{"id":9020,"date":"2024-08-02T00:56:02","date_gmt":"2024-08-02T00:56:02","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/?post_type=america&#038;p=9020"},"modified":"2024-08-02T00:56:03","modified_gmt":"2024-08-02T00:56:03","slug":"new-jersey-wont-see-its-new-gambling-tax-proposal-until-2025","status":"publish","type":"america","link":"https:\/\/www.mundovideo.com.co\/en\/america\/new-jersey-wont-see-its-new-gambling-tax-proposal-until-2025\/","title":{"rendered":"New Jersey won&#8217;t see its new gambling tax proposal until 2025."},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">New Jersey Senator John McKeon proposed a bill in March 2024 that would include a tax hike on New Jersey online casinos and sportsbooks to 30%. However, it won\u2019t be part of the 2024 fiscal year budget proposal.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.youtube.com\/watch?v=4d0WZjXrn98&amp;t=29s\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/feria24\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/new-jersey-wont-see-its-new-gambling-tax-proposal-until-20252.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Online casinos in New Jersey are currently taxed 15%, while sportsbooks are taxed at 13%<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proposed bill has been delayed until at least the fall, when the next session begins. Online casinos in New Jersey are taxed at 15%, and sportsbooks are at 13%. An increase to 30% might entice some operators to leave the state.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Senate Bill 3064, taxes would be paid into the Casino Revenue Fund and an additional tax of 1.25% would be remitted by the State Treasurer to the Casino Reinvestment Development Authority for marketing and promotion of Atlantic City.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">New Jersey launched online casino play in 2013, five years before the Supreme Court struck down the <a href=\"https:\/\/www.mundovideo.com.co\/poker-news\/paspa-and-poker-arent-coming-together\" target=\"_blank\" rel=\"noreferrer noopener\">Professional and Amateur Sports Protection Act (PASPA)<\/a>. Taxes will stay the same in 2024, but they could change next year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nearby states Massachusetts, New York, Ohio, and Pennsylvania all have higher tax rates. Pennsylvania has a 54% tax on slots and 16% on table games. New York sports betting has a 51% tax rate as well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Massachusetts nearly increased its tax rate from 20% to 51%<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Massachusetts Sen. John F. Keenan (D-Norfolk\/Plymouth) proposed an amendment to the Senate\u2019s FY 2025 state budget to increase the online sports betting tax rate from 20% to 51%, a 155% increase.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nonetheless, Keenan\u2019s amendment was roundly rejected by his Senate colleagues. The proposed tax rate would have put the commonwealth in line with New York.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, Ohio has doubled its tax rate from 10% to 20% over the last fiscal year. Despite the higher taxes, both New York and Pennsylvania are still two of the highest-earning states in gambling revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">New Jersey could join the two aforementioned states next with a 30% tax increase. As of June 2024, the state has generated nearly $1.2 billion in revenue and is set to surpass the $1.9 billion set in 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In March 2024, the Garden State\u2019s sports betting handle reached $1.33 billion. It was the fourth-highest amount since sports betting was legalized. It was also a 29.6% year-over-year increase from the $1.03 billion in total bets placed in March 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Jersey Senator John McKeon proposed a bill in March 2024 that would include a tax hike on New Jersey online casinos and sportsbooks to 30%. However, it won\u2019t be part of the 2024 fiscal year budget proposal. Online casinos in New Jersey are currently taxed 15%, while sportsbooks are taxed at 13% The proposed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9021,"menu_order":211,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-9020","america","type-america","status-publish","format-standard","has-post-thumbnail","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Jersey won&#039;t see its new gambling tax proposal until 2025. - Mundo Video Entertainment | Casino News in Latin America and the World<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mundovideo.com.co\/en\/america\/new-jersey-wont-see-its-new-gambling-tax-proposal-until-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Jersey won&#039;t see its new gambling tax proposal until 2025. - Mundo Video Entertainment | Casino News in Latin America and the World\" \/>\n<meta property=\"og:description\" content=\"New Jersey Senator John McKeon proposed a bill in March 2024 that would include a tax hike on New Jersey online casinos and sportsbooks to 30%. 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