New Jersey Assembly votes to regulate daily fantasy sports

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(AP) - New Jersey's Democrat-led Assembly has approved legislation to regulate and tax daily fantasy sports.

The Assembly voted 56-15 Monday on a bill that would impose a quarterly fee of 10.5 percent of gross revenues on daily fantasy sports providers. There were three abstentions.

The measure calls for the Division of Consumer Affairs to issue permits to fantasy sports operators, including casino licensees and racetracks.

The sponsors of the legislation say it doesn't limit small-scale season-long fantasy sports activities conducted among family and friends.

A bill moving through the state Senate imposes a 9.25 percent tax rate on daily fantasy sports companies' gross revenue.

New York enacted legislation last year to tax revenue from the games. Nearly a dozen states regulate the games.

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