New York State Sports Betting Law Would Include 24 Hour Deposit and Wagering Limit, No Credit Cards

New York already taxes sportsbook operators the most of any other state at around 50 percent.  So why not make the activity even less enticing to customers?

That's the plan it seems.

Assemblyman Robert Carroll (D-District 44) presented Assembly Bill 7962, which would enact a series of regulatory changes to the New York sports betting scene that includes a $5,000 daily wagering limit as well as changes to valid deposit methods and new advertising standards.

The bill has been sent to the New York Assembly Committee on Racing and Wagering.

While the 24-hour $5000 limit likely won't impact the vast number of recreational gamblers, a proposed ban on credit card deposits most certainly will.

And then there's the proposed advertising restrictions.

From Legal Sports Report:

A7962 includes a prohibition on sports betting ads between 8 a.m. and 10 p.m., or during live sports events. Operators also could not include information on odds boosts or bonus bets. 

Sportsbooks previously stopped using “risk-free” after Ohio and Massachusetts banned the phrase. 

Carroll’s ad prohibitions are similar to those seen in the SAFE Bet Act, proposed by US Rep. Paul Tonko and US Sen. Richard Blumenthal. The stringent prohibitions in the proposed legislation have seen fierce industry pushback. 

New York is the most populous state of those that currently license multiple sportsbooks.  By default, New York generates the most revenue of any state that offers regulated sports betting.

Neither California, the most populated state in the US, or Texas offer regulated sports gambling.  Florida is now the third most populated state but it only has one sportsbook operator, the Seminoles Hard Rock Bet.