he measure had previously gained the necessary support in the state Assembly and was voted in the affirmative by Senators on Friday. Under the bill, interested DFS operators will be able to apply for a license and to either operate alone or in a partnership with local casino and racetrack operators.
Licensed businesses will have to pay an annual tax of 10.5% on winnings.
The move came at a time when New Jersey is desperately looking for revenue sources to boost a scanty budget. However, Sen. James Whelan told local media that the measure was not that much intended to provide additional revenue, but to protect those playing daily fantasy sports.
It is believed that New Jersey’s DFS market could contribute around USD 6.6M in taxes to the state.