Casinos and horse tracks argued the promotional tax law put their brick-and-mortar operations at a competitive disadvantage with the online sportsbooks. Lobbyist Bill Pascrell III of Princeton Public Affairs, who helped convince lawmakers to pursue the tax change, said A4002 is a win-win.<\/p>\n
\nIt’s good for customers because they get the promotional gaming credit. It’s good for the casinos and racetracks because they get the tax deduction,”<\/strong> Pascrell said.<\/p>\n<\/blockquote>\nThe sports betting promotional write-off is yet another tax break afforded to the state gaming industry. Murphy signed legislation in December that removes iGaming and online sportsbook revenue from the calculation used to determine how much property taxes the nine Atlantic City casinos pay in a given year. The bill is expected to save the casinos $55 million in 2022 alone.<\/p>\n
The sports betting tax change, however, won’t have nearly the fiscal consequences. The New Jersey Office of Legislative Services says the state will lose around $100,000 to $150,000 per $1 million in promotional credits issued above the thresholds.<\/p>\n
Roughly $987 million was wagered on-site at New Jersey casino and racetrack sportsbooks last year. By comparison, nearly $9.5 billion was wagered via online books.<\/p>\n
Esports Betting Approved<\/b><\/h2>\n
In other New Jersey gaming news, the state’s Division of Gaming Enforcement this week approved a sports betting application from Bally’s to include odds on esports tournaments. Bally’s has been granted permission to expand its affiliate program to include esports betting firm VIE.gg.<\/p>\n
VIE.gg is currently amid a soft launch in New Jersey. The esports firm says following a five-day test run, pending final regulatory approvals, its book will open up to the general public and offer lines on an array of popular esports games and tournaments, including Call of Duty <\/em>and League of Legends.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"New Jersey sportsbooks will pay less tax on promotional credits used to lure in new bettors. Gov. Phil Murphy (D) signed a measure to deduct such revenue from their tax liabilities. Murphy recently signed Assembly Bill No. 4002, which reduces taxes on certain revenue sportsbooks generate from free-play credits. Such marketing ploys are widespread, examples […]<\/p>\n","protected":false},"author":25,"featured_media":199181,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,1074],"tags":[],"acf":[],"yoast_head":"\n
New Jersey Sportsbooks Receive Tax Breaks on Promotional Play<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n