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New Jersey State Senate Bill Proposes Tax and Regulation of Daily Fantasy Sports

Recently, Bill S1927/A3532 has been a heated topic of debate between Democratic and Republican political parties. The bill is currently on the table for becoming a new addition to New Jersey State legislature.

The NJ State Senate passed Bill S1927/A3532 on a twenty-nine to six vote in favor of the legislature in late June 2017. The public is awaiting a veto or signature of approval from Governor Chris Christie.

 

What is Bill S1927/A3532?

 

This bill is a proposed moderate partisan bill which was enrolled on June 29th, 2017. If it goes into effect, it will mean the regulation and taxation of companies who are involved with daily fantasy sports games, which could result in a 10.5% tax on the companies’ profit.

According to the latest version of the bill as of July 18th, 2017 (which can be located online here),

“This bill provides that the Department of Law and Public Safety will issue permits to casino licensees and other business entities that desire to conduct daily fantasy sports games in New Jersey and will be responsible for regulating that activity.”

Bill S1927/A3532 will prohibit the participation of any person on a casino gambling self-exclusion list or an internet gaming self-exclusion list. It will also keep daily fantasy game companies from advertising to anyone present on either list.

 

Some Other Changes the Bill Could Make:

1) Minors under 18 will not be permitted to play in daily fantasy sports games.

2) Fantasy sports games will no longer be linked in any way to high school sports.

3) Over six million dollars in tax revenue will accrue within a year of the bill taking effect in New Jersey.

 

What is Daily Fantasy Sports?

 

Fantasy sports are online games designed for competitors to make virtual teams based on real professional players and win money according to the statistical performance results. Daily fantasy sports are condensed versions of usual season-long fantasy sports competitions and are meant to last only a one-week period, or even just one day.

 

The Council on Compulsive Gambling in New Jersey Helps Gamblers and Their Friends and Families for Free

 

The CCGNJ is a nonprofit organization that has helped state locals with gambling problems to beat their addiction. The goal of the CCGNJ is to provide a source of support, information, programs, and resources for those who are affected by disordered gambling in New Jersey.

If someone you know has a problem with gambling for sports in Atlantic City, the CCGNJ is here to offer our guidance and assistance.

To stop betting for sports in Atlantic City casinos, horse races, and online outlets, please visit http://www.800gambler.org today.

Call 1-800-GAMBLER for support, treatment and hope – the toll-free hotline is available 24/7.