New Jersey development body set for sports betting funding boost

New Jersey development body set for sports betting funding boost

Thursday, October 11, 2018 Posted by News Team
New Jersey
Sports betting revenue contribution to offset loss of casino payments for CRDA

New Jersey Governor Phil Murphy has signed into law a bill that allocates 1.25% of sports betting revenue to the state’s Casino Reinvestment Development Authority (CRDA).

While the body’s main source of funding is casino parking charges, the 1.25% of sports betting revenue is to offset the loss a contribution from the state’s casinos. Since 2016 the 1.25% of casino revenue that was originally allocated to the CDRA has been used to help pay down Atlantic City’s debt.

Founded in 1984, the CDRA is responsible for providing funding from New Jersey’s casino industry to residential, commercial, cultural and social projects, ensuring that gambling in the state contributes to improvements in the quality of its citizens’ lives.

The new contribution from sports betting is to come into force from December this year. It has been agreed just days before the New Jersey Division of Gaming Enforcement publishes its sports betting revenue figures for September. 

With the National Football League season kicking off during the month, sports betting revenue is set to hit new heights.

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