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Illinois state Rep. Mike Zalewski announced today that a new legislation has been introduced to regulate fantasy sports sites. TechCrunch said that the legislation intends to regulate popular fantasy sports sites like FanDuel and DraftKings. Along with the legislation was the creation of an agency designated to enforce rules that would govern the fantasy sports industry.
Endgadget said the legislation appears to be timely, as both FanDuel and DraftKings were embroiled in an insider trading scandal just recently.
Former Obama administration official, lawyer Seth Harris, who would be leading the Fantasy Sports Control Agency that will monitor and enforce regulations in the fantasy sports industry, told Wall Street Journal about the agency plans, “We’re going to develop a set of industry standards. We’re going to ask all of the companies that are engaged in cash games to establish controls, processes, and leadership that will ensure compliance with those standards.”
Fanduel has since spoken up about the legislation, and told TechCrunch that they welcome the development. A company spokesperson said, “We welcome the opportunity to work with Rep. Zalewski and lawmakers in Illinois to safeguard consumers, introduce best practices that the entire fantasy industry can adhere to, and ensuring that sports fans across Illinois can continue to play fantasy sports.”
