Streets of New Jersey. Source: Hotels.com

New Jersey Senator Proposes Doubling Online Sports Gambling Tax

New Jersey State Senator John McKeon has introduced a bill aimed at doubling the tax rate on online sports gambling to 30%. Currently, the tax rate stands at 15% on net income from online gambling and 13% on betting.

The bill has been referred to the State Senate Rates, Tourism, and Historic Preservation Committee for consideration. Should the proposal be approved by lawmakers, it would take effect on January 1 of the following year, as outlined in the bill's text.

If enacted, the 30% tax rate would impose a significant financial burden on New Jersey's 18 mobile sportsbooks, resulting in one of the highest tax rates among US states. Only New York and Pennsylvania currently have higher rates, at 51% and 36%, respectively.

12 April 2024, 09:49

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