New Jersey governor Chris Christie signed a bill today that will regulate daily fantasy sports in the state. Christie’s administration, whose sports betting law heads to the Supreme Court this fall, has been aggressive in pursuing gambling legislation throughout his term.
N.J. Gov. Chris Christie signs fantasy sports bill into law.
— David Payne Purdum (@DavidPurdum) August 24, 2017
All told, this bill not only allows New Jersey to regulate entities such as FanDuel and DraftKings, but also taxes them at a 10.5 percent rate on revenue from inside the state, per Legal Sports Report.
Regardless of your stance on the issue, this feels like the likely end product of the DFS saga in most states. Allowing these companies to go unregulated feels like a nonstarter for most states. Taxing and making money off them, however, could see lawmakers singing a different tune.
In the realm of sports gambling, New Jersey’s impending Supreme Court case will be one to watch this fall. The state tried to pass a bill legalizing and regulating sports gambling, which has been struck down in lower courts because of PASPA, a law which banned doing so in states other than Nevada. Ironically, former New Jersey Senator and Knicks star Bill Bradley was the author of that law.
With Christie’s administration coming to an end soon, it’s clear he wants this to be a part of his legacy. The next few months will determine his success.