NY Sports Betting Bill Proposes $5,000 Daily Wager Cap and Ad Restrictions
A New York assemblyman has proposed legislation to impose strict limits on sports betting activities and advertising in the state. The bill, currently in the Assembly Racing and Wagering committee, would implement significant changes to the nation's largest sports betting market.
Player in Yankees pinstripes
Key Proposed Restrictions:
- $5,000 maximum daily betting limit per customer
- Maximum of five deposits per account within 24 hours
- Ban on credit card deposits
- Extensive restrictions on sports betting advertisements
Impact on New York's Sports Betting Market:
New York currently leads the nation in sports betting revenue, with record-breaking numbers in 2024:
- Total bets placed: $22.6 billion (18.4% increase from 2023)
- Gross gaming revenue: $2.04 billion (20.9% increase)
- Tax revenue: $1.04 billion (21% increase)
The proposed $5,000 daily betting cap could significantly impact these numbers, potentially reducing both betting handle and tax revenue for the state. This legislation comes at a time when New York's sports betting market has shown consistent growth since its 2022 launch, with the state achieving unprecedented success in both customer engagement and revenue generation.
The bill's reforms would represent the most substantial regulatory changes to New York's sports betting landscape since its legalization, potentially altering the state's position as the country's leading sports betting market.