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A winning month for New Jersey gambling revenue

Atlantic City skyline It began June 14 after state lawmakers fast-tracked legislation in the wake of a May Supreme Court ruling that overturned a 26-year-old federal ban. The wagering numbers factored in three facilities that were set up for the entire month at Borgata, Ocean Resort and Monmouth Park. Bally’s Atlantic City and the Meadowlands Racetrack opened sports betting lounges later in July. The state of New Jersey collected $23.4 million in gambling taxes in July reflecting a 12.5% increase from a year ago. This was based on an 8% tax rate on casino gross revenue, 15% on internet gambling gross revenue and 8.5% on casino and racetrack sports wagering gross revenue. New Jersey's long record of structural budget deficits contributed to the state’s bond ratings dipping to the second lowest among U.S.

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