Comparative figures from a number of studies on how much tax New Jersey will reap from legalised online gambling in the state differ substantially. Acknowledging the fact, Treasury Department spokesman Bill Quinn said that Nevada, Delaware, and New Jersey's first legal online gambling sites might provide a "novelty factor" boost.
According to the projection made by the Christie administration which is based on estimates by the traditionally conservative Wells Fargo analysts, online gambling will raise $180 million in state tax revenues in its first year, but state Sen. Paul Sarlo does not agree: "I consider the $180 million number to be completely erroneous - it's not a number that has any credibility," he said.
In its recent study, industry research firm Gambling Data estimated that overall online gaming revenues in Year One would reach $261.9 million, and that at a 15 percent tax rate would generate $39.3 million in money for the state.
Back in 2010, a study by Econsult Corp. commissioned by the Interactive Media Entertainment and Gaming Association, estimated $210 million to $260 million in "short-run" revenues, working out to $31.5 million to $39 million in state tax revenues.
However, the Wells Fargo Securities report also suggested that initially revenues might not be quite as high as those anticipated later on: "...in the near term, we believe the New Jersey online market could generate between $650 million and $850 million, and tax revenues of up to $127.5 million."
