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FANDUEL C.E.O. PUBLISHES OPEN LETTER ON REGULATION
Saturday October 31,2015 : FANDUEL C.E.O. PUBLISHES OPEN LETTER ON REGULATION
Advocates "strong, common sense, enforceable" regulations to protect consumers.
Fanduel CEO Nigel Eccles raised his head above the parapet this week by publishing an open letter to his numerous players acknowledging the need for "strong, common sense, enforceable" regulations to protect consumers, and noting that sensible state legislation has already been proposed.
Whilst not specifying which legislative proposals he was referring to, Eccles commented that "some" of the proposals include age and location verification requirements, safeguards against insider company information being used in contests and 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 wrote.
In Nevada, where the gaming authorities have classified DFS as gambling and consider it illegal without a state licence, Senator Harry Reid reiterated his view that daily fantasy sports sites are "unregulated, illegal gambling", and voiced his opposition to the self-regulatory system proposed by the DFS industry as insufficient.
Regulation can only work if it is enforced,” Reid claimed, referring to the so far unproved allegation of "insider" activity in DFS betting and the big money involved from mostly youthful punters.
"Without strong oversight, there is nothing stopping these terrible things from happening and we will continue to see more corruption from this unregulated, illegal gambling," Reid said in a statement, which went on to call for the review and regulation of the industry by state and federal authorities.
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Gambling News :
Unibet Name Changed to Kindred Group plc -
Following an extraordinary general meeting at which shareholders approved the change of the Unibet title and brand to Kindred Group plc, the online gambling group will begin trading under the new name on December 12.
Kenya Betting Control Board Reviewing Changes -
Kenya's booming sports betting sector could be facing stiffer government controls, especially regarding marketing, advertising and promotions, according to local media reports revealing that parliament is studying potential amendments to the Betting, Lotteries & Gaming Act.
Britan To Tighten SpreadBetting Controls -
The UK media reported widely Tuesday that Britain's Financial Conduct Authority has announced a crackdown on spread betting using contracts for difference (CFDs) following FCA research that showed 82 percent of clients had lost money in the sector.
Playtech to Buy Back 50 Milliuon in Shares -
#playtech In a statement, the company said that the decision reflects continued confidence in the growth and prospects of the business and its high cash generation, and revealed that it continues to trade in-line with expectations.
Sentencing in Vietnam Gambling Bust -
The People’s Court in HCM City handed down sentences Monday to dozens of defendants linked to a major online sports betting ring dismantled last year by Vietnamese police.
Gamevy in Deal With Betsson -
#Gamevy says it is partnering with several leading operators to deliver bespoke content that offers a real point of difference to players and increases brand loyalty.
Pkr To Offer Virtual Sports -
#pkr The long established and respected online poker and casino operator PKR.com has followed its switch to Microgaming's MPN network earlier this year and the more recent launch of its live dealer offering with a new Virtual Sports attraction powered by Kiron Interactive.
Boris Becker New PartyPoker ambassador -
#partypoker To celebrate the signing PartyPoker has created a Beat the Ace competition in which players get the opportunity to test their skills and luck in four $5,000 freerolls which started December 5. The overall winner will then get to play Becker heads up live in Germany for up to $25,000.
Snowmania Slot Launches -
Capturing the festive feel in the now chilly northern hemisphere, RealTime Gaming has released its December offering, a 5 reel, 20 pay-lines online slot with a jackpot of 37,500 coins.
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