New York Assembly Considers Updated Sports Betting Regulations
The New York Assembly Committee on Racing and Wagering is currently reviewing a bill put forth by Assemblymember Robert Carroll that proposes significant modifications to regulations governing both online and retail sports betting. Known as Assembly Bill A7962, this legislation aims to address various aspects, including betting limits, wager limits, credit card utilization, and advertising practices for operators.
One of the key provisions in the bill is the introduction of a cap on customer deposits, which would limit individuals to depositing no more than $5,000 in a 24-hour period. Additionally, players would also face restrictions on their wagering amounts, with a maximum of $5,000 allowed within the same time frame. The bill further stipulates that “when an account holder’s lifetime deposits exceed two thousand five hundred dollars, the mobile sports wagering operator shall prevent any wagering until the patron immediately acknowledges that the account holder has met the deposit threshold and may elect to establish responsible gaming limits or close the account.”
Another significant aspect of the proposed legislation is the prohibition of certain advertising methods. Operators would be restricted from promoting odds boosts or similar offers, and they would not be allowed to use terms such as ‘bonus’, ‘bonus bet’, or ‘no sweat’ in their advertisements. Furthermore, the bill specifies that advertising would be banned from 8 AM to 10 PM local time, as well as during live sports events.
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It’s worth noting that since his election, Assemblymember Carroll has been notably active, having introduced over 150 bills, with 21 successfully passing through both the Assembly and Senate, and 17 of those being signed into law.
The current status of the bill is pending in the Assembly Committee. Should it pass through this stage, it will then advance to the Senate Committee, followed by presentation to the Floor Calendar Assembly and Senate. If it successfully navigates these phases, it will ultimately be sent to the Governor for a final ruling.
In a recent report, the New York State Gaming Commission highlighted that the state achieved a sports wagering handle of $23.9 billion in 2024, alongside a gross gaming revenue of $2.14 billion. New York Sports Betting
