Governor Chris Christie last week signed a bill legalizing daily fantasy sports in the state. The industry will be regulated by the state Division of Gaming Enforcement. A tax rate of 10.5 percent will be imposed on the profits of DFS companies that operate in the state from players in the state. DFS officials estimated it would provide $6.6 million in tax revenues.
DFS companies praised the bill, calling it one of the best of the 16 states that have currently approved DFS wagering.
“The law establishes multiple layers of oversight, placing New Jersey at the forefront of consumer protection nationally, and creating a new source of tax revenue with major potential for growth in the state,” said Marc LaVorgna, a spokesman for DraftKings and FanDuel, in a statement.
The law allows DFS companies to partner with New Jersey casinos but does not require it.