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Senator Whelan, D-Atlantic, speaking at a panel discussion on the Patient Protection and Affordable Care Act.

TRENTON – Today, Senator Jim Whelan formally introduced legislation to regulate daily fantasy sports in New Jersey.

“Since announcing our efforts to regulate daily fantasy sports, I have spent the last few months meeting with regulators, players, and daily fantasy sports officials,” said Senator Whelan (D-Atlantic). “Now, I can confidently say that we have a good bill that puts important consumer safeguards in place while not impeding people’s ability to play and enjoy daily fantasy sports.”

Under the bill, the Department of Law and Public Safety would oversee and regulate daily fantasy sports in New Jersey, issuing permits to casino licensees and other business entities that wish to conduct daily fantasy sports games in the state.

Employees of daily fantasy sports companies and their immediate family members would be prohibited from playing games and would be prohibited from sharing “insider information” with others, according to the bill. Companies that violate these regulations would be subject to fines up to $200,000. The bill would also require daily fantasy sports companies to pay an annual registration and renewal fee of 9.25 percent of gross revenue, which is equivalent to what casinos pay in taxes.

“As I have said from the beginning, New Jersey can be a model for the rest of the nation of how to effectively and efficiently regulate daily fantasy sports,” said Whelan. “This bill protects consumers while at the same time creating an efficient regulatory environment so these companies can expand in New Jersey and create jobs.”

Contrary to popular misconceptions, the bill is only related to daily fantasy sports; it would not affect season-long fantasy games offered by sites like ESPN and Yahoo, nor would it require daily fantasy sports players in New Jersey to only compete with other New Jersey residents.

The bill will be discussed in the Senate State Government Committee, chaired by Senator Whelan, this Thursday, March 10 at 1:00 p.m. in Committee Room 7, 2nd Floor, State House in Trenton.

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