Caputo: Daily Fantasy Needs Regulation for Protection of Consumers but Reform Must Include Big Picture

(TRENTON) – Assembly Tourism, Gaming and the Arts Chairman Ralph Caputo (D-Essex) released the following statement Monday after the panel heard testimony on the impact daily fantasy sports web sites are having on New Jersey’s gaming industry:

“New Jersey’s gaming industry has been hit hard in recent years from new competition, costing the state revenue for vital programs for senior citizens and disabled residents. As we heard, the increased use of daily fantasy sports web sites is proving to be another challenge.
“It’s difficult to understand how daily fantasy is not considered gaming, but that’s a question for federal law. Here in New Jersey, we have to be concerned about this being unregulated, especially amid worries about the integrity of these corporations.
“We also have to worry about fairness, with daily fantasy being exempt from the protective rules and fair taxation applied to our online gaming industry.
“This was the start of an effort. Clearly, regulation is going to be needed, especially to protect New Jersey’s gaming industry, but this needs to be done with the big picture in mind. This includes waiting to see how our bid to bring sports gaming to New Jersey plays out in the courts.”