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...
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 monthly analysis covering the performance of licensed gambling firms across the state, with the report’s key figure of just over 559 million dollars in revenue representing a healthy period of growth for the sector.
Breaking down the market’s performance by gambling types, the state’s nine land-based gambling firms generated 205 million dollars throughout the month, representing a slight year-over-year decrease of 3.1% from the 212 million dollar revenue generated in January of last year.
Online gambling, on the other hand, generated less revenue at just over 183 million dollars, however, this represented a near-20% increase from last year’s revenue of almost 153 million dollars. The report also covered the state’s sports betting operators, which generated the least revenue from the three verticals at just under 171 million dollars, however, they experienced the most year-over-year growth at more than 163%.
Lastly, the regulator mentioned that the sector contributed more than 62.6 million dollars in taxes throughout the period, with online gambling operators generating the largest portion of this at over 27.4 million dollars.
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...
