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NJ Fantasy Sports Bill Signed Into Law

Assemblyman Ralph Caputo

Governor Christie has signed legislation authorizing and regulating fantasy sports games in New Jersey.

Participants pay an entry fee to manage an imaginary team and compete for a predetermined prize.

Assemblyman John Burzichelli says many residents have been playing and the new law will protect consumers.

"People enjoy it. They should be able to do so in an environment that has legal structure and they have recourse as a consumer should something not go right. And also the state should be in a position to enjoy a little bit of tax revenue. So I think everybody wins."

Assemblyman Ralph Caputo says a 10.5 percent tax on fantasy sports companies' gross revenue means a steady source of income for the state.

"I'm going to low ball it, because you know what it's better to low ball. With Internet gaming they said we were going to do a billion and a half a year. We never reached that. I would say between 5 and 10 million. It's not giant but it's something.  You know we're not getting anything out of it now."

The new law stipulates that players must be at least 18, and bans employees of the fantasy sports companies from participating.

The companies also will have to maintain financial reserves to protect participants' funds.