Gambling online Casino did not bring the amount of taxes as expected by this year, accounting for approximately half the downward regulation of the annual state budget.
Now New Jersey will finish its fiscal year in June with smaller income, than expected for the third year in a row. The administration of the state of the state overestimated the recovery of income on which the state income is based. According to preliminary estimates, more than $ 251 million should have been made to the budget, but at today’s situation will receive only 217 million.
Legislative specialist in budgetary issues – David Rosen, who had previously testified before the Senate Commission, said that the tax produced $ 4.2 million between the last week of November, when the online gambling began in the end of February. He said that monthly sums rose from $ 1.1 million in December to $ 1.4 million in January and $ 1.5 million in February. He said he expects a tendency to continue for both the state to produce a total of $ 12 million this year and $ 48 million next year.
The administration originally designed $ 180 million in Internet gambling taxes, then missed the number to $ 160 million in June. Sidenomon-Eristoff refused to determine how much the administration expects from a gambling online compared to the casino. However, he really said that 248,000 Internet gambling accounts were opened from February 28 – this is a 25% increase in comparison with the previous month.
Senator Paul Sarlo, Democrat, who heads the budget group, said that it was upset that the fiscal year would have to adjust the budget.
Office Rosen Legislative Services, stated that the state rated too high revenues on the United $ 509 million during the budget year, which begins on July 1.
Christie agency suggested a budget for $ 34.4 billion during the budget year, which begins on July 1-based profit growth 5.8 percent. Rosen predicts revenues to grow on 5.5 percent. Rosen also said that New Jersey was slower after the recession than other states.