Amid rough headlines for the daily fantasy sports industry, the Fantasy Sports Trade Association announced that it will launch the Fantasy Sports Control Agency and appoint Former Acting U.S. Secretary of Labor Seth D. Harris to chair the independent agency, which is charged with “creating a strict, transparent and effective system of self-regulation for the businesses that comprise the fantasy sports industry.” The agency will be based on four guidelines: standards; company controls, processes, and leadership; auditing policies and procedures; and enforcement. The FSTA also announced it will retain a major accounting firm to monitor and audit the initiative.
“The issues and opportunities facing the fantasy sports industry can be best addressed through an independent agency supported by the industry and its members,” said Secretary Harris. “The FSTA will continue to work closely with state and federal lawmakers and regulators as we develop and implement strong integrity programs. We are confident that an independent control agency can prevent any unethical, dishonest, or unfair behavior. In the process, we can save lawmakers and regulators the cost and effort of intervening so that they can expend their limited resources on bigger and more societally important challenges.”