The introduced legislation, which seeks to regulate the daily fantasy sports (DFS) contests in the New Jersey seems to move a step forward. After the State Senate voted in favor of the bill on 30th June, now the piece of legislation is at Governor Chris Christie’s desk, waiting for his signature.
Gambling expansion legislation passed in the New Jersey State Senate a month ago, when the majority of the lawmakers gave a go ahead to the billion-dollar industry. The bill is now waiting for Governor Chris Christie’s decision to approve or disapprove it. The updated version of the bill includes clear information regarding the taxes and regulations of the DFS.
The bill, also known as A3532, sets a 10.5% quarterly fee on the gross gaming revenue (GGR) of all operators to offer DFS. In case the bill enters that state’s legal framework, the industry has the potential to contribute annually more than $6 million to the state’s treasury. In addition to the aforementioned fee, the operators will be required to pay entry fees to legally operate within the borders of the state.
Besides all the financial benefits, the proposed bill has also one additional advantage – to prevent residents under-age to gamble. In an interview, New Jersey State Senator, James Whelan even commented that the proposed bill is in the best interest of the residents, as it will regulate the market and provide a safe gaming environment to the players. What is more is that the regulations will block illicit gambling operators, which provide access to their gambling options even to minors.
Neva Pryor, Executive Director of the Council on Compulsive Gambling in New Jersey (CCGNJ) explained that the organization takes a neutral stance on the issue, regarding the legalization of the DFS in the state, but it shared Mr. Whelan’s opinion, supporting any measures that aim to protect players from gambling problems. The organization expressed its readiness to help people in need to cope with the problem.
The legislation not only will boost the state’s economy, but it will also protect consumers. The proponents of the bill explained that to ban the DFS is unreasonable, as this will not stop players to place their bets, but it will only encourage the development of the shady business. Regulating the industry, the state will secure a safe gaming environment for its residents and establish a responsible gambling measures. This is also a good opportunity for the local government to bridge some financial gaps in the budget.
Currently, the gambling community in New Jersey is waiting for Governor Chris Christie’s decision, who is supposed to decide the future of the DFS. Optimists place hopes that New Jersey is the next state to legalize daily fantasy sports and benefit from all the advantages it offers.