New Jersey Governor Phil Murphy has proposed a significant tax increase on online sports betting and internet gambling, sparking pushback from major industry players. The plan, introduced as part of the state’s 2026 fiscal budget, would raise tax rates on these sectors from 13% and 15% to 25%, respectively. This move is expected to generate an additional $402.4 million in revenue annually, but critics warn it could jeopardize jobs, investment, and the state’s gambling market stability. Industry Leaders Push Back Against Proposed Tax Hike The Casino Association of New Jersey (CANJ) and major sports betting firms, including FanDuel and BetMGM, have strongly opposed the measure. CANJ President Mark Giannantonio called the proposal “ill-advised”, warning that it would “threaten the stability of Atlantic City’s gaming and tourism industry, as well as the industry’s workforce”. Online gambling operators have also taken their concerns directly to customers. FanDuel and BetMGMl both sent out emails urging players to contact state representatives and oppose the tax… Read More
Category: News
Source: Casino News Daily
