A bill was passed on Friday by the state legislature, authorising the licensing provision of the Daily fantasy sports to be regulated in New Jersey. Gov. Chris Christie’s final approval on the bill is all that is needed for the bill.
This bill will allow the fantasy sports and racetrack operators to able to apply for the licence. The operators would be free to operate either alone or in partnership with local casino and racetrack operators. These licenced operators will be required to pay 10.5% in taxes on their winnings, contributing roughly $6.6 million annually in taxes to the state.
The bill has come at such a time when the state of New Jersey is in a desperate need for revenue sources. However, Sen. James Whelan claimed that the bill was aimed to protect the daily fantasy sports players and not to just provide the additional revenue.
The bill will prohibit the high school sports games and players from being used in the daily fantasy sports contests. The bill still awaits the approval of Gov. Christie