AP NEWS

Bill allows casino authority to collect sports betting taxes

October 10, 2018

ATLANTIC CITY, N.J. (AP) — New Jersey Gov. Phil Murphy has signed legislation that shares sports betting revenue with a state casino authority.

The Press of Atlantic City reports the Democrat cleared the way last week for 1.25 percent of sports betting revenue to be funneled into the Casino Reinvestment Development Authority. It will take effect in December.

Legislators decided in 2016 to use the casino investment alternative tax to help pay for Atlantic City’s debt. The CRDA says the authority lost nearly $22 million in revenue from the decision.

Legalized sports betting in New Jersey has produced about $16.5 million in revenue since June.

CRDA Director of Communications Larry Sieg says the authority is “looking forward to filling the void” and increase visitation to Atlantic City.

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Information from: The Press of Atlantic City (N.J.), http://www.pressofatlanticcity.com

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