AC wants Taxpayers to win with Bigger Slice of Sports Betting Pie
Atlantic City officials want to see legislation from Trenton to rearrange the tax formula for the very-hot sports betting activity so that the city sees some tax-relief revenue.
How hot is sports betting in AC? Mayor Marty Small Sr. told the Press of Atlantic City that his town has overtaken Las Vegas as the No. 1 sports betting destination. The paper reported that in just over a year, Casino sports books have accepted more than $3 billion in legal wagers, generating $284.6 million in gaming revenue and more than $36 million in taxes.
Small says 1.25% of AC sports bet earnings goes to market the city through the Casino Reinvestment Development Authority. He says AC needs marketing but it also needs more.
"I think that we should make Atlantic City a priority and $1.3 million can go a long way. I proposed that any and all extra revenue sources go to tax relief for the taxpayers in Atlantic City."
"Atlantic City needs marketing. But more importantly, our taxpayers need relief ."
Small admits he opposed the state's takeover of the city but concedes the majority of the elements in that action are working.
"I was one of the strongest opponents against a state takeover and as I sit here a few years later, I can say that, you know, the majority of the elements of the state takeover has worked, particularly on the financial side," he said.
"We just need to take it a step further and start looking out for the residents and taxpayers of Atlantic City and providing additional revenue streams that can offset the budget."
The mayor's push is also supported by some South Jersey lawmakers, including state Sen. Chris Brown, R-Atlantic, and Assemblymen Vince Mazzeo, D-Atlantic, and John Armato, D-Atlantic.
Joe Cutter is the senior news anchor on New Jersey 101.5