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Right now, it’s difficult to formally project what this will mean for the state budget because the law isn’t in place and the market is unclear.
Muoio said during a budget hearing Monday that “credible market observers and our tax analysts” estimate sports betting to bring in $124 million in total revenue and $13 million in tax revenue sent to the state.
That figure is based on tax rates between 8 and 15 percent, Muoio said.
Under the legislation being considered by the Legislature, poker domino sports betting revenue at casinos and tracks would be subject to an 8 percent tax rate, while online bets would be taxes at 12.5 percent.
Muoio’s figures are lower than a 2017 report from the American Gaming Association that predicted sports betting in New Jersey could generate $200 million in total revenue and $21 million in tax revenue.
By comparison, Nevada — home to Las Vegas — drew a record $249 million in total revenue and $17 million in tax revenue last year.
One of the problems is the Supreme Court issued a more broad ruling than allowing only New Jersey to legalize sports betting. That means neighboring states like Delaware and Pennsylvania could pull business that otherwise might have gone to New Jersey.
Wall Street ratings agency Fitch Ratings said last week that sports betting “will not contribute substantially” to states’ tax revenue.
Officials, though, emphasize other benefits. poker domino Namely, sports betting is expected to breathe life into New Jersey’s struggling casino and racetrack industries.
“It’s a huge deal,” said former state Sen. Raymond Lesniak, D-Union, who spent years pushing for legal sports betting. “It will bring back tourism to Atlantic City that has relied on day-trippers, when a sports bettor will stay for long weekends and weeks at a time.”
Caputo, a former casino executive, agreed.
“People make a decision where to go on Super Bowl day,” the assemblyman said. “Atlantic City will be one of the premier spots to go.”
“I anticipate poker domino New Jersey doing very well with this,” Caputo added. “I’m very excited about this.”
NJ Advance Media staff writer Samantha Marcus contributed to this report.
Brent Johnson may be reached at bjohnsonnjadvancemediam. johnsb01. Find NJm Politics on .