New Jersey casinos receive sports betting tax boost
The Governor for New Jersey, Phil Murphy, has signed off on a bill that will share legal sports betting revenue with the Casino Reinvestment Development Authority (CRDA).
The bill will take effect from December and ensure 1.25% of sport betting funds will go to the CRDA, the state’s distributors of casino reinvestment.
New Jersey was quick to legalise sports betting after the repeal of the Professional and Amateur Sports Protection Act and it has recorded $16.5m in revenue since then.
The Garden State is expected to announce September revenue results on Friday 12 October, with figures due to be high thanks to the start of the NFL season.
The CRDA has spent more than $2bn on state projects since it was founded in 1984. Casinos also contribute 1.25% of gross revenue to the CRDA.
The governmental agency suffered a blow in 2016 when officials chose to use the casino investment alternative tax to help pay Atlantic City’s debt. The CRDA reported a loss of nearly $22m as a result.
Director of Communications at the CRDA, Larry Sieg, said that the authority is “looking forward to filling the void” and increasing visitation to Atlantic City.