The bill has already garnered support from some lawmakers and advocacy groups who are concerned about the potential negative impacts of widespread sports betting. However, it is likely to face opposition from operators who stand to lose out on potential revenue if the licensing cap is implemented.
Overall, Assemblyman Pretlow’s proposed legislation represents a significant step towards regulating the sports betting industry in New York and ensuring that it operates in a responsible manner. It will be interesting to see how this bill progresses through the legislative process and what impact it may have on the future of sports betting in the state.
