- New York Assembly Committee hears bill to adjust sports betting rules
- Daily deposits and wagers could be capped to $5,000
- Advertisements to be limited and a ban on a use of the term “bonus”
Major changes to New York sports betting laws have been proposed by Assemblymember Robert Carroll who has called for stricter deposit, wagering and advertising regulations.
Through Assembly Bill A7962, Carroll proposed a daily limit on deposits and wagers at online and retail sportsbooks of $5,000. Deposits would also be limited to five within a 24-hour period and no longer be offered through credit cards.
The bill currently sits in the Assembly’s Racing and Wagering Committee, with the potential for it to reach the Senate Committee should it pass. The next steps would be the Floor Calendar Assembly and the Senate, before ultimately reaching Governor Kathy Hochul. The current legislative session runs until June 12.
Carroll, who admits to being a Caesars Sportsbook customer as per a his post on X/formerly Twitter, says the industry needs more regulation.
“My bill A7962 creates guardrails to protect NYers who participate in sports gambling,” he says. “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.”
“My bill A7962 creates guardrails to protect NYers who participate in sports gambling. 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.” — New York Assemblymember Robert Carroll.
Promotion Language to Ban “Bonus” Terminology
A list of terms to be banned in New York sports betting promotions would include the popular term “bonus”. Other common terms like “no sweat” and “bonus bets” would also be removed from advertisements. Meanwhile, information on “odds boosts” would also not be allowed in promotions.
Earlier this year, Ohio and Massuchusetts already took steps to ban the phrase “risk-free” in sports betting promotions.
Gambling Advertisements Banned During Live Events
Another major change in the proposed bill would see severely limited advertising time slots for sports betting commercials.
Sports betting ads have been dominating the airwaves, specifically during sporting events since legal sports betting launched in the United States and New York.
Bill A7962 would move to ban advertisements from 8am to 10pm local time. It would additionally exclude any such ads to be played during live sporting events in New York.
Opponents of the bill see the potential in a decrease of tax revenue generated from sports betting. Sports bettors could elect to wager in New York offshore sportsbooks or in neighboring states instead.
New York is the United States’ biggest sports betting market and has generated nearly $5.8 billion in revenue since legal sports betting launched in the Empire State in 2022. In 2024, New York took in a record of over $2 billion which translated to over $1 billion in tax revenue.
New York currently has nine legal sportsbooks that include: DraftKings, FanDuel, ESPN BET, BetMGM, Caesars Sportsbook, BetRivers, Bally Bet, Fanatics, and Resorts World.
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