New Jersey will raise taxes on internet gambling and online sports betting, but not by as much as Gov. Phil Murphy had proposed.
In a deal reached Monday night, lawmakers agreed to raise the tax rate on both forms of gambling to 19.75%, down from the 25% Murphy sought in his budget proposal in February.
Online sports betting is currently taxed at 13%, and internet gambling is taxed at 15%.
The deal was confirmed by five lawmakers and industry officials, speaking on condition of anonymity because they said they were not authorized to discuss budget negotiations publicly.
The Legislature must pass a budget by July 1.
In an interview last week with The Press of Atlantic City, before the agreement was reached, Murphy said the state was seeking a balance between increased revenue and fairness to the gambling industry and its customers.
