New Jersey sports betting tax to increase in December

The casinos in the state of New Jersey will be taxed an additional 1.25% on sports betting revenue.

According to local press, last week Governor Phil Murphy signed off on a bill to increase the tax on sports betting revenue.

This tax increase will take effect in December and bring the total tax on sports betting revenue to 9.75% at land-based sports books and 13% for online and mobile sports books.

The funds raised from this tax increase will go towards the New Jersey Casino Reinvestment Development Agency (CRDA)

The CRDA was founded in 1984 and has spent over $2bn on projects in New Jersey.

According to the Press of Atlantic City, the CRDA will put the funds towards “marketing and promotion.”

Larry Sieg, CRDA Director of Communications, told Sports Handle: “After a three-year hiatus, we are looking forward to filling the void with much-needed promotion of Atlantic City as a world-class vacation destination.”

The state government dealt the CRDA a heavy blow in 2016 after redirecting funds to help pay off Atlantic City’s debt.

The agency reported a loss of $22m due to the governments 2016 decision.

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