Supreme Court agreed last May<\/a> that the longstanding federal ban on sports gambling was in violation of the Constitution.<\/p>\nThe Garden State assumed $25 million in taxes stemming from sports betting in its first full year. Sports betting operations went live in late June, and through the end of the year, government coffers collected more than $10.4 million.<\/p>\n
Land-based sports wagers are taxed at 8.5 percent, while mobile bets are taxed higher at 13 percent. 2019 is off to a strong start, as the two sports wagering taxes have generated nearly $4 million for the government.<\/strong><\/p>\nNew Jersey’s sports betting market is finally fully operational.<\/p>\n
Borgata and Ocean Resort took their first wagers in June 2018. They were followed by Bally’s in July, Harrah’s, Resorts, and Golden Nugget in August, Tropicana in October, and Hard Rock in January 2019. The state’s two horse racetracks \u2013 Monmouth Park and Meadowlands \u2013 opened last summer.<\/p>\n
Mobile Key <\/b><\/h2>\n
It has quickly become evident that sports bettors prefer mobile wagering over visiting a brick-and-mortar sportsbook. In New Jersey, 80 percent of the bets placed through the first two months of the year have been processed online.<\/p>\n
\n
Mississippi and Rhode Island both do not allow sportsbooks to operate via the internet. Pennsylvanians also still cannot place bets online, but that will soon change.<\/p>\n<\/div>\n
Though the Keystone State hasn’t yet seen the premarket tax profits it expected, the Commonwealth’s exorbitant one-time $10 million licensing fee<\/a> has still provided the state budget with a nice boost. Pennsylvania sportsbooks are required to share 34 percent of their sports betting win with the state, plus an additional two percent to local communities where they operate.<\/p>\n","protected":false},"excerpt":{"rendered":"Legalized sports betting is now operational in eight states, but officials in four of the markets where the liberalized gambling began last year say revenues are falling short of premarket forecasts. An\u00a0Associated Press review finds that sports betting gross gaming revenues in Rhode Island, Pennsylvania, West Virginia, and Mississippi are failing to meet projections. West […]<\/p>\n","protected":false},"author":25,"featured_media":102038,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16,1074],"tags":[],"acf":[],"yoast_head":"\n
Sports Betting Revenue Not Delivering Forecasted Tax Benefit<\/title>\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