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New Jersey Senator Introduces Bill That Would See Sports Betting & Online Gaming Tax Increase To 30%

olivertaliku

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.

olivertaliku

Olly Taliku has worked with highly respected sports and gambling websites where he has produced hundreds of articles, as well as being published with Burton Albion and Chesterfield FC. At Burton Olly worked closely alongside the women's team, producing mainly matchday content including reports and interviews, while at Chesterfield he worked in a similar role but with the academy side, as well as some first team content. He also has experience as an accredited Premier League and EFL writer for Prost International where he worked during the 2021/22 season to produce matchday content as an on location reporter. Olly specialises in football as well as long form SEO content plus news, tips and betting but also produces content on basketball, baseball and American football.