New York’s online sports betting market keeps breaking records, with November setting a new monthly high for gross gaming revenue.
According to the State Gaming Commission,...
Sports Betting Regulation Bill Fails to Advance
New York sports betting reform bill fails in committee, even as the State Legislature moves forward with the ban on sweepstakes casinos.
The sweepstakes casino ban has passed both chambers and awaits Governor Kathy Hochul’s signature. However, Assembly Bill A7962, introduced by Assemblyman Robert C. Carroll in April, did not move beyond the Racing and Wagering Committee.
The bill suggested new sports betting limits, such as a maximum of 5 deposits per bettor with each licensee in 24 hours, a $5,000 daily betting limit, a ban on credit card deposits, as well as restrictions on sportsbook advertising. The ads should be prohibited during live sports events, and between 8 am and 10 pm.
In a post in X (previously, Twitter), Carroll defended the proposal, stating:
“My bill A7962 creates guardrails to protect NYers who participate in sports gambling. This nascent industry is lightly regulated and has harmed thousands of NYers. The least we could do is put specific monetary caps and advertising restrictions.”
Despite the warnings for tighter regulation, New York continues to lead sports betting activities. Since the legalization of online sports betting in 2022, the State has accumulated nearly $70 billion in total betting revenue and over $3.15 billion in tax revenue.
The state’s 51% tax rate on sportsbook revenue is the highest in the country, tied with Rhode Island and New Hampshire. Major operators in New York’s betting market include FanDuel, DraftKings, Caesars, BetMGM, and Fanatics.
On December 5, 2025, New York officially banned online sweepstakes casinos, following a law signed by Governor Kathy Hochul.New rules target all those websites that let...
