New Jersey moves closer to allowing casinos to run DFS betting

The measure, sponsored by Democratic lawmakers, would enact a quarterly fee of 10.5 percent of gross revenues on companies that receive permits from the state Division of Consumer Affairs.

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The nonpartisan Office of Legislative Services estimates the bill will produce at least USD 6.6M in revenue for the state each year.

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One of the bill's sponsors, Assemblyman John Burzichelli, has said the measure "ensures that people can enjoy fantasy sports without being taken advantage of" by the companies."

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At least 10 other states -- including New York -- have passed laws to either legalize or regulate daily fantasy sports.

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The legislation is slightly different than one that began moving last year through the state Senate, the upper house of the New Jersey Legislature. That bill would impose a 9.25 percent tax rate on companies' gross revenue.

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The bill would apply to fantasy sports websites like DraftKings and FanDuel.

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It would not affect smaller-scale fantasy games between friends and family.

In addition to establishing financial guidelines like requiring audits and monetary reserves, the bill would prohibit players who are under 18 and ban the offering of any fantasy games linked to high-school sports.