New Jersey advances DFS bill in state Assembly

Will Daily Fantasy Sports become legal in the state of New Jersey?

A bill introduced to legalize Daily Fantasy Sports was approved by the New Jersey state Assembly’s tourism and gaming committee on Monday.  An updated bill established guidelines including a 10.5 percent quarterly tax rate on the gross revenue of all operators.

The legislation would define daily fantasy sports as a “game of skill” versus a “game of chance.”

Some of the key statements within the bill:

the outcome of a game will be determined by statistics generated based on the performance of actual individuals participating in real professional or collegiate athletic events;

all prizes offered to participants will be established and disclosed in advance to all participants;

the outcome will not be based solely on the performance of an individual athlete, or on the score, point spread, or any performance of a single real team or combination of real teams;

The bill imposes an annual registration and renewal fee for all daily fantasy sports providers in an amount equal to 9.25% of daily fantasy sports gross revenue.

  Also, the bill sets forth penalties for violations of the provisions of the bill and regulations

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