N.J. signs daily fantasy sports taxation, legislation into law
August 25, 2017 9:29 AM
by Robert Mann
New Jersey Republican Gov. Chris Christie signed into law Thursday legislation to regulate and tax daily fantasy sports in the state.
The law imposes a 10.5 percent tax on the winnings of companies that offer daily fantasy sports. Advocates of the measure say daily fantasy sports taxes will funnel $6.6 million to the state each year.
New Jersey is now the 16th state to enact legislation regulating daily fantasy sports.
“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,” Marc LaVorgna, a spokesman for DraftKings and FanDuel, the two industry kingpins, said in a statement.