The same week that the US Supreme Court decided to consider the sports betting case of New Jersey, the state got even more good news. Senators voted in favor of a bill that would allow daily fantasy sports to be legalized and regulated in the state, with a vote of 29 to 6. The measure now is sitting on the desk of Governor Christ Christie awaiting approval.
A-3532 earned approval by the New Jersey senators and is now one step closer to becoming regulated within the state. The vote took place last Friday and language of the bill states that operators of Fantasy Sports in New Jersey would have to pay the state an operations fee of 10.5% of their gross revenues each quarter. The money will be deposited into the general fund of the state. According to the Office of Legislative Services, the state could earn as much as $6.6 million annually in revenues solely from the fantasy sports betting market.
Several conditions are included in the measure, stating how the activity should take place. Players will have to be 18 years of age or older to take part and anyone under the age of 18 is strictly prohibited from participating. Casino license holders as well as racetracks that are licensed will be allowed to create partnerships with fantasy sport operators in order to offer such activities. If DFS is offered via a casino, servers have to be located in Atlantic City. If a site is operated by a company outside the state, only one server is required to be located in Atlantic City.
Individuals who are placed on self-exclusion lists will not be allowed to take part. Operators of daily fantasy sports also will not be allowed to offer games based on state high school sports.
The bill was passed by the Assembly in May, having been sponsored by Assemblymen, John Burzichelli, Vincent Mazzeo and Ralph Caputo.
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