00:00of course as the world cup will be played here in the united states let's bring in sam mcquillen
00:04from legal sports report seems like there could be some sports betting ramifications from that
00:09and uh hey i guess it's not enough to hike the prices and taking the train over to the games
00:15of the meadowlands uh now sports betting getting involved here maybe adding some tax on to like
00:21to to people who are placing bets it just feels like like why like they just want to make some
00:28extra money here uh i don't know i don't know how this is going to be received sam and i
00:32suppose if
00:33every book does it it'll be one thing but if uh if not i don't think people are going to
00:37be very
00:38agreeable to laying some extra juice or playing or paying some extra vig to the sports betting handles
00:43just because the world cup is in their state yeah it's definitely a very unprecedented scenario we
00:50call it with new jersey hosting eight world cup games this summer including the world cup final
00:55of course the world cup is being advertised as being hosted in new york there's a joint bid
01:01venture that the city of new york and new jersey have together to host it but new york is paying
01:06for
01:06zero dollars of it while new jersey has already paid about 308 million dollars just to get things
01:13together infrastructure costs to pay for extra transportation we've heard about you know they're
01:18gonna have to ferry thousands of people who come into the city into new jersey to go to metlife so
01:23it's going to be a crazy scenario it's already costing new jersey a lot of money and now lawmakers
01:28are scrambling to figure out how the heck they're going to pay for this thing and of course one of
01:32the
01:33proposals is to hike taxes on a number of things and sports betting happens to be included there's this
01:39new bill that proposes you know a temporary tax hike on hotels tax hike on concessions at the stadium
01:46during the event and then also uh proposes raising the sports betting tax rate from about 19.75 percent
01:53all the way to 29.75 percent uh just during the month that the world cup games are hosted in
02:00the state
02:00you know lawmakers often when they look to raise taxes they look to so-called sin industries like sports
02:06betting you know industries that you know if they raise the taxes nobody's really going to cry for the sports
02:11books what could end up happening as we've seen in other states obviously that that cost trickles
02:15down to the customers uh you know if new jersey wasn't bordering a state like new york that has a
02:20you know nation high 51 tax rate i would say maybe the tax hike would you know threaten more people
02:26to
02:26stay in new york but place their bets there before you know the actual games happen um but it's just
02:31number one of the things being considered right now in new jersey it looks like they're really kind of
02:35in a pinch honestly to figure out where this money is going to come from um and you know it's
02:39a lot
02:40easier to raise taxes on sports betting for a month than it is to you know raise taxes on something
02:44else that you know really hits more people at home so it's an interesting proposal i would imagine it
02:49goes through pretty quickly since the world cup like you mentioned greg is coming up yeah just in a
02:53few weeks now so it's uh it'll be really interesting just to see how new jersey handles that in general
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