If you were hoping legal situs judi online sports betting would solve New Jersey’s fiscal problems, you’re out of luck.
The state is projecting $13 million in tax revenue from sports betting in the fiscal year that begins July 1, according to testimony from state Treasurer Elizabeth Muoio on Monday.
That’s a mere sliver of the $37.4 billion state budget that Gov. Phil Murphy has proposed.
Some state lawmakers said the estimate seems conservative.
“That sounds real low to me,” state Senate President Stephen Sweeney, D-Gloucester, told NJ Advance Media. “This is our first time out. We don’t know what to expect.”
“But we’re better off going in more conservative than overoptimistic,” Sweeney added.
No sports betting on Memorial Day. Period. So says Phil Murphy.
State Assemblyman Ralph Caputo, D-Essex, said he expects the final tax haul to be “better than that” in the end.
Murphy spokesman Dan Bryan declined comment, situs judi online saying he will let Muoio’s projections “stand.”
Still, even higher projections — some officials have estimated anywhere from $50 to $100 million — would not have a massive effect on New Jersey’s budget.
For example, Murphy is currently at odds with his fellow Democrats who lead the state Legislature over his plan to increase taxes by $1.5 billion to ramp up funding for education, transportation, and public-worker pensions.
But Sweeney said “no one ever thought” sports betting would produce a large enough tax windfall to negate at least one of Murphy’s proposed hikes.
A source within Murphy’s administration agreed with Sweeney, situs judi online saying they never saw sports betting as a “game-changer for the budget.” The source requested anonymity because they are not authorized to discuss the issue publicly.
Instead, lawmakers say sports betting will simply give the state another shot of revenue — “which, of course, will help,” Sweeney said.
“Any additional revenue is beneficial to the state,” he added.
State officials have yet to decide what the money would be used for.
The U.S. Supreme Court last week gave New Jersey a victory in its seven-year case to legalize sports betting, overturning a federal ban on such wagering. Now states across the U.S. are free to legalize bets on football, basketball, baseball, and more.
New Jersey lawmakers are rushing to situs judi online pass legislation to regulate and tax sports betting to get a jump on others and become the first state outside of Nevada with full-scale sports betting.
Leaders of the state Legislature hope to vote on June 7 and have Murphy sign the measure immediately.