John McKeon's Online Casino Legislation in New Jersey Experiences Delay
New Jersey's Online Gambling Taxes Under Review
Richard Janvrin, a sports writer contributing to Gambling.com, is keeping a close eye on the gambling industry in New Jersey. Currently, online casinos in the state are taxed at 15%, while sportsbooks are taxed at 13%. However, a proposed tax hike could change this.
Senator John McKeon, a well-known politician from the New Jersey State Assembly, proposed a bill in March 2024 that would increase the tax rate for online casinos and sportsbooks to 30%. This proposed tax hike is set to be reconsidered during the fall session.
This potential tax increase has sparked interest, as nearby states like New York and Pennsylvania have higher tax rates. New York sports betting is taxed at 51%, while Pennsylvania has a 54% tax on slots and 16% on table games. Despite these higher taxes, Pennsylvania has had massive success, generating nearly $1.2 billion in revenue as of June 2024.
Ohio has also recently doubled its tax rate from 10% to 20% over the last fiscal year. This success in Pennsylvania could have encouraged New Jersey to consider changing its tax rates.
However, it's important to note that as of December 2023, there are no verifiable reports that Senator McKeon has concrete plans for a tax hike on online casinos and sportsbooks in New Jersey for the upcoming fall session. Political discussions about tax increases in the gambling industry are rare in New Jersey, as the market is considered stable and the state is already earning high revenues.
If you're interested in staying updated on New Jersey's gambling politics, you can find the latest news on official websites like NJLeg.gov or in serious local media. You can also view legislative bills and debate protocols directly on the New Jersey State Legislature's website. Social media and press conferences from the legislators also provide current information.
In conclusion, as of now, there are no confirmed plans for a tax hike on online casinos and sportsbooks in New Jersey during the fall session. If you're curious about how such a tax hike could unfold or the arguments for and against it, I'd be happy to help further!
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