NJ sports betting

Question

Looks like NJ pols are dragging their feet getting sports betting off the ground. Delaware handled over $300K the first day. NJ has been fighting in court for five years yet they can&#x27;t get ahead of other states offering betting. The state legislature passed a bill thursday and will send it to Gov. Murphy to sign which could take up to 45 days. Typical NJ making sure everyone can get their hands in the pot. Tax at racetracks and casino bets will be 8% and online 15% on the companies taking the action. But knowing the commie Gov. Murphy he&#x27;ll push for higher taxes. Wake up NJ you need to start taking action this weekend so we can bet on the World Cup starting next week!!!

josbran · Answer

Looks like NJ pols are dragging their feet getting sports betting off the ground. Delaware handled over $300K the first day. NJ has been fighting in court for five years yet they can&#x27;t get ahead of other states offering betting. The state legislature passed a bill thursday and will send it to Gov. Murphy to sign which could take up to 45 days. Typical NJ making sure everyone can get their hands in the pot. Tax at racetracks and casino bets will be 8% and online 15% on the companies taking the action. But knowing the commie Gov. Murphy he&#x27;ll push for higher taxes. Wake up NJ you need to start taking action this weekend so we can bet on the World Cup starting next week!!!

Slobbasaurus · Answer

https://www.nj.com/politics/index.ssf/2018/06/state_lawmakers_ok_sports_betting_in_nj.html#incart_2box_nj-homepage-featured

Could be live tomorrow but the way it works in this great state on mine, 45 days sounds about right, hahaha.

ForeverWinning · Answer

Politicians are lazy so no surprise. NYT said “In an effort to provide more revenue to brick-and-mortar gambling halls, the law imposes an 8.5 percent tax on in-person wagers but a 13 percent tax on bets made online or on mobile devices. In-person bets also carry a 1.25 percent fee to help communities where venues are based.”

Does this mean I gotta pay $9.75 if I bet $100 at a sportsbook in NJ?

josbran · Answer

No the tax is paid by the company on the total handle on the sports bets. If you bet $110 on the Giants -3 and they win by seven you&#x27;ll get back $210 just like in Vegas. All taxes will fall on the company taking the bets.

josbran · Answer

If let&#x27;s say the meadowlands racetrack takes in one million dollars in bets a week they would pay the state approx $90k in taxes. I think casinos in NJ are taxed at 8% on their take now.

NJ sports betting

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