As from December

New Jersey casino authority will collect sports wagering taxes

Phil Murphy signed a bill for the state to share sports betting revenue with the New Jersey Casino authority, as from December.
2018-10-15
Reading time 29 seg
The state's governor Phil Murphy signed into law last week a bill for 1.25 percent of sports betting revenue to be funneled into the Casino Reinvestment Development Authority.

The Democrat cleared the way for the state to share sports betting revenue with a New Jersey Casino authority, the Press of Atlantic City reports. The legislation will become effective in December.

Legislators decided in 2016 to use the casino investment alternative tax to help pay for Atlantic City's debt. The CRDA says the authority lost nearly $22 million in revenue from the decision.

Legalized sports betting in New Jersey has produced about $16.5 million in revenue since June.

CRDA Director of Communications Larry Sieg says the authority is "looking forward to filling the void" and increase visitation to Atlantic City.

 

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