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A new, wide-ranging bill passing through the New York State Legislature since mid-April could be the first significant attempt to put the brakes on the overheating NY sports betting industry.
New York is the nation’s largest state for online sports wagering. Since sports betting apps were allowed to operate legally in the Empire State, revenue and associated tax returns have surged to huge sums.
New York’s nine legal online sportsbooks earned $23.94 billion in fiscal year 2024-25, and the state received $1 billion in tax revenue from that figure. The staggering amount of money involved and levels of gambling activity have inevitably led to increased scrutiny, and the crackdown proposed by the bill sees New York State taking a long, hard look in the mirror.
The headline from the Assembly Bill A7962 is the proposed introduction of a $5,000 daily wagering ceiling. Put forth by State Assemblyman Robert Carroll, the bill also suggests a limit on how many times a day that bettors can make deposits.
There is more to it as well. Depositing by credit card would be outlawed and a trigger warning enacted when lifetime deposits to a betting account reach $2,500. The player would then be required to acknowledge they’ve crossed the threshold and be given options for self-imposed limits or account closure.
Carroll also wants to see stricter rules on advertising and promotional material. This would include the language permitted to be used. For example, common phrases used by sportsbooks such as “bonus bet”, “odds boosts”, and “no sweat” would be curtailed, when used in relation to NY sportsbook promos and offers.
Further still, the bill suggests restricting the times that sportsbooks can advertise to none able to be shown from 8 am to 10 pm ET, or during live sporting broadcasts.
The NY bill is being touted as a public health initiative, given the harm that can arise from problem gambling. Admitting he has an active betting account in New York himself, Carrol was keen to stress on X that he isn’t against online gambling per se, posting:
“This nascent industry is lightly regulated and has harmed thousands of NYers. The least we could do is put specific monetary caps and advertising restrictions. FYI—I have a Caesars account.”
That type of thinking towards New York’s gambling juggernaut will be shared by many others. The bill and debate around it follows a growing national discourse about the need to further regulate the still fast-growing gambling industry in the US.
Ohio and Massachusetts are two states to have taken notable steps recently to push for stricter restrictions on wagering limits and the tactics that can be employed by sportsbooks.
To date, the bill still has to clear the Racing and Wagering Committee. Then it passes to the Assembly floor, then the State Senate, before moving into Governor Hochul’s office for sign-off. There are plenty of amplified voices that will oppose the bill at every stage.
One of the biggest arguments for not implementing this new legislation is that customers will simply take their gambling dollars elsewhere. Neighboring states such as New Jersey and Connecticut have large, buoyant betting scenes with comparable restrictions to New York’s current form.
There is also the risk of bettors increasingly going offshore to bet with unlicensed sportsbooks, which no lawmaker will wish to encourage. That’s before we mention the pressure that will come from the big betting providers keen to protect their NY golden child.
Also, at a time when another bill is passing through the legislature to open up the Empire State sports betting industry to greater competition, there is the concern that some operators will exit New York if the bill is successfully enacted into state regulations.
The bill’s prospective chances of passing may simply be hampered by its breadth. Is it trying to do too much too soon? That’s something that remains to be seen, however how it will actually impact regular bettors at a casual level may be minimal.
To see much of a difference, you’d have to be betting at a significant level as it is. The bill aims to target those already displaying high-stakes betting patterns with its $5,000 daily cap. That amount of money wagered would indicate players at risk of gambling addiction and a higher chance of experiencing financial distress.
Ultimately, it may simply come down to economics. Presumably, New York will have to set about reforming its betting regulations at some point, but that will need to balance the benefits of high tax revenues from a thriving sports betting industry against social costs.
Whether this is the bill to do that, we will have to wait and see. However, it has sown the seeds for a more fervent debate; one that’s probably already overdue.
