New York Sports Betting Faces Daily Limit From New Bill

A new bill under consideration would significantly limit New York casino users in terms of how much and how often they can wager. As per this new bill, New York residents would be limited to a maximum of $5,000 in sports wagering per day and would only be able to make five deposits in total.

“When an account holder’s lifetime deposits exceed two thousand five hundred dollars, the mobile sports wagering operator shall prevent any wagering until the patron immediately acknowledges that the account holder has met the deposit threshold and may elect to establish responsible gaming limits or close the account,” the bill says, adding that the use of credit cards to place wages would be banned.

This bill comes at a very interesting time, as betting, especially online, has become widely popular. Despite this, New York is in an interesting place when it comes to online casinos. While sports betting is legal, real-money casinos, online or not, are banned. Instead, many turn to sweepstakes casinos to have their needs met. Besides the obvious financial benefit and connection to one’s favourite team, other perks draw in users, such as privacy. Many online casinos are quite flexible with their KYC requirements, and many players look to take advantage of that. As Carlos De Lanuza explains, the number of privacy-preserving casinos is only growing, and you can see more on ValueWalk.

Then there’s the issue of revenue. In 2024, the state of New York generated a billion dollars in sports betting revenue, making it the biggest state in the sector. This is even despite the 51% tax on sports betting, which is one of the highest in the country. But while sports betting has certainly been profitable for both the state and gambling operators, this new bill will restrict their ability to advertise.