{"id":246,"date":"2024-06-25T21:37:22","date_gmt":"2024-06-25T18:37:22","guid":{"rendered":"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/25\/new-jersey-proposes-doubling-tax-rate-on-online-gambling-and-sports-betting\/"},"modified":"2024-06-25T21:37:22","modified_gmt":"2024-06-25T18:37:22","slug":"new-jersey-proposes-doubling-tax-rate-on-online-gambling-and-sports-betting","status":"publish","type":"post","link":"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/25\/new-jersey-proposes-doubling-tax-rate-on-online-gambling-and-sports-betting\/","title":{"rendered":"New Jersey Proposes Doubling Tax Rate on Online Gambling and Sports Betting"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/9lrNv49BhDo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>A new legislative proposal has been formally presented by New Jersey Senator John McGinley, aiming to raise the tax levy on internet wagering and athletic betting to a substantial 30%.<\/p>\n<p>At present, the tax rates for online gambling and sports wagering are set at 15% and 13% of the total gaming revenue, respectively.<\/p>\n<p>The legislative document was submitted last week and officially introduced as Senate Bill 3064 on the 8th of April. This bill has been forwarded to the Senate Committee on State Government, Wagering, Tourism, and Historic Preservation.<\/p>\n<p>If enacted, this legislation would modify Section 17 of P.L.2013, c.27 (C.5:12-95.19), which establishes the tax rate for online gambling. Section 7 of P.L.2018, c.33 (C.5:12A-16), which pertains to sports betting tax, would also undergo amendments.<\/p>\n<p>As per the text of the bill, if the proposal receives approval from lawmakers, it would come into effect on the following January 1st subsequent to the date of its enactment.<\/p>\n<p>The proposed 30% tax rate would impose a significant financial strain on the 18 mobile sports betting enterprises operating within New Jersey, resulting in the state&#8217;s tax rate being among the most substantial in the nation. New York&#8217;s sports betting tax rate stands at 51%, currently the highest in the competitive market, followed by Pennsylvania&#8217;s 36% GGR tax rate. <\/p>\n<p>Numerous other states, like Delaware, New Hampshire, and Rhode Island, levy a 51% to 50% GGR tax on operators, but all of these states operate monopolies through state lotteries.<\/p>\n<p>For online casinos, New Jersey presently has one of the lowest tax rates, and 30 online gambling websites are currently in operation. A 30% GGR tax would place the state ahead of Connecticut (18% GGR, increasing to 20% after five years), Michigan (20%), and West Virginia (15%).<\/p>\n<p>Pennsylvania&#8217;s 54% tax rate on slot machines remains the highest, although table games are taxed at 16%.<\/p>\n<p>Did Ohio establish a precedent for increasing taxes?<br \/>\nIf New Jersey proceeds with Senator Mcken&#8217;s proposal, it will follow Ohio&#8217;s lead by doubling its tax rate.<\/p>\n<p>Last July, Buckeye State Governor Mike DeWine increased 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 moved swiftly to crack down on what it considers excessive sports betting marketing.<\/p>\n<p>New Jersey in the spotlight<br \/>\nNew Jersey&#8217;s gambling industry has been a hot topic thus far in 2024. In January, Senator Joseph Pennacio 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>Towards the end of the month, an investigation conducted by the National Economic Research Associates, funded by the Fair Play for America initiative, revealed that New Jersey&#8217;s internet gambling industry had a detrimental effect on the state&#8217;s financial standing.  Despite the research asserting that its positive tax contributions were counterbalanced by escalating gambling-related harm expenses.<\/p>\n<p>However, this examination contradicts research compiled in 2019 by iDEA Growth for Alan Meister, PhD, of Meister Consulting and Gene Johnson of Victor Strategies. Online casinos alone generated $401 million in employee salaries and 6,552 full-time positions between 2013 and 2018.<\/p>\n<p>The research indicated that legal online gambling produced $259.3 million in tax income for state and local authorities over the five-year period, including $178.9 million in gaming taxes.<\/p>\n<p>New Jersey&#8217;s gambling earnings reached unprecedented levels in 2023, attaining a record $5.78 billion. Income remained elevated in January alone, reaching $559.1 million, a 28% year-on-year surge.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new legislative proposal has been formally presented by New Jersey Senator John McGinley, aiming to raise the tax levy on internet wagering and athletic betting to a substantial 30%.&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 Senator Proposes 30% Tax Hike on Online Gambling<\/title>\n<meta name=\"description\" content=\"New Jersey Senator John McGinley proposes a significant increase in the tax rate for online gambling and sports betting, aiming to raise it to 30%.\" 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