New Jersey has become the 16th state to legalise paid entry fantasy sports after Governor Chris Christie signed the Fantasy Sports Bill this week. The Senate approved S-1982/A-3532 legalisation; it was only on Thursday the law was signed formally.
The law will however not change the existing DFS scene in the state. The operators like DraftKings and FanDuel are running under the assurances from the Division of Gaming Enforcement. After the new law, the operators seeking a new license will apply through the state’s Division of Consumer Affairs.
With the new law enforcement, New Jersey like the 15 other states have officially regulated DFS; operators will pay 10.5% tax on revenue derived from New Jersey DFS players. The state believes that it can fetch an annual $6.6 million from the activity.
The new bill will allow fantasy sports based on college games, unlike the other states.
New Jersey follows the set of a framework which has been established by the states that have legalised fantasy sports in past two years. The recently amended law declares paid-entry fantasy sport a game of skill and allows player over 18 years.