The CEO of FanDuel is calling for "industry-wide" regulation of the booming and controversial daily fantasy sports industry.
“t has become apparent to me that our industry has grown to a size where a more formal, industry-wide approach is needed," said CEO Nigel Eccles, whose company is one of two leading players in the market, in a letter to users on Thursday.
“To be clear, our industry needs strong, common sense, enforceable consumer protection requirements to ensure its continued growth and success,” he added.
"A number of smart, but tough proposals in various state legislatures have begun to emerge, which I believe can serve as the basis for the sensible regulation of the fantasy sports industry."
Eccles highlighted a number of issues he said regulators should focus on, including protecting users’ information, stopping minors from playing on the sites and requiring “third-party audits.”
“These are steps I have always advocated for — and now is the time to memorialize them in law for FanDuel and the entire industry,” he said.
http://thehill.com/policy/technolog...-industry-wide-regulations-for-fantasy-sports
Two reasons for this:
(1) it's better than being outlawed; and
(2) they can lobby for regulations that make it difficult for start-ups to rise up and compete with them.
“t has become apparent to me that our industry has grown to a size where a more formal, industry-wide approach is needed," said CEO Nigel Eccles, whose company is one of two leading players in the market, in a letter to users on Thursday.
“To be clear, our industry needs strong, common sense, enforceable consumer protection requirements to ensure its continued growth and success,” he added.
"A number of smart, but tough proposals in various state legislatures have begun to emerge, which I believe can serve as the basis for the sensible regulation of the fantasy sports industry."
Eccles highlighted a number of issues he said regulators should focus on, including protecting users’ information, stopping minors from playing on the sites and requiring “third-party audits.”
“These are steps I have always advocated for — and now is the time to memorialize them in law for FanDuel and the entire industry,” he said.
http://thehill.com/policy/technolog...-industry-wide-regulations-for-fantasy-sports
Two reasons for this:
(1) it's better than being outlawed; and
(2) they can lobby for regulations that make it difficult for start-ups to rise up and compete with them.
