Daily Fantasy Sports in Pennsylvania and New Jersey

This past Friday,the New Jersey Legislators passed a bill that will allow daily fantasy sports to be taxed and regulated at a rate of 10.5 %. The bill allows a fantasy sports operator to partner with a casino or racetrack if they want to. Pennsylvania is planning to allow wagering on fantasy sports.
The tax rate has not been finalized.

The upside for both states is new revenue and jobs. The online gaming arm of the casinos will continue to grow. Pennsylvania is proposing internet gambling similar to New Jersey. Daily Fantasy will attract more of a younger demographic the gaming industry.

The news about Fantasy Sports was not as favorable for DraftKings and FanDuel. They were involved in talks that would allow them to merge. The FTC announce that they could not do so because they jointly would control over 90% of the market. The direction for both companies is not clear going forward. They will remain key components as the market for fantasy sports expands in Pennsylvania and New Jersey.


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