{"id":269,"date":"2024-06-27T22:28:47","date_gmt":"2024-06-27T19:28:47","guid":{"rendered":"https:\/\/islandreelsnodepositbonus.icu\/2024\/06\/27\/new-jersey-considers-doubling-online-gambling-and-sports-betting-tax-rates\/"},"modified":"2024-06-27T22:28:47","modified_gmt":"2024-06-27T19:28:47","slug":"new-jersey-considers-doubling-online-gambling-and-sports-betting-tax-rates","status":"publish","type":"post","link":"https:\/\/islandreelsnodepositbonus.icu\/2024\/06\/27\/new-jersey-considers-doubling-online-gambling-and-sports-betting-tax-rates\/","title":{"rendered":"New Jersey Considers Doubling Online Gambling and Sports Betting Tax Rates"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/nyjnpBIYj-Y\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>New Jersey&#8217;s Senator John McGinley has formally presented a legislative proposal that would increase the tax rate on internet and athletic wagering to 30%.<\/p>\n<p>At present, online and sports betting are subject to a tax of 15% and 13% of total gaming revenue, respectively.<\/p>\n<p>Senate Bill 3064 was officially submitted on April 8th, subsequent to its introduction last week. The bill was assigned to the Senate State Government, Wagering, Tourism and Historic Preservation Committee.<\/p>\n<p>If approved, the proposal would modify Section 17 of P.L.2013, c.27 (C.5:12-95.19), which establishes the online gambling tax rate. Section 7 of P.L.2018, c.33 (C.5:12A-16), which addresses sports betting taxes, would also be amended.<\/p>\n<p>As per the bill&#8217;s text, if legislators endorse the proposition, it would take effect on the following January 1st after the date of enactment.<\/p>\n<p>The 30% tax rate would impose a significant financial strain on New Jersey&#8217;s 18 mobile sports betting firms, elevating taxes to the highest level in the nation. New York&#8217;s 51% sports betting tax rate currently holds the top spot in the competitive market, followed by Pennsylvania&#8217;s 36% gross gaming revenue tax. <\/p>\n<p>Certain areas, such as Delaware, New Hampshire, and Rhode Island, levy a 51% to 50% gross gaming revenue (GGR) tax on operators, but all operate monopolies through state lotteries.<\/p>\n<p>For online gambling establishments, New Jersey presently has one of the most affordable tax rates, with 30 online gaming sites in operation. A 30% GGR tax would place the state ahead of Connecticut (18% GGR, rising to 20% after five years), Michigan (20%), and West Virginia (15%).<\/p>\n<p>Pennsylvania still holds the highest tax rate on slot machines at 54%, although the table game tax rate is 16%.<\/p>\n<p>Did Ohio establish a precedent for increasing taxes?<br \/>\nIf New Jersey proceeds with Senator McKeon&#8217;s proposal, it will follow Ohio&#8217;s lead and double its tax rate.<\/p>\n<p>Last July, Ohio Governor Mike DeWine increased the tax rate from 10% to 20% in the 2024-25 budget.<\/p>\n<p>Since the introduction of sports wagering, DeWine&#8217;s relationship with the industry has deteriorated rapidly, primarily due to advertising. The state&#8217;s Casino Control Commission has since acted swiftly to curtail the overabundance of sports betting marketing.<\/p>\n<p>New Jersey in the limelight<br \/>\nNew Jersey&#8217;s gambling industry has been a subject of intense discussion thus far in 2024. In January, Senator Joseph Pennacchio reintroduced a bill to launch racetrack slot machines and restrict advertising. The bill has been presented numerous times since 2014, failing to advance beyond the committee stage in 2020 and 2022. <\/p>\n<p>Toward the end of the month, an investigation conducted by the National Economic Research Associates, funded by the Fair Play for America movement, proposed that New Jersey&#8217;s digital gambling market had a detrimental effect on the state&#8217;s financial standing. The investigation asserted that its positive tax contributions were counteracted by escalating gambling-related harm expenses.<\/p>\n<p>However, this investigation conflicts with a 2019 study by Dr. Alan Meister of iDEA Growth&#8217;s Meister Consulting and Gene Johnson of Victor Strategies. Online casinos alone produced $401 million in worker salaries and 6,552 full-time positions between 2013 and 2018.<\/p>\n<p>The investigation observed that legal online gambling generated $259.3 million in tax income for state and local authorities over the five-year period, including $178.9 million in gambling taxes.<\/p>\n<p>New Jersey&#8217;s gambling income achieved a new peak in 2023, reaching $5.78 billion, a record high. Income remained elevated in January alone, reaching $559.1 million, a 28.0% increase compared to the previous year.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Jersey&#8217;s Senator John McGinley has formally presented a legislative proposal that would increase the tax rate on internet and athletic wagering to 30%. At present, online and sports betting are subject to a tax of 15% and 13% of total gaming revenue, respectively. Senate Bill 3064 was officially submitted on April 8th, subsequent to [&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 Tax Hike on Online Betting<\/title>\n<meta name=\"description\" content=\"Senator McGinley\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/islandreelsnodepositbonus.icu\/2024\/06\/27\/new-jersey-considers-doubling-online-gambling-and-sports-betting-tax-rates\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"New Jersey Considers Doubling Online Gambling and Sports Betting Tax Rates\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Senator McGinley\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/islandreelsnodepositbonus.icu\/2024\/06\/27\/new-jersey-considers-doubling-online-gambling-and-sports-betting-tax-rates\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Ultimate Online Casino Experience | Licensed, Secure &amp; Thrilling\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T19:28:47+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/islandreelsnodepositbonus.icu\/2024\/06\/27\/new-jersey-considers-doubling-online-gambling-and-sports-betting-tax-rates\/\",\"url\":\"https:\/\/islandreelsnodepositbonus.icu\/2024\/06\/27\/new-jersey-considers-doubling-online-gambling-and-sports-betting-tax-rates\/\",\"name\":\"NJ Senator Proposes Tax Hike on Online Betting\",\"isPartOf\":{\"@id\":\"https:\/\/islandreelsnodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-27T19:28:47+00:00\",\"dateModified\":\"2024-06-27T19:28:47+00:00\",\"author\":{\"@id\":\"https:\/\/islandreelsnodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Senator McGinley\",\"breadcrumb\":{\"@id\":\"https:\/\/islandreelsnodepositbonus.icu\/2024\/06\/27\/new-jersey-considers-doubling-online-gambling-and-sports-betting-tax-rates\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/islandreelsnodepositbonus.icu\/2024\/06\/27\/new-jersey-considers-doubling-online-gambling-and-sports-betting-tax-rates\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/islandreelsnodepositbonus.icu\/2024\/06\/27\/new-jersey-considers-doubling-online-gambling-and-sports-betting-tax-rates\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/islandreelsnodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Jersey Considers Doubling Online Gambling and Sports Betting Tax Rates\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/islandreelsnodepositbonus.icu\/#website\",\"url\":\"https:\/\/islandreelsnodepositbonus.icu\/\",\"name\":\"Ultimate Online Casino Experience | Licensed, Secure &amp; Thrilling\",\"description\":\"Indulge in a world of online casino entertainment with our fresh news, honest reviews, and informative articles. 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