NJ Taking Sports Bets Starting Friday

[USCPHILLYGUY]

Interesting comment below.


On Monday, lawmakers decided the tax on a person placing a bet on pro sports at casinos and racetracks will be 9.75 percent, or 13 percent if you do it online.

[The Giant]

Yuck.

[pattymayo]

Sweet.. might have to take a trip to Monmouth Park

How exactly does the tax work?

[Optional]

Interesting comment below.


On Monday, lawmakers decided the tax on a person placing a bet on pro sports at casinos and racetracks will be 9.75 percent, or 13 percent if you do it online.

13% of what do you know?

[jjgold]

Lol

Offshore laughing

[Bostongambler]

It’s got to be a tax to the sportsbook, no?

[jjgold]

no idea

Bottom line is if you drive there costs will be enormous weekly

I LOVE THIS..ONLY NJ CAN FUK IT UP

[Bostongambler]

Ok, it says the person placing the bet will be taxed. Is that on top of the vig? Who the hell is going to bet like that?

[DiggityDaggityDo]

It’s got to be a tax to the sportsbook, no?

Yes, I think it's a tax that the casino and race tracks have to pay.

[DiggityDaggityDo]

Ok, it says the person placing the bet will be taxed. Is that on top of the vig? Who the hell is going to bet like that?

OK I don't know then.

I'm confused.

[USCPHILLYGUY]

It’s got to be a tax to the sportsbook, no?

Correct. To Sports Book

Read an interesting article about Sports Betting in Pennsylvania. They require a 10 mil licensing fee & a 36% tax to the sports book! I’m assuming it’s an old law that will be fixed.

[DiggityDaggityDo]

New Jersey lawmakers want to tax sports betting revenue won over the internet at a rate of 13 percent.
A bill being considered Monday morning by a state Assembly committee sets that rate on sports betting revenue won online.


New Jersey won a Supreme Court case last month overturning a federal law that limited sports betting to only four states. Individual states are now free to pass laws legalizing it, if they desire.


Revenue won by casinos or racetracks in person would be taxed at 8 percent; an additional 1.25 reinvestment assessment would be imposed, as well.


The bill does not contain a so-called “integrity fee.” The professional sports leagues are pushing for such a fee to help them police betting on their games.

[unde0087]

Either way this shouldn't affect Otters as he won't notice the difference of a few dollars on the -800 favorite

[MMANick]

OK I don't know then.

I'm confused.

We should never get taxed placing a bet, we're already at a disadvantage.

[pattymayo]

That's good, so the casino/racetrack winnings are taxed at 8%. NJ is going to clean up on that.

I'd imagine we'll see -110 vig then?

[jjgold]

pass

I feel sorry for NJ bettors

you cannot win at -110 let alone -120 on average

5Dimes -105 overnights no taxes
Heritage -108 no taxes

[pattymayo]

pass

I feel sorry for NJ bettors

you cannot win at -110 let alone -120 on average

5Dimes -105 overnights no taxes
Heritage -108 no taxes

Please, few win at -105 either. For most, it's just a fun side thing to do when you go to the racetrack or casino.

[jjgold]

you will save 1000's per year offshore vs NJ daily bettor

[DiggityDaggityDo]

pass

I feel sorry for NJ bettors

you cannot win at -110 let alone -120 on average

5Dimes -105 overnights no taxes
Heritage -108 no taxes

When are you making a video placing your first bet?

[jjgold]

I do not live in NJ

I play offshore at -102 to -108

Offshore I here having big party tonight

[USCPHILLYGUY]

you will save 1000's per year offshore vs NJ daily bettor

Maybe. But I’m pretty sure the guy at the window isn’t going to ask me my account password, send me a security email, call me & then make me wait 72 hours to cash my ticket.

[DiggityDaggityDo]

I do not live in NJ


I play offshore at -102 to -108
Offshore I here having big party tonight

[jjgold]

Maybe. But I’m pretty sure the guy at the window isn’t going to ask me my account password, send me a security email, call me & then make me wait 72 hours to cash my ticket.

I rather have that than get fukked in the ass daily with taxes

only idiots going to do that

[pattymayo]

I rather have that than get fukked in the ass daily with taxes

only idiots going to do that

The player isn't being taxed, the casino/track is being taxed on winnings.

[jjgold]

I do not post my real bets and amounts and lines never ...these are for reference only at -110 same amount every game for tracking

[USCPHILLYGUY]

The player isn't being taxed, the casino/track is being taxed on winnings.

Patty leave him alone. Let him think that

[jjgold]

PASS..I am hearing eventually this tax going to be shared by the player

FUK

[MMANick]

Coach, you're trying too hard.

[El Nino]

So, stand in line to make a -110 bet. Risk $110 to win $100. You win, then the state takes another 10% in taxes. $110 to win $90. This is before the corrupt leagues get involved to get theirs as well. PASS.

[nyplayer33]

Why are they being taxed on winnings...dont they pay fed n state taxes on the profits

[jjgold]

I am a pro tennis and soccer player

I CANNOT PLAY USA BOOKS...juice too wide and betting menus too small daily

BEST OF LUCK TO YOU GUYS!!!!!!!

JJ GOLD the -105 player

[Bluehorseshoe]

Patty leave him alone. Let him think that

But that 's what you wrote in your first post.

[USCPHILLYGUY]

But that 's what you wrote in your first post.

I copied & pasted a quote from an article.

So you’re saying you thought you’d go up to a window & bet a -110 Line & be charged $133 on your $100 bet?

[El Terrible]

It’s got to be a tax to the sportsbook, no?

I'm sure they'll tax the winnings as income, so save your losing tickets- Most people will pay no tax because they wont win over the year

The offshores will still thrive, but...BUT THE INFORCMENT ON OFFSHORES MIGHT STEP UP BECAUSE PEOPLE ARE DODGING TAXES BY USING THEM, AND THE INDUSTRY WILL DEMAND INFORCMENT. So..Now you gotta overcome the VIG and the TAX

CANT WIN

[shadymcgrady]

Patty leave him alone. Let him think that