Casinos, online betting companies and their political allies in both parties are gearing up for a fight against Gov. Phil Murphy’s proposal to raise taxes on internet gambling and sports betting — the two fastest-growing parts of New Jersey’s gambling industry.
The Democratic governor suggested Tuesday in his budget proposal raising taxes on both forms of gambling to 25% each. Online sports betting is currently taxed at 13%, and internet gambling is taxed at 15%.
Murphy’s administration said the increases would raise $402.4 million.
That’s small change in a budget of over $58 billion, but it takes square aim at the two areas in which New Jersey’s gambling industry is growing and thriving.
