House Bill 161 is that which will allow for betting on collegiate as well as professional sports. State Representative John Rogers was the one to introduce this bill, and he...
Phil Murphy’s gambling tax hike plan faces strong opposition
New Jersey Governor Phil Murphy’s plan to raise taxes on online gambling from 13% to 25% and sports betting to 15% is facing strong opposition from industry leaders and lawmakers.
Casinos, betting companies, and lawmakers from both parties argue that the tax hike could damage New Jersey’s booming gambling industry. In 2023, online sports betting contributed $138.3 million in tax revenue, while iGaming contributed $358.3 million. Industry leaders warn that higher taxes could slow down growth, threaten jobs, and discourage investment.
Bill Pascrell III, a seasoned gambling industry lobbyist, commented:
“This is a terrible idea. We are going to run a very strong lobbying and public education campaign against this.”
The Sports Betting Alliance, an industry group that includes FanDuel, DraftKings, BetMGM, and Fanatics Sportsbook, also voiced concerns.
Jeremy Kudon, president of The Sports Betting Alliance, said:
“Increasing taxes on internet casino games and sports betting will jeopardize thousands of jobs and hundreds of millions of dollars in revenue the industries have generated in New Jersey. Any effort to increase sports betting taxes on New Jerseyans threatens all of that progress.”
Senator Vince Polistina stands next to industry professionals, claiming that instead of raising taxes, lawmakers should focus on keeping the industry competitive. For now, the debate still goes on, and the future of gambling taxation remains unclear.
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