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US – New Jersey sports betting in state of fantasy

By - 20 March 2013

The state of New Jersey will permit Atlantic City’s casinos to offer fantasy sports betting in a trial program to be launched by the state’s Division of Gaming Enforcement.

The Division has confirmed it will allow casinos to accept entry fees from gamblers and pay out winnings from the casino cash cages.

David Rebuck, Diecrtor at the Division of Gaming Enforcement, said:

“The casinos’ vast customer base and the ability to have contest winners utilise the casino cage to accept entry fees for fantasy sports tournaments and pay out winnings resulting from those tournaments provides an exciting opportunity to bring fantasy sports tournaments to Atlantic City. We see this as an added amenity and beneficial to the casinos and their customers.”

The regulations permit the casinos, by themselves or in partnership with fantasy sports providers, to offer fantasy sports tournaments or contests.

“These regulations continue to ensure integrity in gross revenue accounting by allowing the Division to maintain the authority to approve how transactions relating to fantasy sports tournaments are processed by the casino cage,” Mr. Rebuck added. The casinos will be required to submit to the Division internal controls on their cage processes.

The minimum age for participation in fantasy sports tournaments at a casino is 21.The temporary regulations will remain in effect for a period of 270 days. Within that time period, the Division will propose them for final adoption.

The industry welcomed the move. Tony Rodio, president of the Casino Association Of New Jersey, said: “This is another great addition for the Atlantic City gaming market.”

Joe Brennan, President of the Interactive Media Entertainment & Gaming Association, an online gambling trade association, said: “This gives players the option to deposit money and then play daily fantasy games, where they pick three or five Major League Baseball or National Football League or National Basketball Association players and build an aggregate roster just for that one day. Just like those leagues where you pick teams and follow them all season, you won’t have to wait till the end of the year to see who wins. You would just wait till the end of the day to see who wins the prize.

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