NJ’s sports betting generates $294K in taxes

New Jersey’s three sports-betting venues captured nearly $3.5 million in gross revenue in June, the first month of legal sports wagering, and returned $294,000 in taxes to the state, the New Jersey Division of Gaming Enforcement reported Thursday.

The report provides a glimpse of potential wagering activity, since it covers only a partial month after gambling began June 14 at Monmouth Park Racetrack in Oceanport and at the Borgata in Atlantic City, and on June 29 at Ocean Resort Casino in Atlantic City.

Monmouth Park reported $2.3 million in gross revenue, the Borgata reported $1 million, and Ocean Resort reported $193,000. Gross revenue is the difference between the total amount bet minus the cash returned to winning bettors; it is the total upon which the state assesses its 8.5 percent sports wagering tax.

Though the report does not include the total amount wagered, it would amount to about $69 million if the casinos retained about 5 percent of every dollar bet.

Though sports betting was launched with great hoopla, it only generated about 1.5 percent of the state’s total gaming revenue in June of $233.6 million, most of which was derived from casino slot machines and table games. The June revenue reflected a 7.6 increase over the same month last year.

New Jersey rolled out sports betting only a month after the U.S. Supreme Court ended the state’s seven-year battle to legalize sports wagering, ruling that the Professional and Amateur Sports Protection Act of 1992 was unconstitutional. The federal law banned sports gambling in most of the country.

from Philly.com Sports https://ift.tt/2LdDiRv


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