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New Jersey gives tax break for Sportsbooks
Governor Phil Murphy signed a bill giving their sports lounges a tax break on credits (free play) that are used to entice gamblers into playing. The new law applies to brick-and-mortar locations, and it allows online operators linked to racetracks to get the same relief. This new law should help the racetracks and casinos diminish the past 2 years of loss due to the pandemic where 92% of sports betting took place online.
Credits work this way, if you go online, signup and deposit $300, then the online casino/sports book rewards you $300 in credits to wager with. With the new law in place there will more likely be more credits given out by the operators, since any revenue they earn from promotional credits at the sports book won’t be taxed.
Prior to the bill signing, sports betting revenue was taxed separately from the 8.5% tax on gross gaming revenue.
Points Bet, an Australian online gaming company with U.S. headquarters pushed heavily for the bill. Points Bet has an online sports book and is affiliated with the Meadowlands Racetrack.
You may get more ‘free play’ in N.J. sports betting after Murphy OKs new tax breaks By Suzette Parmley
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