New Jersey Online Casinos Continue to be the Biggest Gambling Tax Contributors

Last updated on December 6th, 2023 at 04:33 pm

New Jersey Online Casinos Continue to be the Biggest Gambling Tax Contributors New Jersey has always been a strong advocate and leader when it comes to gambling in the U.S. Long before they got the Supreme Court to reverse the ban on sports betting, Atlantic City was a gambling heaven. Now, they continue to lead the way as New Jersey Online Casinos are their Biggest Gambling Tax Contributors.

According to gambling reports, online gambling tax revenues have been surpassing tax revenue by all 9 Atlantic Casinos. In addition, this is not a fluke as this has been happening for the last 3 years. Pay Per Head Bookie analysts says that online casinos paid $249.4 million in taxes in 2022. On the other hand, all 9 casinos only paid $179.1 million in taxes.

While online sportsbooks do not contribute as much to the state coffers, they are doing better than in-person sportsbooks. This is because in 2022, online sportsbooks made $93.9 million in tax revenue in comparison to only $4 million from retail sportsbooks.

Between July 2022 and June 30, 2023, the New Jersey gambling industry put $504 million in the Casino Revenue Fund. From that, $266.7 million came from online casino operators alone.

Needless to say, several entrepreneurs are beginning to wonder whether

New Jersey Online Casinos to Make $2.3 Billion a Month by 2025

At the moment, all online casinos in New Jersey must be part of a physical casino. Furthermore, an internet gaming license is necessary to for the casino to offer online gambling. However, Bill A2190 which allows land casinos to offer online gambling is set to expire in November. At the moment, a bill in the NJ legislature is hoping to extend it for another 10 years. Considering that online casinos are a huge money maker for the state, the extension will easily pass.

Especially since gambling analysts believe that online casinos in NJ will be making $2.3 Billion a Month by 2025. This is because the revenue from online gambling has been steadily rising over the last few years. In fact, online gambling revenues were up 7 percent increase in 2022 over the previous year.

Online casinos in New Jersey have paid over $100 million taxes in August of 2002. Therefore, the math to calculate the monthly online casino revenue in 2025 is fairly simple. With a 17.5% tax rate and revenue growing at 7% per year, we get around $2.3 billion per month.

Needless to say, with this much money at stake, many entrepreneurs have been looking into opening an online casino. For most people, starting an online casino would be a very difficult endeavor. However, by using a Casino Pay Per head solution it only takes a few minutes!

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