While the next New Jersey state budget for 2026 is not a done deal, J.P. Morgan analyst Joseph Greff wrote in a February 27 investor note, there is a higher probability this year that gaming taxes could be increased.
Gov. Phil Murphy had proposed a 25% levy on online sports betting and igaming in his budget address this week. The two are taxed at 13% and 15% respectively.
Grief reminded his readers that state Sen. John McKeon had pitched a 30% impost on igaming and online sports betting last year, but it did not make it into the 2025 budget. The analyst wrote that Murphy’s support increases the prospect of a tax hike, but that the final amount possibly will be negotiated lower before June 30.
