NY Sports Betting Bill Proposes $5,000 Daily Wagering Cap and Ad Restrictions
New York legislation proposes strict limits on sports betting deposits and advertising. Assemblyman Carroll's bill aims to implement a $5,000 daily betting cap and restrict deposit frequency to five times per day.
Player in Yankees pinstripes
Key provisions of the proposed legislation:
- $5,000 maximum daily betting limit
- Maximum of five deposits per day
- Ban on credit card funding
- Extensive restrictions on sports betting advertisements
The bill could significantly impact New York's position as the nation's leading sports betting market. In 2024, the state achieved record-breaking numbers:
- $22.6 billion in total bets placed (18.4% increase from 2023)
- $2.04 billion in gross gaming revenues (20.9% increase)
- $1.04 billion in tax revenue (21% increase)
The proposed daily betting cap would likely reduce both betting handle and tax revenue. Currently, the bill is under review in the Assembly Racing and Wagering committee.
For comparison, New York's 2023 performance:
- Total betting handle: $19.1 billion
- Gross gaming revenue: $1.69 billion
- Tax revenue: $861.8 million
If enacted, this legislation would represent one of the most restrictive sports betting regulations in any U.S. state with legal sports wagering.