New Jersey passes bill to increase online gambling tax rate
Bill A5803 has passed the State Senate and the House.
US.- New Jersey lawmakers have passed Bill A5803 in the state Senate and in the House, paving the way for a rise in the tax rate on online gambling revenue. Igaming and mobile sports betting are currently charged tax rates of 13 per cent and 15 per cent respectively. Both rates will rise to 19.75 per cent.
The Assembly approved the bill by a 45-33 vote. The proposed legislation was then sent to the Senate, where it was approved by a 25-14 vote. State govenor Phil Murphy is expected to sign off on the legislation as the move was part of budget discussions. Murphy originally proposed to increase the tax rates to 25 per cent.
New Jersey gaming revenue increases in May
The New Jersey Division of Gaming Enforcement reported that gaming revenue in the state in May totalled $614.7m, up 20.5 per cent year-over-year and 14.5 per cent from April’s $536.6m.
The casino win for the nine casino hotels was $265.3m, an increase of 10.9 per cent when compared to May 2024. Table games generated $70.5m and slots $194.7m. The internet gaming win was $246.8m up 28.5 per cent year-over-year.
