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Bill allows Casino authority to collect sports betting taxes

Bill allows Casino authority to collect sports betting taxes
Bill allows Casino authority to collect sports betting taxes

Phil Murphy has signed a legislation that states that it shares sports betting revenue with a simple state casino authority.

The reports which have come is that the Democrat Cleared the way last week for 1.25% of sports betting revenue to be funnelled into the Casino Reinvestment Development Authority. It will mainly come in working effect from December.

Legislators have decided that in 2016 to use the Casino investment alternative tax to mainly pay for the Atlantic City’s debt.

The CRDA says that authority has almost lost $22m in revenue from this decision. The legalised Sports in New Jersey has produced about $16.5 millions in revenue.

Director of Communications Larry Siegs says that the Authority is “looking ahead to fulfiling the Void” and increase vistitation to Atlantic City.

 

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Harry Matthew

Harry Matthew

Harry serves as a resident reporter for Casino Buzz. He has been responsible for building the content base and forms the core reporting strategies for the website. Along with reporting, Harry is an amazing baseball player with good record at university level. He can be reached at hm@casino.buzz

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