Fantasy sports group aims to stem regulation by fixing self
LAS VEGAS - The trade group representing both daily and season-long fantasy sports companies is hoping to head-off outside regulation by regulating itself.
The Fantasy Sports Trade Association announced Tuesday it was forming the Fantasy Sports Control Agency to be led by former acting U.S. Labor Secretary Seth D. Harris who had returned to Cornell University as a distinguished scholar.
The attempt to self-regulate comes as legal scrutiny of the daily fantasy sports industry led by DraftKings and FanDuel grows and questions are raised about consumer protections including what information employees have access to and when. Until recently, employees at one site were able to play on other sites.
The group says its agency will operate independently and establish auditing procedures as well as incentives and penalties to enforce industry standards.