A month ago, a gambling expansion bill was passed in the New Jersey Senate, when a majority of lawmakers challenged the billion-dollar industry. The bill is currently awaiting Governor Chris Christie’s approval or disapproval. The revised bill contains clarity on DFS’s taxes and regulations.
The bill, also known as the A3532, sets a quarterly fee of 10.5 percent on the total gaming revenue (GGR) of all operators to provide DFS. If the bill falls into the state’s legal framework, the industry is likely to contribute more than $6 million to the state coffers each year. In addition to the aforementioned fees, operators are required to pay entry fees to operate legally within state boundaries.
In addition to all financial benefits, the proposed legislation also has one additional advantage: it prevents residents under the age to gamble. In an interview, New Jersey Senator James Whelan even said the proposed bill is in the best interest of residents because it will regulate the market and provide users with a safe gaming environment. Furthermore, the regulation will block illegal gambling operators who provide access to gambling options, even for minors.
Neva Pryor, chairman of the New Jersey Council of Forced Gambling (CCGNJ), explained that the group was neutral on the legalization of DFS in the state, but shared Whelan’s views, supporting all measures aimed at protecting players from gambling problems. The group says it is ready to help people in need cope with the problem.
The bill will not only boost the state’s economy but also protect consumers. Supporters of the bill explained that banning DFS was unreasonable, because this would not prevent players from betting, only encouraging the development of shady businesses. Regulating the industry, the state will ensure a safe gaming environment for residents and establish responsible gambling measures. This is also a good opportunity for local governments to address some of the financial differences in their budgets.
Currently, the gambling community in New Jersey awaits Governor Chris Christie’s decision to determine the future of DFS. Optimists hope New Jersey will be the next week to benefit from all the benefits of legalizing and delivering daily fantasy sports.