New York bill proposes $5,000 daily wagering cap, sweeping sports betting limits

A New York state lawmaker has introduced a bill that would impose sweeping restrictions on mobile sports betting, including a $5,000 daily wagering cap, strict advertising regulations, and a ban on credit card deposits — measures that could reshape the nation’s largest legal betting market.

Assemblymember Robert Carroll, a Democrat representing Brooklyn, submitted Bill NY A07692 to the Assembly’s Racing and Wagering Committee last week. If enacted, the legislation would place New York among the most tightly regulated sports betting jurisdictions in the United States.

“The legislation establishes comprehensive regulations including limiting wager amounts to $5,000 per 24-hour period, prohibiting the use of credit cards for deposits, and implementing strict advertising guidelines,” according to legislative tracking site BillTrack50.com.

The proposal includes a five-deposit-per-day limit on betting accounts and would require operators to notify users who have deposited $2,500 that they may opt to set wagering limits or close their accounts. It also mandates that users hold only one account per sportsbook operator.

Critics argue the proposed rules could backfire economically, particularly by driving high-stakes bettors to neighboring states like New Jersey — the former national betting leader before New York launched legal wagering in 2022.

New York, which levies a 51% tax on gross gaming revenue, has collected approximately $3 billion in sports betting tax revenue, the highest total in the country.

“The bill also restricts sports betting advertisements, banning ads that include terms like ‘bonus’ or ‘no sweat’, prohibiting advertisements during live sporting events and between 8 AM and 10 PM, and preventing ads that target minors or provide detailed information about placing wagers,” BillTrack50.com states.

Industry groups, including the American Gaming Association, have voiced opposition to similar restrictions at both state and federal levels, warning they may push consumers to illegal offshore markets. Estimates suggest the unregulated market could be equal to or larger than the $150 billion wagered legally in 2024.

Carroll’s proposal echoes provisions in a stalled federal bill and follows similar, though narrower, regulatory efforts in states like Ohio and Massachusetts. Supporters of the New York bill cite recent academic research linking sports betting to financial harm, arguing for stronger consumer protections as legal betting becomes more accessible.

The bill’s path forward remains uncertain. The Racing and Wagering Committee, which has previously supported legislation aligned with gaming industry interests, will first review the measure. Industry observers caution that while the bill may struggle in the short term, its ideas could re-emerge in future debates.