A New York lawmaker is making a play to add restrictions to the NY sports betting market, including daily wager and deposit limits.
NY Assemblymember Robert Carroll has introduced A7962, which would impose a $5,000 daily bet cap and strong limits on sportsbook advertising. While similar bills have been introduced in other states, New York’s massive influence could cause other states to follow suit, as many have discussed raising taxes following the Empire State’s 51% tax rate.
The bill now heads to the Assembly Racing and Wagering Committee. The NY legislative session runs through June 12.
NY sports betting bill details
Carroll’s bill would cap bettor wagers at $5,000 per 24-hour period. Critics of the bill argue that the low limit could send bettors offshore or across the border to New Jersey or Connecticut.
It could also hamstring the market’s sports betting revenue potential. Operators have hauled in $5.8 billion in revenue since the market launched in 2022.
Users would also not be allowed to deposit more than five times in a 24-hour period. The legislation additionally bans the use of credit cards for deposits.
Operator ad restrictions
A7962 includes a prohibition on sports betting ads between 8 a.m. and 10 p.m., or during live sports events. Operators also could not include information on odds boosts or bonus bets.
Sportsbooks previously stopped using “risk-free” after Ohio and Massachusetts banned the phrase.
Carroll’s ad prohibitions are similar to those seen in the SAFE Bet Act, proposed by US Rep. Paul Tonko and US Sen. Richard Blumenthal. The stringent prohibitions in the proposed legislation have seen fierce industry pushback.
Other restrictive proposed legislation
The SAFE Bet Act also would prohibit college player props. Multiple states have restricted those types of wagers, particularly after NCAA President Charlie Baker began asking for the change.
Earlier this year, several bills were filed in Connecticut to tighten the market. That included a maximum wager proposal, but no figure was tied to that legislation. A package of bills in the Nutmeg State also proposed a maximum hold for sportsbooks and required two-way markets.
A Massachusetts senator introduced a bill with many of the same components as the SAFE Bet Act in January. It would increase the tax rate, prohibit in-play and prop bets and impose $1,000-a-day wager limits. It also would prohibit ads during sports events.
