NJ governor estimates $15M in sports betting revenue

Business News

New Jersey Gov. Phil Murphy’s administration says it’s penciling in $15 million in expected revenues from sports betting.

Treasurer Elizabeth Muoio told the Democrat-led Assembly budget committee Monday that the estimate is based on an expected rate of 8 to 15 percent. Legislation is still pending after last week’s Supreme Court decision striking down a federal prohibition on sports betting.

Deputy Treasurer Catherine Brennan said after the hearing that officials considered that Nevada regulators brought in about $16.8 million to state coffers in 2017. Nevada was one of the states exempted from the 1992 federal law the court struck down.

Muoio also told lawmakers there was no surprise revenue increase in recent tax collections. Lawmakers and Murphy, a Democrat, have until June 30 to enact a balanced budget.