TRENTON, N.J. (AP) - New Jersey Gov. Chris Christie has signed into law a measure to regulate and tax daily fantasy sports.
The bill signed by the Republican governor Thursday imposes a 10.5 percent tax on the winnings of companies that offer daily fantasy sports. The measure cleared the Democratic-led Legislature in June.
Supporters estimate daily fantasy sports will generate $6.6 million annually in state taxes.The contests allow people to deposit money in accounts, create fantasy rosters of sports teams by selecting real players and then compete against other contestants based on the statistical performances of those players.
The law enables daily fantasy sports providers to partner with a casino or racetrack, but doesn't require they do so.
It prohibits the use of high school sports games and players.
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