{"id":18721,"date":"2024-04-03T11:48:08","date_gmt":"2024-04-03T11:48:08","guid":{"rendered":"https:\/\/instantcasinos.com\/?p=18721"},"modified":"2024-04-03T12:00:05","modified_gmt":"2024-04-03T12:00:05","slug":"online-gambling-tax-set-to-increase-in-new-jersey-in-2024","status":"publish","type":"post","link":"https:\/\/instantcasinos.com\/blog\/2024\/04\/03\/online-gambling-tax-set-to-increase-in-new-jersey-in-2024\/","title":{"rendered":"Online Gambling Tax Set To Increase In New Jersey In 2024"},"content":{"rendered":"<div><strong>Over $3Billion is expected to be placed on the upcoming NCAA basketball tournament and a large part of this sum will come through New Jersey &#8211; as NJ look to increase online gambling tax.<\/strong><\/div>\n<h2>New Jersey Online Gambling Tax Set For Increase<\/h2>\n<div>New Jersey is attempting to tax a larger amount from wagers within the state and has recently pushed for it in the state.<\/div>\n<div><\/div>\n<div>In 2018, New Jersey finally legalized sports betting and this decision was made off the basis that New Jersey lawmakers would increase tax revenue.<\/div>\n<div><\/div>\n<div>Currently, the tax rate in New Jersey sits at 15% for online bets and 13% for online sports wagers, which has seen an increase in popularity.<\/div>\n<div><\/div>\n<div>State Senate John McKeon is keen on rising the tax rate to 30% and the proposal will go alongside the recent increase in sports wagering.<\/div>\n<div><\/div>\n<div>Online gambling has been on a drastic rise in recent years and set new records in 2023, increasing gambling revenue by 15% and sports betting revenue rose by 30% &#8211; finishing on a staggering $1bn.<\/div>\n<div><\/div>\n<div>State Sen. John McKeon, believes that $150m of the overall revenue would be a huge positive for those residing in New Jersey and could help a state budget that needs fresh revenue.<\/div>\n<div><\/div>\n<div class=\"block\">When compared to other states, New Jersey has one of the lowest tax rates for online gambling, ranking below all neighboring states.<\/div>\n<div><\/div>\n<div>If New Jersey decided to double its current rate, it would still boast a lower tax rate than both Pennsylvania and New York &#8211; who boast a slightly high revenue for sports wagers.<\/div>\n<div><\/div>\n<div>Despite New Jersey&#8217;s recent increase in sports betting revenue, the push for new rates is yet to be finalized in the house and may continue for months.<\/div>\n<div><\/div>\n<div class=\"block\">Mckeon has also confirmed in a recent presser that in-house bets wont be impacted when it comes to tax rate, as there is no plan to change the current rate.<\/div>\n<div class=\"block\"><\/div>\n<p>Visit <a href=\"https:\/\/instantcasinos.com\/\">Instant Withdrawal Casinos<\/a> for the best online gaming experience.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over $3Billion is expected to be placed on the upcoming NCAA basketball tournament and a large part of this sum will come through New Jersey &#8211; as NJ look to increase online gambling tax. New Jersey Online Gambling Tax Set For Increase New Jersey is attempting to tax a larger amount from wagers within the &hellip; <\/p>\n","protected":false},"author":60,"featured_media":18744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-18721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Jersey Online Gambling Tax Set For Increase<\/title>\n<meta name=\"description\" content=\"Over $3Billion is expected to be placed on the upcoming NCAA basketball tournament and a large part of this sum will come through New Jersey.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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