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New Jersey passes daily fantasy sports regulation, tax bill

ATLANTIC CITY, N.J. -- The New Jersey Legislature has passed a bill to regulate and tax daily fantasy sports and sent it to Republican Gov. Chris Christie.

The bill was passed Friday by the state Senate and would impose a 10.5 percent tax on the winnings of companies that offer daily fantasy sports.

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 to win money.

Democratic Sen. James Whelan said the bill would raise $6.6 million a year in tax revenue.

Christie has championed New Jersey's effort in an attempt to use sports gambling revenues to bolster the sagging fortunes of the state's casino and horse racing industries.