{"id":249,"date":"2024-06-26T01:47:33","date_gmt":"2024-06-25T22:47:33","guid":{"rendered":"https:\/\/dreamscasinonodepositbonuscodes.icu\/2024\/06\/26\/new-jersey-proposes-30-tax-on-online-gambling-and-sports-betting\/"},"modified":"2024-06-26T01:47:33","modified_gmt":"2024-06-25T22:47:33","slug":"new-jersey-proposes-30-tax-on-online-gambling-and-sports-betting","status":"publish","type":"post","link":"https:\/\/dreamscasinonodepositbonuscodes.icu\/2024\/06\/26\/new-jersey-proposes-30-tax-on-online-gambling-and-sports-betting\/","title":{"rendered":"New Jersey Proposes 30% Tax on Online Gambling and Sports Betting"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/XenPXlnMFv4\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>A fresh legislative proposal has been put forward by a New Jersey representative, John McGinley, aiming to increase the tax levied on digital wagering and athletic betting to a substantial 30%.<\/p>\n<p>The legislative document, known as Senate Bill 3064, was formally presented on the 8th of April, following its submission the previous week. This bill seeks to modify existing regulations to enhance the tax rate imposed on online gambling and sports betting.<\/p>\n<p>At present, the tax rate for online gambling and sports betting stands at 15% and 13% of the total gaming revenue, respectively. If this bill is enacted, it would alter Section 17 of P.L.2013, c.27 (C.5:12-95.19), which establishes the tax rate for online gambling. Additionally, Section 7 of P.L.2018, c.33 (C.5:12A-16), addressing the tax on sports betting, would also undergo amendment.<\/p>\n<p>The proposed legislation has been referred to the Senate State Government, Wagering, Tourism, and Historic Preservation Committee for review. If this proposal receives approval from lawmakers, it would come into effect on the first of January following the year of its enactment, as outlined in the bill&#8217;s text.<\/p>\n<p>The proposed 30% tax rate would impose a significant financial strain on the 18 mobile sports betting companies operating in New Jersey, making its tax rate among the highest in the nation. New York&#8217;s sports betting tax rate currently stands at 51%, the highest in this competitive market, followed by Pennsylvania&#8217;s 36% GGR tax rate. <\/p>\n<p>Several other states, such as Delaware, New Hampshire, and Rhode Island, impose a 51% to 50% GGR levy on operators, but all of these states operate monopolies through state lotteries.<\/p>\n<p>For online casinos, New Jersey currently has one of the lowest tax rates, and there are 30 online gambling sites in operation. A 30% GGR tax would place the state ahead of Connecticut (18% of GGR, increasing to 20% after five years), Michigan (20%), and West Virginia (15%).<\/p>\n<p>Pennsylvania still has the highest tax rate at 54% for slot machines, although table games are taxed at 16%.<\/p>\n<p>Has Ohio established a precedent for increasing taxes?<br \/>\nIf New Jersey moves forward with Senator McKeon&#8217;s proposal, it will follow Ohio&#8217;s lead by doubling its tax rate.<\/p>\n<p>Last July, Governor Mike DeWine raised the tax rate from 10% to 20% in the 2024-25 budget.<\/p>\n<p>DeWine&#8217;s relationship with the industry soured just days after the launch of sports betting, primarily due to advertising. The state&#8217;s Casino Control Commission has since acted swiftly to crack down on what it considers excessive sports betting marketing.<\/p>\n<p>New Jersey in the Limelight<br \/>\nNew Jersey&#8217;s gambling industry has been a hot topic so far in 2024. In January, Senator Joseph Pennacchio reintroduced a bill to launch racetrack slot machines and restrict advertising. The bill has been introduced several times since 2014 and failed to pass the committee stage in 2020 and 2022. <\/p>\n<p>In the following month, an investigation conducted by the National Economic Research Associates, funded by the Fair Play for All movement, discovered that New Jersey&#8217;s internet gambling market had a detrimental effect on the state&#8217;s financial well-being. Although the research asserted that its positive tax contributions were counterbalanced by increasing gambling-related harm expenses, this was not entirely precise.<\/p>\n<p>This contradicts a 2019 study by Dr. Alan Meister of iDEA Growth and Gene Johnson of Victor Strategies. Internet casinos alone generated $401 million in employee salaries and 6,552 full-time positions between 2013 and 2018.<\/p>\n<p>The study claimed that legal online gambling generated $259.3 million in tax revenue for state and local authorities over those five years, including $178.9 million in gambling taxes.<\/p>\n<p>New Jersey&#8217;s gambling income reached a new peak in 2023, reaching $5.78 billion, a record high. In January alone, revenue remained elevated at $559.1 million, a rise of 28.0% year-over-year.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A fresh legislative proposal has been put forward by a New Jersey representative, John McGinley, aiming to increase the tax levied on digital wagering and athletic betting to a substantial&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NJ Wants to Tax Online Gambling 30%! \ud83e\udd11<\/title>\n<meta name=\"description\" content=\"New Jersey lawmaker proposes a hefty 30% tax on online gambling and sports betting, aiming to boost state revenue. 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