New York Bill Proposes $5,000 Daily Sports Betting Cap and Ad Restrictions
A New York lawmaker has introduced legislation to impose strict limits on sports betting activities and advertising in the state. The bill, currently under review in the Assembly Racing and Wagering committee, proposes significant changes to the nation's largest sports betting market.
Player in Yankees pinstripes
Key Proposed Restrictions:
- $5,000 maximum betting limit per day
- Maximum of five deposits per 24-hour period
- Ban on credit card deposits
- Extensive restrictions on sports betting advertisements
Market Impact Analysis: New York's sports betting market achieved record-breaking numbers 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 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 crucial time when New York's sports betting market has established itself as the most profitable in the country, surpassing $20 billion in annual wagers for the first time in 2024.
The bill's introduction reflects growing concerns about problem gambling and advertising saturation in the sports betting industry. If passed, it would represent one of the most stringent regulatory frameworks for sports betting in any U.S. jurisdiction.