New Jersey Gov. Phil Murphy proposed a significant tax increase on internet gambling and online sports betting operators as part of his $58.1 billion state budget plan.
The proposed increases nearly double current tax rates on these industries, raising the internet gaming tax from 15% to 25%, and increasing the online sports betting tax from 13% to 25%.
The plan intends to address a projected $1.2 billion budget deficit and bolster the state’s Casino Revenue Fund, which finances programs for senior citizens and individuals with disabilities. According to the Murphy administration’s budget projections, the proposed tax hikes could generate an additional $402 million annually for the fund.
