SBC News Voice of the Sports Betting Industry
The Fantasy Sports Trade Association (FSTA), which has represented the US fantasy sports industry since 1998, announced that it will form the Fantasy Sports Control Agency (FSCA) and appoint Former Acting U.S. Secretary of Labor Seth D. Harris to chair the independent agency.
The FSCA will aim to create the following standards and practices for the industry:
- Standards: Develop a system of standards for the fantasy sports industry founded on transparency, integrity and ethical behavior.
- Company Controls, Processes, and Leadership: Every FSTA member company will be expected to respond to the FSCA’s standards by establishing a system of controls and processes to ensure compliance. In addition, every member company will be expected to appoint a senior leader reporting to top executives and overseeing compliance efforts.
- Auditing Policies and Procedures: Implementation of a sound, regular auditing process to measure and report on company compliance.
- Enforcement: Establishment of a system that provides incentives and public recognition for compliance with FSCA guidelines and penalties for failure to comply.
Secretary Harris is reported to want to further open communications with US sporting leagues and franchise owners, regarding the fantasy sports industry, which has been damaged by recent allegations of data conflict
Addressing the media Secretary Harris commented
“The issues and opportunities facing the fantasy sports industry can be best addressed through an independent agency supported by the industry and its members. 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.”
