The budget proposal by Gov. Phil Murphy to increase taxes on both online gambling and online sports betting is getting pushback.
Murphy proposes raising the tax on online sports betting from 13% to 25% and on online gambling from 15%, also to 25%. Those increases are projected to generate an additional $400 million in revenue.
Sen. Vince Polistina (R-Atlantic) says the proposal wouldn’t just hurt the industry, but Atlantic City specifically, and would lead to “a loss of jobs, revenue and potentially casinos closing.”
In a statement, Mark Giannantonio, president of the Casino Association of New Jersey, said, “the proposed tax increase for online gaming … will threaten the stability of Atlantic City’s gaming and tourism industry, as well as the industry’s workforce…”
