New Jersey senator John McKeon has introduced a bill that could increase online gambling and sports betting tax by 15% – with the rate doubling from the current figure should the bill pass.
Bill S3064 has been referred to the Senate State Government, Wagering, Tourism and Historic Preservation committee and if passed it would see drastic changes to the current online sports betting tax rate of 14.25%.
The bill was formally introduced at the beginning of this week but should the proposal be approved it still wouldn’t take effect until the January 1st of the year after it was enacted.
New Jersey’s current tax rate on casino gaming and online sports betting is lower than any of the nearby states, which was noted by John McKeon when he referred the bill.
New York has a 51% tax rate and Pennsylvania is currently at 36% – so the new proposed 30% tax rate in New Jersey is actually relatively low when compared to other neighbouring states.
John Mckeon did recently come out to say that in-house bets won’t be impacted due to the new proposed tax rate and there are no plans to alter the current rate.
New Jersey Latest Betting Update
New Jersey legalized sports betting in 2018, with the law passed on a presumption that the state lawmakers would also increase tax revenue once up and running.
There are currently 18 mobile sportsbooks available within New Jersey as well as 16 in-person locations where NJ residents can wager on their favourite sports and games.
New Jersey’s gambling revenue reached an all time high last year, as the Garden State hit $5.78 billion following a busy year.
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