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A hearing to determine a need for regulation of the Daily Fantasy Sports industry at the federal level took place May 11 in Washington, DC and concluded almost exactly a Noon Eastern Standard Time.
A press release was sent out by Rep. Michael C. Burgess, M.D. (R-Texas) officially announced what was being referred to as the “Daily Fantasy Sports: Issues and Perspectives”.
Neither DraftKings nor FanDuel attended the meeting but instead opted to have a representative from the Fantasy Sports Trade Association (FSTA) appear on their behalf.
Questions related to geo-targeting, preventing minors from accessing said sites and protocols to prevent cheating were fielded, among a wide variety of other topics.
A future hearing is anticipated based on Congressman Frank Palone (D-NJ) mention of following up on unanswered questions.
The House Subcommittee on Commerce, Manufacturing, and Trade will oversee the hearing.
This is the press release that went out:
Daily fantasy sports games have courted the national spotlight over the past year with major advertising campaigns bringing in nearly 60 million online users. The subcommittee will examine the inner working of this emerging industry, already estimated to be worth more than $25 billion, the fairness and integrity of the games, and what consumer protections are in place.
As multiple states look into daily fantasy sports, the subcommittee hopes to understand the current direction of the industry and consider whether there is a federal role to play. A patchwork of differing and contradictory policies by the states could have negative consequences for consumers, as well as further growth and innovation.
“The issue of daily fantasy sports leagues has been at the forefront of the news over the last few years. The committee is providing a forum for all stakeholders to discuss the many aspects of this complicated issue,” said Burges.
A number of states have already taken action for or against the Daily Fantasy Sports sector with New York and Texas opting to ban such contests for the time being, claiming that they bypass state gambling laws. Others like Minnesota have chosen to embrace but regulate the industry.
- Aaron Goldstein, Gambling911.com
