- Associated Press - Monday, May 22, 2017

TRENTON, N.J. (AP) - New Jersey’s Democrat-led Assembly on Monday approved legislation to regulate and tax daily fantasy sports.

The Assembly voted 56-15 on a bill that would impose a quarterly fee of 10.5 percent of gross revenues on daily fantasy sports providers. There were three abstentions.

The measure calls for the Division of Consumer Affairs to issue permits to fantasy sports operators, including casino licensees and racetracks.

The sponsors of the legislation say it doesn’t limit small-scale season-long fantasy sports activities conducted among family and friends.

The New Jersey measure comes after the Fantasy Sports Trade Association said last month it estimates two-thirds of companies have closed or been acquired by competitors since last year.

The closures come as the legal landscape remains unsettled and as the industry has launched a costly state-by-state lobbying campaign as roughly half of all states are weighing legislation.

New Jersey lawmakers say the legislation includes consumer protections, including prohibiting those under 18 and people with financial interests in the fantasy industry.

“This ensures that people can enjoy fantasy sports without being taken advantage of,” said Democratic Assemblyman John Burzichelli, a co-sponsor.

A bill moving through the state Senate imposes a 9.25 percent tax rate on daily fantasy sports companies’ gross revenue.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide