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Debate on New Jersey Internet Gambling Tax
Tuesday April 23, 2013 : DEBATE CONTINUES ON NEW JERSEY TAX HARVEST FROM INTERNET GAMBLING
State estimates out of line with other independent studies.
The debate around how much tax New Jersey will reap from legalised online gambling in the state continued this week with the publication New Jersey.com publishing comparative figures from a number of studies.
The Christie administration's projection - based on estimates by the traditionally conservative Wells Fargo analysts - is that NJ online gambling will raise $180 million in state tax revenues in its first year, but that differs substantially from other professional studies, the publication observes.
New Jersey.com notes that industry research firm Gambling Data, estimated in a recent study that overall online gaming revenues in Year One would reach $261.9 million. At a 15 percent tax rate that would generate $39.3 million in money for the state.
And in late 2010, a study by Econsult Corp. commissioned by the Interactive Media Entertainment and Gaming Association, estimated $210 million to $260 million in "short-run" revenues, working out to $31.5 million to $39 million in state tax revenues.
The Wells Fargo Securities report also suggested that initially revenues might not be quite as high as those anticipated later on, remarking: "...in the near term, we believe the New Jersey online market could generate between $650 million and $850 million," suggesting tax revenues of up to $127.5 million.
Entering the fray Monday, state Sen. Paul Sarlo commented: "I consider the $180 million number to be completely erroneous - it's not a number that has any credibility."
Treasury Department spokesman Bill Quinn acknowledged that there are "widely varying [revenue] estimates," adding that the fact that Nevada, Delaware and New Jersey are introducing the first legal online gambling sites might provide a "novelty factor" boost to each.
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Gambling News :
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
Singapore Online Gambling Ban Begins -
Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.
Pennsylvania Online Gambling Updates -
Pro-online gambling companies, including the Golden Nugget in New Jersey and Pokerstars, were quick to refute Schippers views based on their operational experience.
WSOPE In Czech Republic -
World Series of Poker Europe 2017 has moved to King’s Casino Rozvadov (KCR) in the Czech Republic following a multi-year deal that will see KCR host numerous WSOP-branded events over the next several years.
BtoBet Partners with AfroBet -
Following the launch in Kenya, Afrobet said it has high hopes for further expansion into East Africa, Tanzania, Uganda and Congo.
Pissed off Tabcorp shareholders -
A significant number of Tabcorp shareholders, led by The Australian Shareholders Association, reportedly objected to proposed hikes in executive pay packages and were unhappy with the company plans for a merger with rival gambling group Tatts.
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