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...
New Jersey considers doubling online gambling taxes
New Jersey lawmakers are proposing a plan that would raise the taxes that operators of online casinos and sportsbooks must pay.
Currently, these operators pay taxes ranging from 14.25 percent to fifteen percent; however, the new measure would increase this to thirty percent.
The Senate has received this bill, S3064, which is supported by Senator John Mckeon. Operators of online gambling sites in New Jersey will be required to pay even more taxes than they do today if it becomes law.
With their higher tax rates on online gambling, New Jersey is taking a close look at nearby states like Pennsylvania and New York. For instance, Pennsylvania’s tax rate is thirty-six percent while New York’s is fifty-one percent. Compared to New Jersey, these states have received far larger revenue from taxes on online gambling.
New Jersey has only made $286.7 million from $26.1 billion in bets since January 2022, compared to $1.73 billion in taxes earned by New York from $39.2 billion in bets. Had New Jersey been subject to a thirty percent tax rate during this period, it would have generated approximately $609.7 million in revenue.
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