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New York Introduces New Sports Betting Bill For Long-Term Prop Bets

Ziv Chen

Last Updated: January 25, 2025 8:30 AM EST • 1 min 44 sec read.

New York Rangers center Filip Chytil celebrates a goal as we look at a proposed New York sports betting bill to allow long-term props.
Pictured: New York Rangers center Filip Chytil celebrates a goal at Madison Square Garden. Photo by Dennis Schneidler / Imagn Images.

There might be some changes coming for our best sports betting sites' biggest market.

Senator Joseph P. Addabbo Jr. introduced SB 2616 this week to expand the legal sports betting market in New York. Under current law, betting on league awards such as MVP or Rookie of the Year is prohibited. SB 2616 could change that.

Addabbo has long been a proponent of New York sports betting and has tried to pass similar legislation for several years. SB 2616 aims to allow sports bets on “annual awards or honors for an individual athlete or team performance during or throughout a season.”

If lawmakers pass SB 2616, it will allow season-long proposition bets and future award winners bets to be considered authorized sports wagers at our best New York sports betting apps.

The caveat permitting season-long proposition bets emphasizes that it will still be limited to “those wagers that the commission determines not to be at risk of undue interference, insider trading of information, or other issues that could compromise the integrity and fairness of the sports wagering program.”

The bill also notes that coin toss bets “that affect the gameplay of an event” will be permitted under a similar caveat to season-long proposition bets. This means that the New York State Gaming Commission may still prohibit bets for integrity and fairness reasons. 

2024 sports betting figures

New Yorkers bet more in 2024 than in any previous year since online sports betting launched in 2022. The state broke its sports betting handle record in November 2024 with a $2.32 billion spend. Residents are continuing to take advantage of excellent New York sportsbook promos.

Sports betting revenues from 2024 show that New York sports betting customers bet more than $22.6 billion over the year. This surpassed the previous record of $19.1 billion in 2023, with an increase of 18.4%. It was also the first time New Yorkers gambled more than $20 billion in one year.

As a result, gaming revenues and tax revenues increased. The New York State Gaming Commission reported over $2 billion in gross gaming revenues (GGR). This is an increase of 20.9%compared to the 2023 GGR of over $1.6 billion.

Tax revenue was reportedly over $1 billion, close to a 21% increase from 2023 when the total tax revenue was $861.8 million.

Casino bill also under consideration

In addition to SB 2616, Addabbo is also interested in legalizing iGaming in New York with SB 2614. If approved, SB 2614 would allow casinos, video lottery terminal facilities, online sports betting operators, and New York tribes to offer real money online casinos.

The suggested tax rate of 30.5% is lower than the 51% charged for online sportsbooks, but Addabbo believes iGaming could still generate $1 billion annually in tax revenues.

Written By:
Ziv Chen
Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.