New Jersey moves to regulate and tax DFS
Senator Jim Whelan introduced legislation that would take daily fantasy sports at 9.25% of gross gaming revenueÂ
New Jersey Senator Jim Whelan has introduced legislation seeking to regulate and tax daily fantasy sports in the Garden State. [private]
The bill, SB 1927, has been introduced to the Senate and referred to the Government, Wagering, Tourism and Historic Preservation Committee.
Under the bill, operators would be required to apply to the Department of Law and Public Safety for permit, and to have at least one server located in the state.
DFS providers will be forced to pay an annual registration and renewal fee, equal to a 9.25% tax on gross gaming revenue.
The bill would allow DFS operators already live to continue operating while they apply for a license, while those not already live will have to wait until they receive a permit.
Operators must prohibit their employees and their immediate family members living in the same house playing in contests offering a cash prize greater than $5.
Player protection measures must also be in place, including self-exclusion protocols, age verification, and segregated player funds.
The news comes after Virginia became the first state to enact daily fantasy sports law that would legalize and regulate the activity.