Gov. Murphy signed a bill to allow New Jersey casinos and racetracks to deduct promotional gaming credits from their tax returns.
signed a bill giving their sports lounges a tax break on credits used to entice gamblers.
Online operators, like Points Bet, an Australian online gaming company with U.S. headquarters in Jersey City and Denver, Colorado, pushed heavily for the bill. Points Bet offers a global online sports book and is affiliated with the Meadowlands Racetrack in East Rutherford. With many New Jersey casinos and racetracks utilizing tax deductable promotional gaming credits to attract new sports betting participants, sponsors say it was only fair that online gaming operators are given the same opportunity.allows them to deduct what’s known as promotional gaming credits from their annual gross sports wagering revenue on tax returns.
Sponsors say the new law could entice gambling operators to give out more credits since the revenue they earn from used promotional credits at their sports books won’t be taxed. “I labeled it the tax parity bill,” Pascrell said. “Why should online gaming companies at racetracks be treated differently than online gaming companies at the casinos?”
“We must relieve any undue burden on this industry and help them keep residents employed by allowing casinos and racetracks to deduct free wagering credits given out to entice new patrons, who then use those credits to place a bet in their establishment.
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