As expected, the state Senate and Assembly chambers in New Jersey on Monday each approved a boost in online gambling taxes to 19.75% — up from the previous 13% for mobile sports betting and 15% for iGaming.
Gov. Phil Murphy recently agreed to compromise on his original proposal of 25% for each industry, and he is expected sign it into law — effective immediately — as of Tuesday.
Daily fantasy sports, which is or is not considered gambling depending on each state’s laws, was lumped into this bill — and was hit hardest. The industry’s “operating fee,” which had been 10.5%, nearly doubled to the same 19.75%.
The state Senate voted along party lines, with Democrats approving the measure 25-14.
