TRENTON — A bill regulating daily fantasy-sports operators like Draft King and FanDuel was signed into law by Gov. Chris Christie Thursday.
Under the new law the state Division of Consumer Affairs will issue permits to fantasy-sports operators, as well as casinos and racetracks that partner with fantasy sports providers.
“The fantasy sports industry is a growing market year after year. The time is right for New Jersey to enter the fold with regulations aimed at providing strong consumer protections for our residents,” Assemblyman Vince Mazzeo, D-Atlantic , a sponsor of the bill. “This not only protects consumers, but promotes a positive business environment for fantasy sports operators and their thousands of New Jersey customers.”
New Jersey becomes the 16th state to enact legislation regulating daily fantasy sports.
The law imposes a quarterly operations fee equal to 10.5 percent of fantasy sports gross revenue. The state Office of Legislative Services predicts $5.8 million a year in revenue. The law does not impact small-scale, season-long fantasy-sports activities among family and friends.
“This puts important consumer protections in place that were missing in the fantasy sports industry,” said Assemblyman Ralph Caputo, D-Essex. “This helps keep the games honest and consumers protected.”