Bill Proposes Regulations on Sports Wagering in Connecticut
Title: New York's Gambling Crackdown: A Deep Dive into NY Assembly Bill A7962
Author: Casinomaniac MikeDate: 04/07/2025
📷 Credit: jglazer75 CC BY 2.0
The Lowdown on NY's Betting Bill
The separate hammers are coming down on New York's online gambling scene, with a potential max bet limit hanging in the balance. Moreover, a bill proposing a complete ban on sports betting is under the microscope. We delve into the ins and outs of NY Assembly Bill A7962, giving you the straight dish on what this proposed legislation could mean for the Empire State's gaming enthusiasts.
Wagering restrictions and caps
With NY Assembly Bill A7962, the max bet limit isn't set in stone yet. As things stand, the proposed bill includes severe restrictions that could significantly impact the gambling experience. Here's the rundown:
- Wager Limit: A proposed $5,000 cap per 24-hour period could shoot down the high-rollers' game.
- Deposits: Daily deposit limits have been set, with only five deposits allowed per day. Credit cards would be off-limits, and operators would be required to notify users who deposit $2,500 to set spending limits or close accounts.
Regulation of advertising
The bill also seeks to tighten the reins on advertising, proposing the following regulations:
- Timing: Advertising would be prohibited between 8 a.m. and 10 p.m., including during live sports events.
- Promotions: Odds boosts, bonus bets, and other promotional language would be verboten.
User basis
The bill aims to put the kibosh on multi-account shenanigans by restricting users to one account per operator.
Potential backlash and concerns
While the bill aims to slow the growth of problem gambling, critics argue that the proposed $5,000 cap could force bettors to look towards offshore platforms or neighboring states like New Jersey and Connecticut. Additionally, there are worries about a dip in revenue due to the proposed restrictions. Since the market's inception in 2022, New York has raked in an impressive $5.8 billion in revenue, with a 51% tax rate contributing $3 billion in state taxes. The bill's restrictions could potentially slice that income.
Legislation timeline and current status
- Introduced: The bill was introduced by Assemblymember Robert Carroll (D-Brooklyn) on April 16, 2025.
- Current review: The bill is currently under review by the Assembly Racing and Wagering Committee.
- Legislative session: The New York legislative session runs through June 12, 2025.
To stay in the loop on this pressing issue, be sure to keep tabs on the latest developments at casinos.com. Our trusted insider, Casinomaniac Mike, dives deep into the online casino industry and will keep you at the forefront of the action. Catch Mike's insights on all things gambling at casinos.com right now!
Related Stories:
- Analyzing NY's Assembly Bill A7962: What's in Store for the Empire State's Gambling Enthusiasts?
Stay tuned for more from Casinomaniac Mike as he keeps a keen eye on the ever-evolving world of online gambling!
- Despite the looming crackdown on New York's online gambling scene, some proponents argue that the proposed $5,000 cap on sports betting could drive bettors towards online casinos, offshore platforms, or neighboring states.
- In the heated debate over NY Assembly Bill A7962, concerns have been raised about the potential impact on revenue, given the significant contributions from sports betting, as evidenced by the state's impressive $5.8 billion in revenue since its inception in 2022.
- Meanwhile, savio and jglazer75, who have been actively monitoring the gambling industry, are closely following the progress of NY Assembly Bill A7962, which includes limitations on sports betting, online casino, and casino games.
- If the current review of NY Assembly Bill A7962 by the Assembly Racing and Wagering Committee results in the bill's passage, it could mean significant changes for sports betting enthusiasts in Las Vegas, New York, and other gaming hubs, potentially limiting their wagers to $5,000 per 24-hour period.
