New Jersey to vote on bill to regulate daily fantasy sports
(Photo Courtesy) ryan harvey, Flickr
Lawmakers in New Jersey are set to vote on legislation to regulate and tax daily fantasy sports. The Democrat-led Assembly is scheduled to vote Monday on a bill that would impose a quarterly fee of 10.5 percent of gross revenues on daily fantasy sports providers.
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.
Senators have advanced a different bill that imposes a 9.25 percent tax rate on daily fantasy sports companies' gross revenue. New York enacted legislation last year to tax revenue from the games. Nearly a
dozen states regulate the games.