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]

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]

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] 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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Each weekday, Scott Rasmussen’s Number of the Day explores interesting and newsworthy topics at the intersection of culture, politics, and technology. Columns published on Ballotpedia reflect the views of the author.

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