New Jersey Sports Betting 2019 $4.58B Total Handles, $36.5M Taxes

Posted: Jan 14, 2020 04:15h.

Last updated: Jan 14, 2020 04:52h.

Sports betting processing in New Jersey totaled over $4.58 billion in 2019, and taxes on revenue earned by mobile and land-based sportsbook operators brought more than $36.5 million to state and local governments.

new jersey sports betting tax
New Jersey’s sports betting tax brought many smiles to Gov. Phil Murphy in 2019. (Image: Noah Murray/AP)

Statistics are from the state’s Department of Gaming Enforcement (DGE). Most of the bets were made over the internet, with mobile sportsbooks betting him $3.83 billion.

2019 marked New Jersey’s first year of legal and regulated sports betting.

DGE reports that out of $4.58 billion wagered, $4.55 billion outcomes have been determined. That is, a game or event has occurred. Soccer, with $939.3 million, attracted the most bets of any sport, and basketball, with $934.9 million, placed him second.

Parlays totaled $879.5 million, baseball $698.4 million and “other” $1.09 billion. Of completed bets, the sportsbook won him $293 million with a 6.4% hold on him.

state benefits

New Jersey became the second state to start sports betting after Delaware, followed by Nevada, following a Supreme Court ruling in May 2018 that reversed a federal ban. The expansion of gambling primarily benefits state government in the capital, Trenton, rather than Atlantic City.

In fact, of the 13% tax on mobile sports betting wins and 8.5% on land-based income, not a cent remains in the gambling seaside town. There is a 1.25% add-on “investment replacement tax” directed at the Casino Reinvestment Development Authority. Promote economic and community development in Atlantic City.

This differs from Oceanport and East Rutherford, which are home to Monmouth Park William Hill and the Meadowlands FunDuel Sportsbook. Both towns will receive his 0.75% share of the venue win.

Atlantic City Mayor Marty Small, a Democrat, has called on the state legislature to change the sports betting tax law to impose a direct tax on the town.

casino win big

2019 was a good year for the gaming industry in Atlantic City.

Nine casinos earned nearly $3.3 billion. His land-based GGR totaled over $2.68 billion, up 7% compared to 2018. Internet gaming continued to thrive, and interactive casinos he recorded $482.7 million (up 61.6%).

Increased revenue is positive,” said David Schwartz, a gambling historian at the University of Nevada, Las Vegas. Associated Press“Overall, what Atlantic City needs now is to improve its image and marketing to become a destination for the crowded Northeast casino market.”

However, six of the seven casinos operating before the Hard Rock and Ocean Casino Resort opened in June 2018 are seeing lower profits. Borgata is the only company to increase profitability amid increased competition, with a meager 2.3%.

Schwartz isn’t too concerned.

“Right now, the industry should be in ‘expanding market’ mode instead of trying to consolidate profits, so lower profits aren’t necessarily the worst news,” he explained.

In terms of total gaming revenue, only two casinos reported higher win rates in 2019 (with the exception of Hard Rock and Ocean, which were only operational for just over six months in 2018 and therefore could be easily compared) . Golden Nugget reported his $378.4 million win, up 15.4%.

Bally’s fell 5.4%, Caesars 3.7%, Harrah’s 6.1%, Resorts 3.2% and Tropicana 8.2%. The decline in his three properties at Caesars Entertainment doesn’t include his $55.3 million in online gambling revenue, but it won’t be enough to offset his overall GGR decline in 2019. There is none.

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