In New Jersey and proposed legislation that would see Atlantic City receive even more of the tax revenues generated by the eastern state’s burgeoning sportsbetting industry has reportedly made it out of committee.

According to a Thursday report from the Associated Press news service, the measure floated by New Jersey State Senator Troy Singleton late last year calls for the proceeds from a 1.25% gross sportsbetting revenue tax currently funding the Casino Reinvestment Development Authority to be exclusively diverted to the coffers of Atlantic City. The Democratic sponsor purportedly detailed that the successful passage of his legislation would see the community of approximately 38,000 people receive about $2 million more every year to help assuage the impacts of a coronavirus-related fall in visitation and a series of restrictive payment in lieu of tax (PILOT) agreements.

Booming business:

New Jersey was one of the first American states to legalize online and land-based sports wagering following the 2018 revocation of the Professional and Amateur Sports Protection Act (PASPA). The jurisdiction of almost 9.3 million inhabitant…