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Ratings agency projects 'modest' sports betting tax revenue

Patrons have wagered over $57 million on sports bets since New Jersey began accepting legalized sports wagering in mid-June. Ratings agency projects 'modest' sports betting tax revenue By Daniel J. Munoz , August 21, 2018 at 2:35 PM Patrons have wagered over $57 million on sports bets since New Jersey began accepting legalized sports wagering in mid-June. - (AARON HOUSTON) Despite patrons wagering over $57 million on sports bets since New Jersey began accepting legalized sports wagering in mid-June, the numbers may only boil down to “modest” tax revenue for the state, according to Fitch Ratings , one of the three Wall Street ratings agencies. Though casinos and racetracks realized $7.3 million in gross gaming revenue, only $620,000 in tax revenue trickled down for the state, according to Fitch. Lawmakers predict $25 million in sports gaming tax revenue for the 2019 fiscal year out of $233 million in gaming taxes. New Jersey levies an 8.5 percent tax on casino and racetrack sports betting revenue, in addition to a 1.25 percent tax for racetracks.

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