Regulatory TREND. New Jersey's New Fantasy Sports Fees.

New rules for fantasy sposrts betting have been released and include:

• FEES
  • all operators will be charged a $500 permit fee
  • additional fee of $5,000 for operators with revenue up to $49,999
  • or an additional fee of  $50,000 for operators who have a gross revenue of $250,000
• DEFINE FANTASY SPORTS BET
  • bets would have to be based on “actual individuals participating in real competitions or athletic events,”
  • limit individuals to 1 user name and 1 account
  • No credit for sports betting
  • No transfering funds to other players
  • 5 day window to draw funds from a player’s  account
  •  operators would have to provide proof that they maintain their equipment
  •  annual audits
  • restrict the operators from mingling money from bets with other accounts
  • Statistical information that could affect fantasy sports is treated as non-disclosable
  • no betting on high school sports
  • no betting by people barred from casinos
  • no underage bettors
  • Complaints: response within 10 days, retained for 7 years

New Jersey.com | New Jersey proposes new rules for fantasy sports betting