Lawmakers Skeptical that Internet Gambling Will Bring Big Tax Windfall

The Press of Atlantic City featured an article by Hoa Nguyen discussing legislative skepticism that Internet gambling will bring $180 million in tax revenues in its first year of operations as Governor Christie’s administration has predicted. The article was based on testimony at a Budget and Appropriations Committee hearing.

“With a tax rate of 15 percent, casinos would have to rake in $1.2 billion in Internet gambling revenues in order to meet that estimate,” the article said.

Sen. Paul Sarlo (D-Bergan, Passaic) asked state Treasurer Andrew Sidamon-Eristoff where the numbers came from, but according to the article, the senators were not satisfied with the answer. David Rosen of a bipartisan Office of Legislative Services also questioned the basis for the estimates.

Internet gambling a boon for state tax coffers? Legislators not so sure.

Sharing is caring!

769 More posts in Around New Jersey category
Recommended for you
Hoboken-Based Entrepreneur’s “Side Hustle” Heading for Commercialization

You might think that the days of New Jersey companies starting as “side hustles” are...