The state of New Jersey is anticipating substantial revenue will be generated once online betting sites begin offering services in the state. It is anticipated that as much as $224 million in annual revenue will be generated and revenues hitting $1.5 billion inside of the 5 yr mark.
New Jersey Treasure Sidamon-Eristoff spoke of this at a recent meeting and stated that with the imposed tax rate of 15% for all virtual online gaming that it expects the numbers quoted above to be accurate. It is further expected to see that more than $181 million in tax revenues will also be generated in the first year alone. This is great news for the state that will use the revenue to fund various programs. These estimates were taken from a recently study that was conducted by Wells Fargo.
This report is somewhat inaccurate as it fails to factor in the time it will take to implement the changes and how fast it will be before operators are live and accepting bets. It also is believed that the report did not factor in the interest this new legislation will generate amounts players and operators.
