- New York Assembly Bill A7962 proposes strict limits, including daily betting and deposit caps, and tight advertising restrictions.
- The proposal aims to curb problem gambling, but could drive high-volume bettors back to New Jersey.
ALBANY, N.Y. – A new proposal from the New York State Assembly could significantly alter the New York sports betting industry and potentially give New Jersey a fresh boost in handle and revenue.
Assembly Bill A7962, introduced this week by Assembly member Robert Carroll, would impose restrictive mobile wagering rules.
- A $5,000 daily cap on wagers
- A ban on deposits exceeding five per day.
- No sports betting advertisements between 8 a.m. and 10 p.m. (and during all live sporting events).
- No sportsbook can use promotional language like “bonus” or “no sweat” in their marketing.
The proposal, aimed at curbing problem gambling and reining in aggressive sportsbook advertising, comes as New York leads the nation in gross gaming revenue tax dollars. Since legal mobile betting launched in January 2022, the Empire State has quickly become the top dog, collecting more than $1 billion in sports betting taxes in 2024 alone.
But this regulatory shift could trigger unintended consequences while benefiting neighboring New Jersey.
New York’s Loss Could Be New Jersey’s Win
Before New York’s mobile launch in 2022, many New Yorkers crossed state lines to place legal sports bets in New Jersey, helping fuel their rapid growth.
Though New York’s entrance into the market cut into Jersey’s edge, Garden State numbers have remained strong. In 2024, New Jersey sportsbooks handled nearly $12.8 billion in wagers, with $1.09 billion in revenue, resulting in over $154 million in taxes.
If New York moves forward with a daily betting cap and more stringent ad limits, high-volume bettors and those looking for the best sportsbook promotions could return to New Jersey. Those who live in the New York City metro area could cross into New Jersey by hopping on a train or driving across a bridge.
The potential impact is worth millions. Even a modest migration of high-value bettors could shift a significant in the amount of money bet on sports back across the border, reigniting competition between two of the country’s most lucrative betting markets.
As A7962 heads to the Racing and Wagering Committee, stakeholders in both states will be watching closely.
