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- NJ's Online Gambling Tax Debate 🎲
NJ's Online Gambling Tax Debate 🎲
Ryan Serkes
May 14, 2025
The
Daily Trade
Hey Daily Traders,
New Jersey's proposed tax hike on online gambling has sparked a heated debate, as Governor Phil Murphy aims to nearly double current tax rates to address a $1.2 billion budget deficit. While the administration focuses on bolstering the state's Casino Revenue Fund, industry leaders warn that increased taxes could drive customers to offshore platforms, potentially harming New Jersey's gaming revenues.
Meanwhile, Boeing's settlement with the family of whistleblower John Barnett highlights the aviation industry's ongoing challenges in addressing safety concerns. In automotive news, GM's new EV battery technology promises cost efficiency and extended range, potentially outpacing competitors like Ford and accelerating electric vehicle adoption by offering more affordable options without compromising performance.
Here's what's happening today:
- 📈 NJ proposes tax hike on online gambling
- 🛫 Boeing settles lawsuit with whistleblower's family
- 🔋 GM unveils new EV battery technology
- 🎁 +10 more business & investing news stories you might like
- 📊 +4 technical analysis results
Question
Do you think New Jersey's proposed tax hike on online gambling will ultimately benefit the state, or could it drive more customers to offshore platforms?
Reply to this email with your answer
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Real Estate  New Jersey Gov. Phil Murphy has proposed a significant tax increase on internet gambling and online sports betting operators as part of a $58.1 billion state budget plan. The proposed increases would nearly double current tax rates, raising the internet gaming tax from 15% to 25% and the online sports betting tax from 13% to 25%. This move aims to address a projected $1.2 billion budget deficit and bolster the state's Casino Revenue Fund, which supports programs for senior citizens and individuals with disabilities. However, the proposal has met with resistance from the online gambling industry. Operators warn that the increased tax burden could lead to fewer promotional offers and less favorable betting odds, potentially driving customers to offshore platforms. Industry leaders argue that higher taxes could harm a sector that significantly contributes to New Jersey's gaming revenues. The Casino Association of New Jersey and some lawmakers have expressed concerns, while the Murphy administration remains focused on closing the budget gap. Key Takeaway
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Stock Market The family of John Barnett, a former Boeing quality control manager who committed suicide after being questioned about his whistleblowing on alleged defects in jumbo jets, has settled a lawsuit against Boeing. Barnett had raised concerns about safety issues, including metal shavings near flight control wiring and problems with oxygen systems on Boeing's 787 planes. Despite his warnings, Barnett faced harassment from his supervisors, according to the lawsuit. The settlement details remain undisclosed, but either side can reopen the lawsuit if the settlement is not finalized within 60 days. Boeing expressed condolences to Barnett's family and stated that it had taken actions to address the issues he raised. The case underscores the challenges whistleblowers face in the aviation industry and highlights the importance of addressing safety concerns transparently and responsibly. Key Takeaway
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Stock Market  General Motors has unveiled a new electric vehicle (EV) battery technology featuring lithium manganese-rich (LMR) prismatic cells, which the company claims will reduce costs and enhance the profitability of its largest electric SUVs and trucks. This innovation is expected to be implemented in full-size EVs such as the Chevrolet Silverado and Escalade IQ by 2028. The new battery chemistry uses more abundant and less expensive minerals like magnesium, reducing reliance on cobalt and nickel. GM's announcement comes as part of its strategy to lead the market in EV battery technology, with expectations to be first to market ahead of competitors like Ford. The development of LMR batteries is seen as a significant advancement in making electric vehicles more affordable while maintaining performance and range, addressing key consumer concerns and potentially accelerating the adoption of electric vehicles. Key Takeaway
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More Business & Investing news
- 🏢 Aster & Links leases one-third of units (Link)
- ☁️ Weatherford partners with AWS for digital transformation (Link)
- 🧠 Annovis reports Q1 results, advances Alzheimer's trial (Link)
- 🏢 Silver Star sells Gulf Plaza, eyes recovery (Link)
- 🚔 NJ deli stock fraudsters sentenced to prison (Link)
- 🏗️ Solidus Resources gets $835M financing interest (Link)
- 📉 Inflation cools as grocery and gas prices fall (Link)
- 🎤 MoneyShow to host virtual expo on market volatility (Link)
- 🏡 See inside Domino's founder's $8.75M home (Link)
- 🌿 STACK Infrastructure secures $1.4B green financing (Link)
Today's Technical Analysis
RSI Sell | MFI Sell | WillR Sell | AO Sell |
CCI Sell | BBANDS Sell | ULTOSC Sell | STOCH Sell |
RSI Sell | MFI Sell | WillR Sell | AO Sell |
CCI Sell | BBANDS Sell | ULTOSC Sell | STOCH Sell |
RSI Buy | MFI Buy | WillR Buy | AO Buy |
CCI Buy | BBANDS Hold | ULTOSC Buy | STOCH Buy |
RSI Sell | MFI Sell | WillR Sell | AO Sell |
CCI Sell | BBANDS Sell | ULTOSC Sell | STOCH Hold |
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Technical Indicator Information
Relative Strength Index (RSI) | Period: 14 days | Overvalued threshold: 70 | Undervalued threshold: 30
Money Flow Index (MFI) | Period: 14 days | Overvalued threshold: 80 | Undervalued threshold: 20
Williams Percent Range (WillR) | Period: 14 days | Overvalued threshold: -20 | Undervalued threshold: -80
Aroon Oscillator (AO) | Period: 14 days | Overvalued threshold: 75 | Undervalued threshold: -75
Moving Average Convergence/Divergence (MACD) | Period: 26/12/9 days | Overvalued threshold: MACD crosses below MACD Signal | Undervalued threshold: MACD crosses above MACD Signal
Stochastic Oscillator (STOCH) | Period: 14/3/3 days | Overvalued threshold: %K crosses below %D above 80 | Undervalued threshold: %K crosses above %D below 20
Commodity Channel Index (CCI) | Period: 20 days | Overvalued threshold: 100 | Undervalued threshold: -100
Bollinger Bands (BBANDS) | Period: 20 days | Overvalued threshold: price >= upper band | Undervalued threshold: price <= lower band
Parabolic Stop and Reverse (SAR) | Period: variable 50 - 100 days | Overvalued threshold: SAR crosses above price | Undervalued threshold: SAR crosses below price
Triple Exponential Average (TRIX) | Period: 15 days | Overvalued threshold: TRIX crosses below 0 | Undervalued threshold: TRIX crosses above 0
Ultimate Oscillator (ULTOSC) | Period: 28/14/7 days | Overvalued threshold: 70 | Undervalued threshold: 30
Directional Movement Index (DMI) | Period: 14 days | Overvalued threshold: PlusDI crosses below MinusDI | Undervalued threshold: PlusDI crosses above MinusDI
Average Directional Index (ADX) | Period: variable 14 days | Requirement: >= 25
Analysis is only performed on securities with market caps in excess of $100 million and with daily trade volume in excess of $50 million.
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