DECEMBER 3, 2019: Since the U.S. Supreme Court cleared the way for legal betting on sports events, the state of New Jersey has collected $36 million in taxes from this line of business. That’s more than any other state. Number 2 on the list was Nevada with $28 million in tax revenue from sports betting.[1] ([link removed])
New Jersey collected the most in taxes despite the fact that there was more money bet on sports in Nevada ($6.6 billion in Nevada vs. $4.6 billion in New Jersey). However, the Garden State places a 13% tax on most sports betting while Nevada’s rate is just under 7%.[1] ([link removed])
The new revenue stream is unlikely to have a significant impact on state finances. New Jersey’s annual budget is more than $38 Billion.[1] ([link removed]) As a result, the tax revenue from sports gambling covers less than one-tenth of one percent of the overall budget.
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_Scott Rasmussen is an editor-at-large for Ballotpedia, the Encyclopedia of American Politics. He is a senior fellow for the study of self-governance at the King’s College in New York. His most recent book, ** Politics Has Failed: America Will Not ([link removed])
** , ([link removed])
was published by the Sutherland Institute in August 2018._
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