TRENTON — It’s now up to Gov. Chris Christie to decide if New Jersey will start taxing and regulating companies in the popular — but highly scrutinized — daily fantasy sports industry.
The Democratic-controlled state Senate voted this past Friday to give final legislative approval to a Democratic-sponsored measure that would establish guidelines for companies that operate such games in the Garden State and impose a 10.5 percent tax on the companies’ winnings.
The state Assembly, which is also controlled by Democrats, passed the measure last month.
The legislation now heads to Christie’s desk for his signature or veto.
In daily fantasy sports, players create virtual teams made up of professional athletes and compete against each other in either daily or weekly competitions to win money. The industry exploded in popularity in recent years, thanks in part to ubiquitous television commercials.
This bill (S1927/A3532) would regulate only professional operators of daily or weekly games. It would not affect small-scale season-long fantasy sports competitions organized among family and friends.