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 legalization 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.