TRENTON, N.J. – Gov. Phil Murphy on Tuesday signed Assemblyman Ron Dancer’s bill allowing brick-and-mortar casino and horse racing permit holders to deduct promotional gaming credits from their non-Internet sports betting gross revenues.
Dancer, a prime sponsor of the bill (A4002/S2257), said this law will help sports betting thrive in New Jersey.
“The lockdowns led to an explosion in Internet sports wagering,” Dancer (R-Ocean) said. “By giving those promotional gaming credits to brick-and-mortar casinos and racetracks, this new law will help them attract new visitors.”
Promotional and free wagers often attract new patrons to casinos and racetracks with non-Internet and Internet sports pools. Those bets are paid out by the operator.
The new law allows those casinos and racetracks – Bally’s, Borgata, Caesar’s, Golden Nugget, Hard Rock, Harrah’s, Ocean Casino, Resorts and Tropicana, and Freehold Raceway, Monmouth Park and the Meadowlands – to deduct promotional gaming credits from gross revenues over $8 million on non-Internet sports wagering. Those promotional gaming credits may only be deducted once.
Taxes collected on wagering support the Casino Reinvestment Development Authority and the Casino Revenue Fund, both which finance Atlantic City redevelopment as well as programs assisting senior citizens and disabled persons.
The state collected $3.2 million from the sports wager tax in 2020.