New York to Consider Bill to Set a Daily Limit on Sports Betting Wagers

The Empire State is considering upping its fight against problem gambling.

The New York Assembly is currently considering a bill that would set a $5,000 daily wagering cap for sports betting. The hope is that setting a cap will help prevent bad losing streaks from becoming life-altering. It would make New York the only state to set a cap on how much bettors can wager in a 24-hour period. 

A $5,000 cap may not affect average bettors, but New York is home to many big spenders. It is not uncommon for the state’s betting pros and celebrities to place six-figure wagers on an event in the hopes of a massive payout. These big-money bettors are one reason the market remains the most profitable in the US.

While many sportsbooks have yet to comment on the bill being considered, you can expect to see fierce opposition. Operators will fight hard on behalf of their premier clients, who are helping to drive their eye-popping revenue numbers.

The bill will now be considered by the Assembly’s Racing Committee, which has been very supportive of the state’s sports betting industry.

Advertising Restrictions Also Considered

The proposed wagering cap is grabbing headlines, but the bill also includes some of the most restrictive advertising rules in the US.

If passed, operators would no longer be able to advertise any bonuses, promotions, or other deals aimed at attracting new customers. The fear is that these advertisements are misleading to New York residents, who may not understand the actual risks of gambling.

Sportsbooks would be limited to advertising between 10 PM and 8 AM, when most underage residents are likely to be in bed. Ads would also be banned during live sporting events.

Like with the betting cap, these advertising restrictions are also expected to encounter strong opposition from the sports betting industry.