Gov. Phil Murphy has proposed a huge tax increase for the internet gaming and online sports wagering industries to help fund the state budget in New Jersey.
But online casinos and sports wagering sites say the tax hike could translate into lower odds for gamblers.
Taxes on online gambling companies would increase from 15% to 25% under Murphy’s proposed state budget, while taxes on online sports betting company revenues would go from 13% to 25%.
Murphy’s administration has been mum on the controversy around its proposed double-digit increase. The stakes are high because a large portion of the administration’s deficit reduction plan depends on the money the increased casino taxes will bring into the state.
