New York Lawmaker Proposes $5,000 Daily Cap on Sports Betting, Ad Restrictions
A New York assemblyman has introduced legislation that would significantly limit sports betting activity and advertising in the state, potentially impacting the nation's largest betting market.
Player in Yankees pinstripes
The proposed bill includes three major restrictions:
- A $5,000 daily maximum betting limit per customer
- A cap of five deposits per account within 24 hours
- A complete ban on credit card deposits
This legislation could substantially impact New York's thriving sports betting market, which set new records in 2024:
- Total betting handle: $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 bill, currently under review in the Assembly Racing and Wagering committee, would also implement strict regulations on sports betting advertisements throughout the state. If passed, these limitations could significantly reduce New York's betting handle and tax revenue, potentially affecting its position as the country's most profitable sports betting market.
The proposed changes represent a notable shift in regulatory approach for a state that has seen remarkable growth in sports betting since its 2022 launch, with annual betting handle increasing from $19.1 billion in 2023 to over $22.6 billion in 2024.
