New York sports betting bill proposes daily wagering limits
New York state Assemblymen Robert Carroll has introduced a bill to establish a daily sports betting wager limit for New York residents.
The state’s sports betting market yielded US$22.6 billion in online wagers for 2024, with more than US$1 billion generated in revenue. In 2023, New York lawmakers raised the operator tax on sportsbooks from 18% to 51%.
The new legislation, A7962, proposes limiting daily bets to US$5,000 per person, capping daily deposits at five and banning sports betting ads from 8 a.m. to 10 p.m.
Advocates of the measures argue they encourage responsible gambling practice and tackle the risk of gambling addiction in a state where betting activity increased by 18% year-over-year in 2023. Critics warn that strict limits could drive high-stakes bettors to neighboring states like New Jersey or Connecticut, reducing New York’s betting handle and tax revenue.
The bill is under review by the New York Racing and Wagering Committee.
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