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Online Gambling Will Provide Tax Releif To New Jersey
Saturday April 20, 2013 : ONLINE GAMBLING SHOULD PROVIDE SOLID TAX REVENUES FOR NEW JERSEY (Update)
The plan is to launch "...sometime between late May and late November," says state treasurer.
Answering an enquiry from New Jersey legislative budget chief David Rosen this week, the state treasurer reiterated his assessment that the legalisation of online gambling will generate $225 million in state taxes, and that the New Jersey Division of Gaming Enforcement is tasked with delivering and implementing online gambling regulations sometime between late May and late November 2013.
New Jersey treasurer Andrew Sidamon-Eristoff responded this week to the enquiry, writing that his estimates were based on a report from a Wells Fargo analyst who projected New Jersey’s Internet gambling potential could grow to $1.5 billion over the next five years. The Treasurer had opted for a more conservative estimate of $1.2 million in overall revenues.
“At a 15 percent tax rate, this would yield $225 million in revenue to the state,” Sidamon-Eristoff explained, adding that he expected $180 million in tax revenues would be generated during the first fiscal year of implementation in Atlantic City.
The budget boss had asked for clarity on the issue, expressing some scepticism on the state government's budgeting projections,
New Jersey has legalised online gambling, which is to be licensed to existing New Jersey land gambling licence holders and strictly controlled.
The publication Press of Atlantic City reports that Sidamon-Eristoff feels the Wells Fargo study may have underestimated the potential of Atlantic City-based online gambling, commenting in his response to Rosen:
“Wells Fargo estimated an initial impact, which did not benefit from a specific knowledge of the final legislation or our ultimate plans governing how quickly we would be able to roll out a fully functional system.
“We also feel that Wells Fargo’s analysis underestimated the level of excitement, novelty and publicity that such a rare opportunity would create.”
Dennis Farrell Jr., the Wells Fargo senior analyst who issued the original estimates, told the Press of Atlantic City that it was possible Internet gambling could gross $1.2 billion in the first year, but that there were many unknowns, including when the regulations would be published and when companies are ready to go online.
“Maybe they have an aggressive timeline,” he said. “The sooner, the better.”
Meanwhile, the UK-based consultancy GamblingData has published its own estimate on New Jersey's potential for online gambling, projecting gross gambling revenues of $262 million in the first year .
Gambling Data says it bases its forecast on data from the Italian market - a country chosen because its tax rate also is 15 percent, and that it shares other comparable factors.
Gambling News :
NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday -
Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.
Pro League Reveals Sportradar Contract Details -
The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.
NFL Odds: Steelers Visit Undefeated Chiefs #TNF -
The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.
Mega Moolah strikes again -
The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.
2 New Slots For Microgaming Casinos -
David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.
MLS Odds: Red Bulls vs. Whitecaps -
The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.
MLB Odds: Yankees Favored in AL Wild Card Game -
After a strong regular season, the New York Yankees (91-71, –1.00 betting units) opened as –235 home favourites for Tuesday’s AL Wild Card Game against the Minnesota Twins (85-77, +11.48 units). First pitch is at 8 PM ET on ESPN.
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