New Jersey will tax fantasy sports with 10.5%

6 July 2017

Authorities of New Jersey have approved the bill which regulates the fantasy sports legislation. It is supposed that operators will pay 10.5% of their profit. This document is under consideration of the State Governor Chris Christie.

New Jersey will tax fantasy sports with 10.5%

The bill passed by the Senate of the state (29 voices pro, 6 — contra), assumes introduction of 10.5% income tax for fantasy sports operators. This bill has been already approved by the General Assembly of the state in May, as App.com tells.

According to State Sen. James Whelan, the bill is more focused on protection of those who participate in daily fantasy sports tournaments than on state revenue generation.

"I hope that the Governor will sign it and we will be able to develop fantasy sports in New Jersey. This always was one of my purposes" — Whelan has declared.

The bill allows fantasy sports operators to cooperate with casino and organizers of races, but doesn't oblige them to such cooperation. Besides, the bill forbids using student's competitions in fantasy tournaments.

The decision on fantasy sports legality has been made in in May, 2016. Firstly, fantasy sports on the territory of the USA have been legalized in Mississippi, New York, Colorado, Missouri, Indiana, Virginia, Tennessee and Massachusetts.

Read also: He is the main German talent of 21 century: Leon Goretzka

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