NJ gambling firms experience 28% revenue increase in January
Gambling operators across New Jersey experienced a 28% increase in their revenues in January.The gambling regulator of New Jersey has recently published its latest...
New Jersey bill seeks to double online gambling taxes
A bill introduced by New Jersey senator John McKeon would increase the tax rates on sports betting and internet gambling from their current levels of 17.5 percent and 14.25 percent to a flat rate of thirty percent.
This significant rise would result in the current tax rates more than doubling.
Senator McKeon referenced the higher tax rates on internet gambling in nearby states like New York and Pennsylvania to support the proposed hike. For example, the tax rate in New York is fifty-one percent, whereas Pennsylvania charges its operators thirty-six percent in taxes. It’s crucial to remember that promotional deductions are permitted in New York, bringing the effective tax rate down to twenty-four percent.
The senator bases his argument on the potential for increased tax income. For example, since starting online sports betting in January 2022, New York has collected 1.73 billion dollars in tax revenue from a total betting handle of 39.2 billion dollars. Conversely, from a handle of 26.1 billion dollars, New Jersey has raised 286.7 million dollars in tax revenue during the same time period.
Operators in New Jersey’s online gambling market could be facing major consequences if the law is approved. The higher tax rate would require them to modify their financial plans and strategy, which would have an effect on their profitability and capacity to compete in the market.
NJDGE reports 9% gambling revenue increase in October
New Jersey’s gambling sector experienced a 9.3% increase in its revenue in October.The NJDGE’s latest market report highlighted a total revenue of 487 million dollars in...
