New Jersey Legalizes Daily Fantasy Sports

New Jersey Legalizes Daily Fantasy Sports

August 29, 2017
Staff Writer
117
New Jersey legislators approve DFS regulation

New Jersey finally legalize daily fantasy sports.

It's official: New Jersey is the 16th US state to formally legalize daily fantasy sports (DFS) on its territory.

Governor Christie finally signed the legislation approved by the Senate back in the first week of July, while the law will come into force in 90 days.

Even before the adoption of the law, DFS operators such as DraftKings and FanDuel are already present in the New Jersey Market. So what does the law itself change?

Permits and Taxes

The only thing they'll need to do now is to apply for permits from the state's Division of Consumer Affairs, which is required under the provision of the new law.

The new law will also introduce a gross gaming revenue tax for DFS operators, who will have to pay 10.5% tax on the money they earn from the New Jersey-based players. According to the first estimates, the state could earn around $6.6 million on a yearly basis.

The law enables DFS operators to join forces with casinos and state racetracks from Atlantic City. The first partnership of this kind was established in July when Resorts Casino Hotel partnered with SportAD.

Like most DFS laws in the United States, the New Jersey legislation contains many of the standard mechanisms for consumer protection, but it doesn't exclude college athletics from the list of sports on the operators can offer pools.

Still, the major DFS operators stopped offering college sports contests more than a year ago. It will be interesting to see how will the National Collegiate Athletic Association (NCAA) react to this, it has invested a lot of efforts in opposing New Jersey's plans to allow single-game sports betting.

A Long Journey Finally Finished

New Jersey's road to DFS legalization started two years ago, with Senator Jim Whelan as one of the leading men behind the original legislation.

Unfortunately, Whelan passed away only a couple of days before the bill finally became law.

Whelan, a former Atlantic City mayor, emphasized the importance of the casino industry for The World's Famous Playground on many occasions.

His commitment was acknowledged by Governor Christie himself, who said the current Atlantic City's comeback was due in no small part to the efforts and passion of Jim Whelan.

ABOUT CASINOS ONLINE

logo2

The team behind CasinosOnline consists of casino experts united in their desire to spread knowledge to a wider audience. The aim is, and always has been, to help even the most inexperienced players gain their footing in this exciting industry.

The enthusiastic members dedicate time and energy to the creation of potent and insightful content. With years of experience in various fields of this industry, our expert authors know precisely what to look for while searching for casino quality.

LEAVE A COMMENT

Your email address will not be published. Required fields are marked *

Best Online Casino By Country

Although most casinos online are inherently international, some of them specialize for certain markets. If you’re looking for the best casino for your country or area, you’ll find it on this page. The CasinosOnline team reviews online casinos based on their target markets so players can easily find what they need.