🔥 New Jersey Sports-Betting Frenzy Boosts Online Casinos - WSJ

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States should rely on broad-based, low-rate taxes instead. They continually face revenue shortfalls from declining smoking rates. And some are considering doing that. Tags sports betting. The majority of states have set their tax rates in the high single to low double digits. Would you consider telling us more about how we can do better? States legalizing sports betting in hopes of balancing their budgets might get a bump in revenue, but it is not a long-term solution to fix budget woes. Ten of those markets allow mobile betting while four only allow physical sportsbooks.

National Collegiate Athletic Association overturned the federal ban on sports betting, several states have legalized betting and introduced excise taxes on the revenues.

Let us know how we can better new jersey gambling tax revenue you! Lawmakers looking to capitalize on gambling should be careful when setting tax rates, as setting them too high could keep bettors in well-established untaxed markets.

Brick-and-mortar sports betting facilities will be competing with black and gray markets in a way new jersey gambling tax revenue is analogous to how legal marijuana competes with illegal product.

No new bill has passed to legalize it. Revenue refers to adjusted revenue, which is net revenue adjusted for winnings. The Tax Foundation works hard to provide insightful tax policy analysis. S after a slow start. Of those 21 jurisdictions, 14 currently have active markets.

We work hard to make our analysis as useful as possible. Would you consider contributing to our work?

Give Us Feedback. New jersey gambling tax revenue, Rhode Island, and Pennsylvania are the other states with uncommonly high rates.

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Source: State statutes, Tax Foundation calculations. Thank You! Setting gambling tax rates too high could keep bettors in untaxed markets. Our work depends on support from members of the public like you. As a rule of thumb: sin taxes generally do not generate stable revenue and should not be relied on to fund ongoing government programs. The same problems involved with relying on excise taxes are evident in many states which are increasing the rates of—and relying on revenue from—tobacco excise taxes. States increasingly see sports betting as an easy way to obtain a modest revenue infusion, and in this legislative session seven states are seriously considering legalizing some form of sports betting. States, localities, and professional sports leagues all want a piece of that pie. Follow Ulrik Boesen. In , eight states approved sports betting and taxation regimes, joining the existing 12 states and the District of Columbia which already had active sports betting markets. In , the exception to this rule was New Hampshire, which decided on a monopoly grant to a single company. Was this page helpful to you?