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New Jersey approves daily fantasy sports bill

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New Jersey Assembly on Monday approved legislation to regulate and tax daily fantasy sports, amid calls to expand the online gaming sector.

Under the new bill which was voted through by 56-15, the New Jersey Division of Consumer Affairs would be allowed to issue permits to fantasy sports operators, including casino licensees and racetracks.

A quarterly 10.5% tax on gross revenue of daily fantasy sports operators would be created, while New Jersey lawmakers also say the legislation includes consumer protections.

Commenting on the result, co-sponsor of the bill and Democratic Assemblyman, John Burzichelli, told the Star Tribune: “This ensures that people can enjoy fantasy sports without being taken advantage of.”

New Jersey is one of the few states that have approved comprehensive legislation on the iGaming industry. The newly-approved daily fantasy sports bill now heads to the state senate.

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