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New York is far and away the country’s top state for sports betting, but a new bill under consideration seriously threatens that market-leading status.
State assemblyman Robert Carroll has introduced a bill that would limit wagering to $5,000 per person, per day, and place limits on the advertising of sports betting, including a prohibition on promoting odds boosts and bonuses. Advertising would also be banned between 8 a.m. and 10 p.m. ET, and during live games.
Carroll is pushing the legislation on health and safety grounds and wants to protect against problem gambling. Several other states, as well as the NCAA, have recently sought somewhat similar restrictions on sports betting.
“This nascent industry is lightly regulated and has harmed thousands of NYers,” Carroll said in a social media post. “The least we could do is put specific monetary caps and advertising restrictions. FYI—I have a Caesars account.”
The bill has been referred to the assembly’s Racing and Wagering Committee for review.
Opponents of the proposed legislation, however, argue that such measures would push bettors to neighboring locales, such as New Jersey and Connecticut, in the New York City area. It was New Jersey’s status as a key first mover in sports betting legalization that helped motivate New York to follow suit in 2022.
It will also bear watching whether any of the currently licensed sportsbooks in New York would forfeit their licenses if the bill passes. Already, the state’s 51% tax rate on sports betting revenue is tied for the highest level in the nation and has drawn frequent criticism, but it has been accepted by operators as a cost of doing business in such a fertile territory and the No. 1 U.S. media market.
New York’s $22.6 billion in sports betting handle in 2024 was by far the most in any state in a single year since the landmark U.S. Supreme Court ruling in 2018 allowing states to set their own rules in this area. That activity, up by 18% from 2023, generated more than $1 billion in tax revenue for the state, also a record.
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