NJ Politics Digest: So What Will Sports Betting Bring to the State?

New Jersey Sports Betting Law

A betting sheet for Super Bowl 50. Ethan Miller/Getty Images

A betting sheet for Super Bowl 50. Ethan Miller/Getty Images

People have wagered nearly $60 million since the state legalized sports betting two months ago, but a ratings agency is telling state officials not to count on a big windfall from gamblers.

NJBiz reports that Fitch Ratings has said the state can only expect a modest increase in revenue from sports fans laying down their cash.

The agency said New Jersey has only received about $620,000 in revenue so far, according to the report.

That’s a far cry from the $25 million in sports gaming tax revenue that cash-hungry lawmakers have predicted for the 2019 fiscal year.

New Jersey has an 8.5 percent tax on casino and racetrack sport betting revenue, as well as a 1.25 percent tax for racetracks, NJBiz reports.

New Jersey isn’t alone. The Fitch report indicates that other states have seen similar low revenue impacts from sports betting, according to NJBiz.

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