NEW JERSEY SENATE COMMITTEE ADVANCES D.F.S. BILL
Another step toward legalization for daily fantasy sports.
The New Jersey Senate Budget and Appropriations Committee advanced a proposal to legalise and regulate daily fantasy sports on a vote of 9 vs. 3 Monday, bringing the legalization of the vertical in New Jersey a step closer. The measure now goes to the Senate floor.
Bill S-1927, sponsored by Sen. Jim Whelan, requires state law enforcement to regulate the business, but allows popular companies already in operation, including DraftKings and FanDuel, to continue operating while they seek permits in terms of the proposed law.
Sen. Whelan explained Monday that the bill requires the fantasy sports sites to pay an 9.25 percent of their yearly gross revenue in New Jersey as a registration fee "…the same tax rate (as that applied) on brick and mortar casinos,” he said.
The bill also bars DFS company employees from playing the games they operate or sharing statistical information that they gather. Whelan said that was in response to the New York Attorney General’s office charges that people involved in the sites were trading insider information.