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New Jersey Governor Phil Murphy has approved a legislation to introduce a new gambling tax of 1.25 per cent of sports betting revenue, which will be diverted to the Casino Reinvestment Development Authority (CRDA). This additional tax is applicable to both the revenue generated at land-based venues and the revenue on mobile and online sports betting. The new tax comes into effect from December 2018.
The government said that the new tax will utilised entirely for marketing and promotion of Atlantic City, the state’s gambling hub.
Mayor Frank Gilliam, who has a seat on the CRDA Board of Directors, said he was reluctant to receive money from businesses in the city.
“As mayor, I’m never going to be happy with revenue generated in Atlantic City going to a state agency when it could have been used to help the city. History has shown that marketing money has not been spent wisely.”
Larry Sieg, CRDA director of communications and marketing, said: “After a three-year hiatus, we are looking forward to filling the void with much-needed promotion of Atlantic City as a world-class vacation destination. Our team looks forward to having the opportunity to once again get the DO AC brand into the consumer market to increase visitation and economic impact.”
Source: Latest News on European Gaming Media Network
