A bill that would cap sports betting deposits at $5000 per day, restrict the number of daily deposits and add greater advertising restrictions has been introduced in the New York legislature.
Safeguard Proposal
New York has been the biggest beneficiary of legalized online sports betting in the nation. Sportsbooks in the Empire State handled nearly $24 billion between April 2024 and March 2025, generating gross gaming revenues of $2.14 billion during that span, 51% of which was earmarked for the state’s tax coffers.
Despite that unmitigated success, some lawmakers, like NY Assemblymember Robert Carroll, believe limits should be imposed, which prompted him to introduce bill A7962. Hallmarks of the bill feature a limit of five deposits over a 24-hour period with a $5000 limit.
The use of credit cards to fund accounts would also be banned, and no sports betting ads would be allowed to run between 8 AM and 10 PM or during live sporting events. The bill would also outlaw terms like “odds boosts or similar offers,” “bonus,” “no sweat,” or “bonus bet.”
Moreover, the bill would force sportsbook operators to show a prompt to every customer logging in with lifetime deposits above $2500 that would alert them to this fact and inquire as to whether they would like to establish betting limits for themselves.
The measure currently resides in the Assembly Racing and Wagering Committee and has until the end of the session on June 12th to gain passage.
New York Bill Mirrors SAFE Bet Act
Representative Paul Tonko (NY-D) and Senator Richard Blumenthal (CT-D) reintroduced their Supporting Affordability and Fairness with Every Bet (SAFE Bet) Act, legislation in March that would create federal responsible gambling guidelines that would supersede any state regulations. Many of the tenets of Assemblymember Robert Carroll’s bill are woven from the same cloth as the SAFE Bet Act, including the precise time on advertising bans (8:00 AM–10:00 PM) and the prohibition on terminology like bonus bets” and no-sweat bets, etc., in advertisements.
The SAFE Bet Act would also ban college player props and in-game betting nationwide. The elimination of college player props has been a personal crusade of NCAA President Charlie Baker, who has argued that college players have been harassed by disgruntled bettors when they do not meet expectations.
However, the bill has faced vehement opposition from the gaming industry and regulators alike. The American Gaming Association issued a statement after the SAFE Bet Act was announced last September, stating:
“Six years into legal sports betting, introducing heavy-handed federal prohibitions is a slap in the face to state legislatures and gaming regulators who have dedicated countless time and resources to developing thoughtful frameworks unique to their jurisdictions and have continued to iterate as their marketplaces evolve.”
