NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases its States Compete to Tackle Sports Gambling Tax Revenue research report. As the sports betting industry—which was virtually limited to Nevada—gains in popularity, states are tapping a new source of growing tax revenue.
While Nevada still reaps the most money from sports gambling, New Jersey is the top state in sports betting tax revenue collections. New Jersey, home to an existing gaming infrastructure in Atlantic City and racetracks throughout the state, benefited from a first-mover approach, with sports betting operations in place since June 2018 and mobile betting a month later. New Jersey’s total sports betting tax revenue was approximately $26.3 million for the 12 months ended June 2019. As the established sports betting locale, Nevada’s tax revenue was approximately $20 million in the same period. From New Jersey’s perspective, sports betting tax revenue represents less than 1% of the state’s budget. However, in KBRA’s opinion, it is likely that the full economic potential of these activities will not be actualized in the near term.
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.