Fantasy sports industry rushes into self-regulation

In the wake of the insider trading scandal surrounding DraftKings and FanDuel, the multi-billion dollar daily fantasy industry's created a self-governing agency dedicated to making sure affiliated companies stay on the up and up. The existing Fantasy Sports Trade Association is forming a separate organization to do so, dubbed the Fantasy Sports Control Agency that'll design a "strict, transparent and effective system of self-regulation" for the industry. That entails creating a set of ethical standards, enforcing penalties for outfits that don't comply with those standards and an auditing process for maintaining compliance. It's headed up by former Deputy United States Secretary of Labor Seth Harris whose background as a law professor and member of President Obama's cabinet should help him keep everything straight.

Harris tells Reuters that the idea here is to head off any violations before they happen and to set the industry on a path of self-regulation. "The hope is, by doing that, regulation from the outside won't be necessary, that we'll have actual compliance within the industry and no violations that will attract attention from others." So, like Las Vegas.

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