Casino Revenue Fund Advisory Commission

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Delaware rolled out sports betting the same month as New Jersey, but through April had only reported $13.7 million of taxable revenue. Neighboring Pennsylvania netted $242.4 million of sports New Jersey Casino Revenue Fund Advisory Commission Department of Treasury 50 West State Street 8th Floor PO Box 211 Trenton, NJ 08625 The taxes derived from sports betting revenue — which became legal in New Jersey in 2018 — are split between the state General Fund and the Casino Revenue Fund. Contact: 609-272-7222 ddanzis The money raised by taxing casinos would then be put into the Casino Revenue Fund, which is used to offset utility, rental, telephone, and property tax costs for disabled and elderly New Jersey residents. Two years later, this tax rate was reduced to 8%. New Jersey has nine casinos, all in Atlantic City, and was the first state other than Nevada to legalize casino gambling.In the Northeast, New Jersey was the only state with casinos from 1978 Tourism is the third largest industry in New Jersey with $38 billion spent in the Garden State last year, a 7 percent increase. Lt. Gov. Kim Guadagno gave the details at a tourism conference in The Casino Revenue Fund. The New Jersey casino industry purchased more than $2.3 billion worth of goods and services (about two thirds of the value of all purchases) in 2008 from 2,199 New Jersey vendors. There are multiple casino vendors in each of New Jersey’s 21. New Jersey taxes revenue from casino table games and slots at 8%, but internet games at 15%. So even though revenue from Atlantic City casino games declined by $1.2 billion last year, or 44%, internet gaming revenue doubled to $970 million, and generated more tax revenue for the state than casino games. Casino Revenue Fund Taxes and Fees Source Report Summary of Gaming and Atlantic City Taxes and Fees Monthly Gross Revenue Reports are issued in conjunction with the monthly press release four business days after receipt at 2:00 p.m. Casino Revenue Taxes and Fees Source Report is posted on the 15th of each month at 10:00 a.m. or the first business day thereafter. The report identifies taxes and fees that go directly to the Casino Revenue Fund. More information on the fund can be found on the New Jersey Casino Revenue Fund Advisory Commission’s Web site.

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casino revenue fund new jersey

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