New Jersey Eyes Tax on Prediction Markets | Jersey News
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New Jersey Eyes Tax on Prediction Markets | Jersey News
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New Jersey lawmakers are eyeing a nine percent tax on prediction market profits to boost state revenue, but the bill’s future is uncertain after stalling before summer break. Originally proposed with a higher rate and overlapping with sports betting taxes, the plan sparked concerns about unintended ripple effects — including potential impacts on the stock market and legal challenges, as courts have previously ruled some prediction contracts fall under federal jurisdiction. Critics warn the tax could legitimize these markets, especially since users can be as young as 18 — below New Jersey’s gambling age of 21 — potentially undermining Atlantic City’s casino jobs. Revenue estimates hover around $10 million this year, but long-term projections are murky, and experts question whether the tax might cannibalize revenue from existing gambling industries.
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