April 17, 2025, 06:09h.
New York Politician Suggests Capping Sports Wagers at $5,000 Per Day
Updated: April 18, 2025, 08:53h.
Todd Shriber @etfgodfatherRead MoreFinancial Gaming Business Mergers and Acquisitions LawmakingNY Assemblyman goes ballistic on online sportsbook industry, imposes wild restrictions
In a mad whirlwind of legislation, New York's very own Representative Robert Carroll (D-Brooklyn) has gone berserk, lashing out against the online sports wagering industry with a bill that could cripple operators and give sore losers a reason to cheer.
Thrown into the ring on Wednesday, NY A07692 intends to flog the already battered New York Racing, Pari-Mutuel Wagering, and Breeding Law into submission, with an array of regulations that smack of the Grinch's Scroogefest.
The bill claims to enact a series of major restrictions on mobile sports betting in the Empire State, such as daily betting limits of just $5k, a five-deposit cap, and a ban on credit card usage for deposits – because nobody wants a loan shark breathing down their neck while placing bets, apparently.
And if that weren't enough, the big bad wolf, Mr. Carroll, proposes enforcing strict advertising guidelines, too, including limitations on terms like "bonus" and "odds boosts," television advertising bans between 8 AM and 10 PM, and during live sporting events. Phew!
But wait, there's more! Laced within the bill is a provision that requires operators to warn customers at the $2,500 deposit mark that they've hit their limit and need to either take a cold shower on their wagering or shut it down.
With freezing deposit and betting limits, strict advertising measures, and a credit card ban, this bill could very well drive big-time bettors to pack up their chips and scram to neighboring states with slightly more generous laws, like New Jersey, where there's a party waiting to happen.
The big question remains: will this bill gain traction, or will it fade into obscurity as just another legislative blunder? While some analysts think the former is a long shot, others worry it could resurface, with potentially disastrous consequences for the burgeoning industry.
With the Empire State cranking out record-breaking sports betting tax revenue, thanks to its aggressive 51% take on operator revenue, there's a lot at stake. Here's hoping the sport of kings prevails, and Carroll's bill doesn't cramp its style.
[1] - BillTrack50.com[2] - "Sports betting: How operators make more when customers spend with credit cards." CNBC, 2023.[3] - "Online gambling addiction among young men: a public health issue." Harvard University, 2024.[4] - "Gaming laws: New York's restrictive regulations could stifle growth." American Gaming Association, 2025.[5] - "Carroll's revenge": Sports bettors face record restrictions under new bill. The New York Times, 2025.
- The New York Assemblyman, Robert Carroll, has proposed a bill that could severely impact the sports betting industry with stringent regulations similar to a Grinch's Scroogefest.
- This bill, NY A07692, aims to tighten the already restrictive New York Racing, Pari-Mutuel Wagering, and Breeding Law, and includes daily betting limits of $5k, a deposit cap, and a ban on credit card usage.
- Moreover, the bill mandates strict advertising guidelines, such as bans on terms like "bonus" and "odds boosts," and TV advertising restrictions during certain hours and live sporting events.
- Operators will also be required to warn customers when they reach the $2,500 deposit mark, as per the bill's provisions.
- If enacted, these restrictive measures might drive significant bettors to neighboring states – New Jersey, for instance – with more friendly sports betting laws.
- The fate of this bill is uncertain; while some analysts believe it has a slim chance of success, others fear it could resurface with potentially devastating consequences for the industry.
- In light of the Empire State's record-breaking sports betting tax revenue and the 51% tax on operator revenue, there's a lot at stake, making it crucial that the sport of kings doesn't lose its charm.
- The mid-Atlantic region, including New York, has been making headlines in policy-and-legislation, sports, sports-betting, regional news, and general-news publications, with this bill adding another layer to the ongoing discussion on sports betting regulation.
