A state Senate committee approved a bill Monday to regulate daily fantasty sports gambling in New Jersey.
The bill, S-1927, requires state law enforcement to regulate the business, but allows popular companies already in operation, including DraftKings and FanDuel, to stay in business while they seek permits.
The legislation, sponsored by Sen. Jim Whelan, D-Atlantic, passed the Budget and Appropriations Committee. The vote was 9-3, and the proposed law now goes to the full Senate.
It requires the fantasy sports sites to pay an 9.25 percent of their yearly gross revenue in New Jersey as a “registration fee ...the same tax rate on brick and mortar casinos,” Whelan said Monday.
The bill also bars fantasy-company employees and executives from playing the games they operate or sharing statistical information that the companies gather. Whelan said that was in response to the New York Attorney General’s office charges that people involved in the sites were trading insider information.